Preventing fraud and identity theft

Know the warning signs of fraudulent communication to keep you and your loved ones safe.

Fraud is on the rise

Unfortunately, we live in a world where financial scams are on the rise. Millions of Americans of all ages fall victim to criminal scams resulting in billions of dollars lost annually.

Talk to your loved ones about financial exploitation

  • Make sure you have discussions with your loved ones about scams, phishing emails, and unsolicited phone calls and text messages on a regular basis.
  • Talk to your elderly loved ones about adding a trusted contact to their accounts, including any held at Fidelity. If there's a concern about suspicious activity in the elder person's account and the elder person can't be reached, the financial institution can reach out to the trusted contact instead.
  • Trusted contacts don’t have authority to act on the account holder's behalf or engage in activity on the account but could add another layer of vigilance against scams.
  • Help other family members identify the red flags of suspicious behavior by loved ones, such as a drastic rise in expenses, adding authorized users to accounts, changing beneficiaries, the sudden development of a significant relationship (online or otherwise), or requests for payment in cryptocurrency, gift cards, or bank wires.

Tips to prevent fraud

  • Never follow unrequested links in emails or text messages or read back one-time security codes to unsolicited phone calls asking for this information. When in doubt, go directly to the company website to confirm the validity of the communication.
  • Call your cell phone provider to enable a PIN or passphrase to prevent criminals from porting your phone to a new carrier or swapping their SIM card for yours.
  • If something seems strange, trust your instinct and don’t engage. Cybercriminals try to force tight timelines and urge you to make a rash decision. This emotional manipulation is a key component of fraud messaging attempts.
  • Cyber criminals will ask for certain personal information from you, including:
    • Usernames and passwords
    • One-time security codes
    • Social Security numbers
    • Confirming your birthdate or account credentials
  • Try to keep your social media activity private, or restricted only to those who you know and trust. Fraudsters use your social media to gain your photos, locations, and other personal data to then scam your loved ones.
  • Be sure to regularly run security updates on your computer, and never interact with unexpected or suspicious pop-up messages asking you to follow links or call a phone number.

Watch for red flags

Here are some examples of red flags that should make you think twice before sending money.

  • A person or company solicits business from you rather than you finding them on your own.
  • The requestor asks you to send the wire to a name different from their own.
  • After just a few contacts, they profess strong feelings for you and ask to chat with you.
  • They threaten legal action if the funds are not sent "right away."
  • The wiring instructions seem unusual, they change, or you’re asked to go to a different financial institution.
  • You are coached on how to respond to questions your financial institution might ask you regarding the transaction.
  • If you met on a dating site, they will try to move you away from the site and communicate via chat or email instead.
  • Messages may be full of typing errors, poorly written, or vague, and may escalate quickly if you show resistance.
  • The messages or calls become more desperate and persistent, and if you do send money, they ask you to send more.

Remember, if it seems too good to be true, it probably is.

What to do if you suspect fraud has occurred

  • If you think you’ve fallen victim to any of the tactics used by scammers, the first thing to do is stop communication with the criminal immediately.  Be sure to update your password, review all of your accounts and balances, and add multi-factor authentication to your account.
  • If you are concerned your account may have been compromised, or you'd like to report some other type of security concern, please report it immediately, and call us at 800-544-6666.

More ways to report fraud