Protecting Yourself From Drop Account Fraud

Thursday - June 22 2023, 11:19 UTC - 1 year ago

Drop account fraud is one of the fastest growing methods of fraud today. Protect your identity online by following these steps: create and change strong passwords; use two-factor authentication; monitor your credit; protect your tax return information; and be suspicious of emails from unfamiliar sources.

The types of crimes that use drop accounts are multiplying rapidly – from business email compromise scams to criminals opening up accounts in different names. This type of fraud can be financially and emotionally devastating to victims, who can become victims of identity theft as well as account takeovers. Unfortunately, drop account fraud is one of the fastest growing methods of fraud today.

Because criminals are constantly searching for ways to steal people's identities and information, it is important for everyone to protect their identity online. Here are a few steps to take to reduce the risk of becoming a victim of drop account fraud.

1. Understand who is more vulnerable to drop account fraud: Drop account fraud often targets people who are less likely to detect the fraud, such as the elderly, children, and non-native English speakers.

2. Create strong passwords for all of your accounts: Passwords should be unique for each account and should include at least one upper case letter, one lower case letter, a number, and a special character. It is also important to change your passwords regularly, and avoid using the same passwords across multiple accounts.

3. Use two-factor authentication: If available on your accounts, adding two-factor authentication can add an extra layer of security and make it much harder for criminals to gain access to your accounts.

4. Monitor your credit: Monitor your credit regularly to ensure it has not been compromised. If you see any suspicious activity, contact your bank or financial institution as soon as possible.

5. Protect your tax return information: If you are planning on filing your taxes online, make sure you are using a secure website or application. Monitor your tax return for any suspicious activity after you file it, and report any potential fraud to the IRS.

6. Be suspicious of any emails from unfamiliar sources: Criminals often use business email compromise scams, or “phishing” attacks, to steal identities or access accounts. Never open any suspicious emails or click on any unfamiliar links.

Drop account fraud is a rapidly growing type of fraud, but there are ways to decrease your chances of becoming a victim. By following these steps and remaining vigilant in protecting your online information, you can reduce your risk and protect your identity.