1. Beware of a new scam where fraudsters pose as your bank’s fraud department, tricking you into moving your money to a "secure" account. Financial expert Andrew Lokenauth warns of this common tactic to steal your hard-earned cash.
2. Lokenauth advises creating unique passwords for each account and using a password manager for security. He also stresses the importance of multifactor authentication for added protection against fraud.
3. Scammers exploit trust in financial institutions, posing as fraud agents to deceive victims. Lokenauth shares tips to prevent fraud, like monitoring bank accounts daily through official apps and using credit cards instead of debit cards for better fraud protection.
4. If you suspect a scam, verify before acting. Lokenauth highlights the danger of business email compromise scams and urges vigilance in protecting personal information to prevent identity theft.
5. In case of fraud, act swiftly by contacting your bank’s fraud department and filing a police report. Lokenauth recommends freezing your credit with all three bureaus to prevent scammers from opening new accounts in your name.
6. Stay informed, vigilant, and take fast action against fraud. Lokenauth emphasizes the importance of knowledge in protecting yourself from scammers and advises swift response to any suspicious activity.

Read more at Yahoo Finance: 4 Top Ways To Spot and Avoid a Scam, According to an Expert