The holiday season is a time of increased online activity—and heightened risks of fraud. Scammers exploit the busy season with sophisticated tactics to target individuals and businesses alike. Among these threats, authorities, including the FBI’s Internet Crime Complaint Center (IC3), have observed a rise in schemes like voice phishing (“vishing”) and the resurgence of the *72 call forwarding scam.
At Texas Regional Bank, we are dedicated to equipping you with the knowledge to recognize and avoid these scams, ensuring your holiday season is safe and secure.
Common Holiday Scams to Watch For
Fraudsters often leverage holiday-related activities to deceive victims. Here are the most prevalent scams that return year after year and ways to protect yourself from each of them:
Online Shopping Scams
Stick to secure, reputable websites for purchases, and use credit cards for additional fraud protection. Avoid unsolicited emails or links claiming to provide deals or tracking updates.
Charity Scams
Verify charities through platforms like Charity Navigator or the organization’s official website before donating. Scammers often impersonate legitimate causes during the holidays.
Package Delivery Scams
Fraudsters use fake delivery notifications to steal personal information. Track shipments only through official retailers or delivery service websites.
Travel Fraud
Book holiday travel through reputable agencies or official airline websites. Avoid deals that seem too good to be true, as they are often fraudulent.
Gift Card Fraud
Never share gift card numbers or PINs with unknown parties. Businesses should monitor gift card purchases to prevent unauthorized use.
Evolving Fraud Tactics
Scammers are continually refining their methods, targeting individuals and businesses with tactics designed to bypass security measures. The IC3 has identified several recurring techniques making a resurgence already this year, including:
- Impersonating employees or trusted sources to gain access to accounts.
- SIM swap attacks, where fraudsters hijack your phone number to intercept calls and text messages.
- Vishing attempts to initiate call-forwarding schemes and reroute calls to intercept sensitive information.
Being aware of these tactics is your first line of defense.
A Closer Look at the *72 Vishing Scam
One specific vishing scam making a comeback this year involves the misuse of call forwarding (*72), an old technique that remains highly effective.
What is the *72 scam?
- A fraudster calls, claiming to represent a trusted institution, and warns of an issue with your account.
- You are instructed to dial *72 followed by a phone number to “secure” your account.
- Dialing *72 activates call forwarding, sending all incoming calls to the scammer. This allows them to intercept authentication codes and other sensitive information to access your accounts.
How to Protect Yourself
- Never activate call forwarding based on unsolicited requests.
- Hang up, and call a trusted source, like the people you know at TRB, directly to confirm any suspicious communication.
- If call forwarding has already been activated, disable it immediately by dialing *73 or calling your mobile carrier for assistance.
Think It’s Fraud? Ask The People You Know
To avoid falling victim to fraudulent financial schemes this holiday season, protect yourself and your accounts by following best practices from the people you know at TRB, available in our Security Archives.
If you suspect fraudulent activity, minutes make the difference in fraud prevention. Prompt action is key to minimizing risk and exposure. Your community bankers at TRB can assist in keeping you safe and securing your financial assets. Always call the people you know before you comply with suspicious requests or if you suspect your financial accounts may be at risk.
