Eye-opening Truth About Bank Frauds. #podcast
This Check Fraud Could Cost You BIG! If you or someone you know has had a bank account compromised or FRAUD, you will want to watch this episode! In this Podcast Episode, Charles and Angela share scam stories and valuable tips on how to protect your money from fraud. Learn how to be proactive in protecting your finances and staying informed about potential scams.
Topics Discussed:
1. Don’t use a debit card online out in public.
2. If you’re using a cash app like Zelle or Venmo understand what your limits and fees are before making a transfer. Some banks charge high fees for Zelle Business transfers.
3. If you don’t have a credit card, then Check into prepaid credit card fees and services.
4. Check-washing is a huge scam. Try to avoid writing checks.
5. Set Alerts on your accounts.
6. If you’re traveling internationally, choose a credit card with no surcharges.
7. Choose credit cards that benefit you – some give points for office supplies, travel, etc. We use a charitable card that gives points for charitable donations.
8. Use credit cards for the benefits – and pay them off each month.
9. Use external sites to pay for things like Melio or Plastiq.
10. Create a Sweep Account (that’s interest-bearing)– the key is to lower your average daily balance.
11. Make sure your bank has immediate transfers between two accounts OR, if external, the timeline on it.
12. The goal is to get your money out of a regular bank and into an investment institution.
13. What is more beneficial for you, a local or national bank? If you’re not traveling, a local bank with personal service might be the best solution, especially if you’ve ever encountered fraud.
14. We are both merchants and credit card consumers. From a consumer experience, AMEX is the best.
15. You should have the best relationship with the bank that is flowing your revenue. Make an effort to go in and meet people. Take care of your bankers!
16. Hot tip, the best relationship is with the institution handling your money.
17. Learn what the bank can or cannot do when fraud occurs. Banks have restrictions on immediate actions they can take.
18. Story: California and Gavin Newsom violated for thievery, but his own laws permit it!
19. Wires and Fraud and how you can protect yourself. Tip, always verify a wire via phone.
20. Story: During escrow, hacked Email wire fraud.
21. Story: Obituary Scams.
22. In summary:
* Avoid using your debit cards,
* Use Credit cards as much as possible,
* Avoid using checks as much as possible,
* Set alerts on your accounts,
* Establish good relationships with your local bank,
* Move money around
* Shop the Banks and Credit Cards
* Tithe!
#compromised #checkfraud #bankscams
South Africa