OVERCONFIDENCE: AMERICANS FALLING VICTIM TO FINANCIAL SCAMS

How to Help Keep Your Accounts Protected from Scammers this Holiday Season

BACKGROUND:
Waves of sophisticated phone, text and online scam attempts may leave Americans numb to the dangers of financial scams and overconfident in their ability to prevent them. A new Citi survey performed by YouGov shows that while 90% of U.S. adults say they believe they’re able to fend off financial scams, more than 27% reported having fallen victim to them at some point, with increasing financial consequences.

Michael Steinbach, Head of Financial Crimes and Fraud Prevention at Citi and a former FBI agent shares the steps you can take to avoid scams and how you can keep your accounts secure this holiday season.

MICHAEL’S TIPS TO KEEP YOUR ACCOUNTS SECURE:

• For additional security, add biometric login, such as facial or fingerprint recognition and two-factor authentication.
• Create long and unique passwords or passphrases and opt-in to robust account alerts.
• Secure crucial numbers such as PINs, social security numbers or driver's license numbers.
• Don't reveal personal or financial information to people you don't know.
• Don't allow yourself to be persuaded by a false sense of urgency or an opportunity that looks too good to be true.

Your bank is a wise place to turn if you need help determining how to protect yourself from scammers.

For more information please visit: citi.com/fraudprevention

MORE ABOUT MICHAEL STEINBACH:
As Head of Financial Crimes and Fraud Prevention at Citi, Michael Steinbach leads a dynamic organization with responsibility for ensuring strict adherence to Anti Money Laundering and Know Your Customer (AML/KYC) regulations and fraud prevention across the customer lifecycle. Before joining Citi, Michael held various positions at the FBI during his 22 years with the organization, culminating in his role as Executive Assistant Director of the National Security Branch.

Methodology: All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2432 adults. Fieldwork was undertaken between September 8-12, 2023. The survey was carried out online. The figures have been weighted and are representative of all U.S. adults (aged 18+).

Produced for: Citi