Fighting holiday fraud through customer awareness

As the holidays approach, Citizens Bank is gearing up for a boost in holiday spending and fraud-related activity.  

During the holiday season, fraud increases as scammers take advantage of the surge in shopping. Common tactics include:  

• Phishing and scams through fake texts and emails about shipping or special deals.  

• “Too good to be true,” offers designed to trick shoppers.  

• Skimming devices that steal card information at stores, ATMs and payment terminals.  

 These schemes put your customers at risk of becoming victims.  

However, while we can’t control our customers’ shopping habits, we can inform them of what to look for to protect their accounts. My colleague Rhena Leitermann provided some timely feedback on how Citizens Bank – and all community banks – can help address holiday-related fraud.  

Awareness and education can go a long way toward helping customers protect their accounts. Let customers know that even when they are tempted to act fast to get that great deal, they should think before they click.  

To help customers detect these scams, banks can encourage customers to stop and ask themselves: 

• Is it urgent or threatening? 

• Does it have a generic greeting? 

• Does it request personal information? 

• Is it just “too good to be true”? 

Remind your cardholders to review their accounts and statements regularly to prevent fraud attempts as soon as possible.  

A little extra customer outreach during this time can be a great way to keep customers aware and alert. Utilize social media outlets, emails, messages, electronic messages, and even a dedicated webpage on your bank’s website with additional information and links to fraud prevention tips.  

Encourage your customers to reach out to your staff immediately with any concerns or questions about suspicious transactions. We believe a strong customer-bank relationship built on trust is crucial for effective fraud prevention. A focus on the speed of resolution, communication, and fairness to the customer can go a long way to building and keeping those customer relationships strong.