Protect Yourself from Phishing Scams Targeting FedNow: Stay One Step Ahead of Cybercriminals

Have you heard about FedNow? It's the latest instant payment service straight from the Federal Reserve. With FedNow, banks across the United States can now offer their customers lightning-fast access to funds. But, unfortunately, while the service provides many benefits to both consumers and businesses, it's also likely to attract scammers.

As the popularity of FedNow continues to grow, it's important to be aware of the potential risks involved. In the coming months, we anticipate a rise in cybercriminals attempting to exploit the widespread use of FedNow through phishing scams and other deceptive tactics.

One common scam involves receiving an email that claims you have received a payment through FedNow. However, you need be cautious! These type of phishing emails will likely prompt you to click on a link and provide your bank account information to claim the payment. This can give cybercriminals unauthorized access to your sensitive information, potentially leading to financial loss and other malicious activities. It is important to exercise caution and protect yourself from becoming a victim of these scams.

Stay informed, stay vigilant, and safeguard your financial well-being.

Stay Vigilant: Phishing Scams Can Target Any Instant Payment Service

• Phishing attacks are not exclusive to FedNow; cybercriminals can employ similar tactics for any instant payment service, so it's important to remain cautious no matter what service you are using.
• Be wary of unsolicited emails, texts, or phone calls asking for personal or financial information.

Think Before You Click: Avoid Impulsive Actions

• Cyberattacks often rely on triggering impulsive responses. Take a moment to pause and think carefully before clicking on any links or providing sensitive information.
• Verify the legitimacy of the communication by checking the sender's email address or contacting the supposed sender through a trusted and verified method.

Beware of Unexpected Payout Opportunities: If It's Too Good to Be True...

• Exercise caution when presented with unexpected payout opportunities. . If an offer seems too good to be true, it likely is. It's essential to maintain a healthy level of skepticism and thoroughly scrutinize any offers that come your way.
• Remember, legitimate instant payment services will not require you to enter your banking information to claim a payment.
  

Tips for Individuals:

• Never respond to suspicious emails, open attachments, or click on hyperlinks from unknown sources. You can verify the sender's email address by hovering your cursor over it.
• Follow a "zero trust" contact policy: Financial institutions will never ask for login information over the phone, email, or text. So be wary of any requests asking for such information.
• Protect your accounts by using strong and unique passwords for each platform you use. In addition, consider using a password manager to help you securely manage your passwords.
• Enable transaction alerts for your accounts to monitor any suspicious activity. Additionally, ensure that your contact information is up to date with your financial institutions.
  

Tips for Businesses:

• Implement employee training programs to emphasize the importance of verifying the source of requests and any changes to payment accounts. Encourage the use of known phone numbers to directly contact the requestor and confirm their identity before making any transactions or sharing sensitive information
• Enhance your payment security by implementing dual approval processes for specific types of payments. This additional step adds an extra layer of validation, requiring multiple authorized individuals to approve transactions before funds are sent. By doing so, you can significantly reduce the risk of unauthorized transactions and enhance your overall payment security.

As FedNow gains popularity, it's important to remain vigilant against phishing scams. Remember, a healthy dose of skepticism and being willing to take a few extra steps can go a long way in safeguarding your personal and financial information.