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Community associations and their management companies are not immune from online and email fraud attempts and scams. The good news: There are steps you can take to help avoid common fraud tactics and better protect yourself and your communities. We’ve compiled some scams to watch for and tips to help avoid them.

Unfortunately, fraud is a reality – and many communities and homeowners associations (HOAs) experience scam attempts firsthand. The good news is that by learning more about common fraud tactics and steps you can take to avoid them and staying vigilant, we can better protect ourselves and our communities.

Three Common Scam Examples

[1] Phishing

Phishing is a prevalent scam that involves fraudulent communications designed to trick people into divulging personal or business financial information

[2] Email Account Compromise (EAC)

Email account compromise (EAC) scams target commercial customers’ personal accounts, especially those who conduct large transactions.

[3]Business Email Compromise (BEC)

Business email compromise (BEC) can be linked to other types of fraud, including lottery, employment and rental scams

Key Steps To Avoid Phishing, EAC and BEC Scams

Here are eight steps that can play an important role in keeping your associations safe.

  1. Install anti-virus protection.
  2. Create – and use – secure passwords.
  3. Limit access to sensitive data.
  4. Sign up for fraudulent activity alert notifications.
  5. Enable two-factor authentication.
  6. Use a secured network.
  7. Pay close attention to website URLs to avoid suspicious sites.
  8. Avoid unknown links or requests sent via email or text.
Protecting Electronic Transfers

While transferring funds electronically can streamline transactions, fraudsters may attempt to order wire transfers via illegitimate emails, phone calls or texts.

They may even refer to specific individuals or business functions – sometimes sending such emails late in the day, just before a holiday or weekend or when the purported sender is out of the office – to create a sense of urgency.

The best way to keep your electronic transactions safe is to check the authenticity of all requests before performing any wire transfers. And for any wire request, it’s a good idea to trust your instincts; if something doesn’t feel right, the request may not be legitimate.

If you’re looking for more information on current fraud issues, visit the Federal Trade Commission’s website for free online security tips at http://onguardonline.govEnd Of Article

The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the views of CIT, a division of First Citizens Bank. For any matters concerning your specific needs and objective, you should seek the professional advice of your own independent legal counsel, insurance advisors or other consultants.

By Kris Gjylameti

By Kris Gjylameti

CIT, A Division of First Citizens Bank — Chapter Happenings Sponsor, August 2022

As a leader in the industry, our Community Association Banking Team provides individualized service, award-winning technology, smart savings solutions and operational efficiency to help community association management companies best serve their homeowner associations and their residents

Visit us online: www.cit.com/commercial/solutions/community-association-banking
Call: (206) 650-1368

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