Adam Gregg, the president and CEO of the Iowa Bankers Association, recently revealed some shocking information about the prevalence of scams and fraud affecting Iowa banks and their customers. In a conversation with Radio Iowa, Gregg shared that he was taken aback by the sheer magnitude of the problem, citing a study by the Aspen Institute. According to Gregg, a staggering 57,000 Americans fall victim to scams every single day, resulting in a total loss of $430 million daily. To put this into perspective, he likened this figure to filling a baseball stadium with individuals who have been scammed, only to use the stolen money to construct another stadium.
The Iowa Bankers Association has responded to this alarming trend by launching an anti-fraud education campaign, cleverly themed around Valentine’s Day. Gregg humorously noted that amidst the season of love, they are focusing on two important aspects: avoiding romance scams and practicing safe check-writing habits. He emphasized the significance of using a gel ink pen when writing checks, as it prevents the ink from being washed off in case the check falls into the wrong hands. Gregg recounted a personal anecdote about a friend whose check was stolen from the mail and subsequently altered for unauthorized use, underscoring the importance of safeguarding financial transactions.
In addition to promoting secure check-writing practices, Gregg highlighted alternative methods of bill payment, such as direct deposit and electronic transactions through banks for larger sums. He stressed the importance of exploring these options to minimize the risk of falling victim to fraudsters seeking to exploit traditional payment methods.
Discussing the disturbing rise in romance scams, Gregg revealed that some of these fraudulent schemes are orchestrated by sophisticated organizations based in North Korea and China. These scammers gather personal information about individuals online, establish a false emotional connection, and then manipulate victims into transferring funds overseas. Once the money leaves the country, it becomes exceedingly challenging, if not impossible, to recover. Gregg lamented that these funds, had they remained within Iowa, could have been utilized for more meaningful purposes within the local community.
To combat the threat posed by scammers seeking sensitive financial information, the Bankers Association has launched another initiative urging individuals to be cautious and skeptical when receiving unsolicited calls or messages requesting personal financial details. The campaign directs people to a designated website, www.BanksNeverAskThat.com, where they can access resources and guidance on safeguarding their financial information from potential fraudsters.
In conclusion, the Iowa Bankers Association, under the leadership of Adam Gregg, is taking proactive steps to educate and empower individuals to protect themselves against the pervasive threat of scams and fraud. By raising awareness, providing practical tips, and encouraging vigilance, the organization aims to safeguard the financial well-being of Iowa banks and their valued customers. As the fight against fraud continues, it is essential for all members of the community to remain vigilant, informed, and prepared to thwart the deceptive tactics employed by cybercriminals seeking to exploit unsuspecting individuals.
