With the start of a new year, many people set goals often focusing on fitness, career advancements, or learning a new skill. But there’s one resolution that often gets overlooked and can have a profound impact on your financial well-being and peace of mind: making fraud avoidance a top priority.

According to the Federal Trade Commission (FTC), Americans reported losing nearly $10 billion to fraud in 2023. This figure, which is likely an underestimate as many incidents go unreported, highlights the devastating financial impact fraud has on people across the country.

Prioritizing fraud avoidance is more than protecting your bank balance, it’s about safeguarding your identity and your peace of mind. Identity theft can take years to resolve and cause immense stress, but staying vigilant prevents that nightmare before it starts. By committing to a few simple security habits, you can navigate the digital world with confidence rather than fear.

So, how do you make “avoiding fraud” a tangible and effective New Year’s resolution?

Here’s your action plan:

1. Practice Healthy Skepticism: Always be wary of unsolicited communications. If an investment offers “guaranteed” high returns or a message demands urgent action, it is likely a scam. Scammers rely on pressure to bypass your better judgment.
2. Strengthen Your Digital Security: Use a password manager to maintain unique, complex credentials for every account. Additionally, enable Multi-Factor Authentication (MFA) wherever possible; this adds a vital second layer of protection that keeps your accounts secure even if your password is compromised.
3. Monitor Your Accounts Regularly: Review your monthly bank statements and credit reports frequently to spot unauthorized activity.
4. Verify Before You Act: Before clicking links or downloading attachments, inspect the sender’s email address for subtle misspellings. If you receive a suspicious request from a business, contact them directly through a verified, official channel.
5. Report Fraud Immediately: If you suspect you have been targeted, contact your bank and the FTC right away. Prompt reporting is the best way to protect your assets and help authorities stop future scams.

This year, invest in your financial future and peace of mind by making fraud avoidance your non-negotiable New Year’s resolution. Fraud tactics evolve quickly. Follow trusted sources like the FTC and our FMB social media pages to stay updated on the latest threats and prevention tips.