Cybersecurity Awareness Month: Battling the Rise in Bank Fraud One Click at a Time

Cybercrime in 2025: A Growing Threat in the Digital Age

As our world becomes more digital, cybercriminals are growing smarter and more aggressive. According to the FBI, nearly 860,000 internet crime complaints were filed in 2024, with reported losses reaching $16.6 billion — a 33% increase from the previous year. Even more alarming, over 1.7 billion individuals were affected by data breaches across the United States, the highest number ever recorded.

Fraud targeting banking systems is also rising. The 2024 Check Fraud Report highlights a significant rise in check fraud across the United States, with an estimated $21 billion in losses in 2023 alone.  The Federal Trade Commission reported a 25% jump in consumer fraud losses between 2023 and 2024, with investment scams and imposter scams causing the most financial damage. Bank transfers and cryptocurrency led all payment methods in terms of total consumer losses. Meanwhile, financial crime researchers have noted an increase in authorized fraud, such as romance and investment scams, with fraudsters stealing larger sums through social manipulation and trust-based tactics.

National Cybersecurity Awareness Month: Why It Still Matters in 2025

Each October, National Cybersecurity Awareness Month serves as a vital reminder to take online threats seriously. Launched in 2004, this annual initiative is now led by the Cybersecurity and Infrastructure Security Agency (CISA) and the National Cybersecurity Alliance.

The campaign, now in its 21st year, teaches people and businesses simple, powerful ways to stay safe online.

How Banks Help Protect You From Fraud

Financial institutions invest heavily in security technology and fraud prevention systems to keep customer accounts safe. These include:

• 24/7 fraud monitoring powered by artificial intelligence and machine learning, designed to detect suspicious patterns and alert account holders in real time
• Secure payment systems that use data encryption and tokenization to protect sensitive information during transfers
• Multi-factor authentication (MFA) to confirm user identity and block unauthorized access
• Dedicated recovery and resolution teams to investigate suspicious activity, reverse unauthorized charges, and reissue credentials
• Law enforcement partnerships with agencies like the FBI and the FTC to coordinate investigations and prosecute fraud

These tools work together to provide a strong defense, but your own digital habits also play a crucial role.

4 Easy Ways to Improve Your Online Security

This Cybersecurity Awareness Month, take a few moments to apply these four expert-recommended steps:

1. Recognize and Report Phishing
   Scammers often disguise emails, texts, or DMs to trick people into revealing personal data. Look for red flags like urgency, spelling errors, or suspicious links. When in doubt, contact the company directly through verified channels. Never click on links from unknown or untrusted sources.
2. Use Strong, Unique Passwords
   Your passwords should be long (at least 16 characters), complex, and different for every account. Use a combination of uppercase and lowercase letters, numbers, and symbols. 
3. Enable Multi-Factor Authentication
   MFA adds a second verification step — like a one-time code sent to your phone — when logging in. Even if your password is stolen, MFA significantly lowers the chance of unauthorized access. Most banks and major platforms now support this feature.
4. Keep Devices and Software Up to Date
   Updates often include security patches that fix vulnerabilities. Enable automatic updates whenever possible, and regularly check for updates on your apps, operating system, and antivirus software to stay ahead of threats.

Protecting Yourself From Bank Fraud

In addition to cybersecurity best practices, taking steps specific to fraud prevention can further secure your finances:

• Stay informed about common scams like check fraud, romance scams, imposter schemes, and fake investment opportunities.
• Monitor your accounts regularly and report any suspicious activity right away.
• Avoid sharing personal or financial information through links or messages from unknown contacts.
• Use your bank’s security tools, such as account alerts, transaction limits, and card locking features.
• Act quickly if you’re targeted — contact your bank, report the fraud to authorities, and take additional steps like freezing your credit if necessary.

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