Top Cyber Scams of 2023

By Raghu Valipireddy , SVP, Chief Information Security Officer, Axos Financial

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Scams are a part of the digital ecosystem, and knowing how to protect yourself is only half the battle. A key part of practicing proper cybersecurity is being aware of the most common cyber scams. With roughly half of 2023 behind us, here are the scams I have seen the most this year and how you can avoid them.

1. Fake Financial Websites

In this type of cyber scam, scammers create a fake website that mimics your bank’s website to trick you into entering sensitive information, like your login information or bank account number. You may click on a link from an email, text, or online ad that brings you to a fake site.

Here are ways you can avoid fake bank websites:

• Use your bank’s mobile app to access your accounts.
• Bookmark your bank’s website.
• Always check that the URL or web address is correct.

2. Mortgage Loan Modification Scam

In a mortgage loan modification scam, the scammer will contact you over email, text, or by using a fake website, and offer mortgage modification services.

When you try to receive these services, they will either try to collect money for the service before performing it or try to get you to transfer the deed to them. If you transfer the deed to the scammers, they will not perform the mortgage modifications and may sell your property without your consent.

Follow these tips to avoid a mortgage loan modification scam:

• First contact your trusted mortgage servicer or lender for mortgage modifications.
• Never pay money for services until you receive them.
• Avoid transferring the deed to a property if you are not prepared to lose ownership of it.

3. Student Loan Forgiveness Scam

With previously proposed legislation regarding student loan forgiveness, scammers have found a new scheme to steal information from you.

A scammer may email you saying they are part of the student loan forgiveness program, and they need you to enter sensitive information to process the loan forgiveness. The scammer may also ask you to pay upfront for loan forgiveness assistance by providing a payment option in their email.

Stay safe from this scam with these tips:

• Verify a service is an official Federal Student Aid Servicer?.
• Do not pay anyone for student loan forgiveness help until you receive the service.
• Identify phishing emails with typos or obvious misspellings or urgent requests.
• Check the email address, even if the contact’s name seems real.
• Never send payment information through email.

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Up-and-Coming Scams

Be aware of these scams that are also on the rise:

• AI Deep Fake Extortion: Scammers use AI and your social media photos to create compromising photos of you or your loved ones to use as blackmail for ransom or extortion.
• Job Listing Scam: Scammers make a fake job listing on a career website or job board and ask you to provide sensitive information before any type of interview or meeting.

Cyber scams are evolving daily, so it’s important to stay vigilant when it comes to your cybersecurity practices. Learn how Axos Bank keeps your information safe by visiting the Axos Security Center. Read additional cybersecurity articles for more tips and precautions you can take to prevent scams.

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Raghu Valipireddy is SVP, Chief Information Security Officer at Axos Financial, the holding company for Axos Bank, Axos Clearing, and Axos Invest. Axos Bank is a nationwide online bank that provides consumer and business banking products through its low-cost distribution channels and affinity papers.

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Raghu holds an MBA with an emphasis in Strategy from the University of Michigan, Stephen M. Ross School of Business. He has been with Axos since 2018.