By Megan Sayles
AFRO Staff Writer
[email protected]
Every year, millions of Americans are victims of credit card fraud. In 2024 alone, 62 million people had unauthorized charges on their credit or debit cards, with expenses surpassing $6.2 billion.
As technology advances, scams are becoming more sophisticated, targeted and convincing. Bola Sokunbi, founder and CEO of Clever Girl Finance, sat down with the AFRO to discuss the top ways to detect and address fraud before it spirals out of control.
AFRO: What are the most common signs of bank and credit card fraud that people often miss?
Bola Sokunbi: One sign people tend to overlook is small, unexplained charges. Fraudsters will often test the waters with a tiny transaction to see if the card is active and the account holder is paying attention. Also, don’t ignore random texts or emails asking you to “verify” purchases or log into your bank account. Even if you didn’t click anything, these messages often signal that your information is floating around in the wrong places.
AFRO: What are common fraud scams that perpetrators might use?
BS: Phishing is still one of the most common scams. These are emails or texts that look like they’re from your bank or a retailer asking you to “confirm your information.” Scammers are also using fake job postings; Zelle or Cash App payment requests; and pretending to be delivery companies. The creativity is wild, which makes it even more important to double check everything.
AFRO: Are there red flags in digital banking activity that should cause immediate concern?
BS: Absolutely. Things like account logins from unknown locations or devices, changes to your contact information or sudden password resets are all red flags. If your phone number or email is changed without your knowledge, take that seriously. It could be a sign that someone is trying to gain full control of your account.
AFRO: How do perpetrators get access to bank or card information without access to a physical card?
BS: Data breaches are a big one. When a company you’ve been shopping with gets hacked, your information can end up on the dark web. Scammers also use public Wi-Fi to intercept information, as well as phishing links and fake websites that mimic legit ones to trick you into entering your credentials. It’s not about being careless— it’s about how advanced and sneaky these tactics have become.
AFRO: Are there certain fraud tactics or trends that have emerged in recent years?
BS: Yes. Scammers are getting more personal. They’ll use information from social media to make scams feel more believable, like mentioning your kids or hometown. Artificial intelligence voice scams are also growing where fraudsters mimic a loved one’s voices to ask for help or money. It’s surreal, but it’s happening, so awareness is everything.
AFRO: What immediate steps should someone take if they detect suspicious activity on their accounts?
BS: Don’t wait. Lock your card or freeze your account immediately. Most apps let you do this in seconds. Then, call your bank or credit card company to report the fraud and file a claim. Change your passwords right away, and check your other financial accounts in case there’s been broader access. If the fraud is significant, file a report with the Federal Trade Commission and your local police.
AFRO: What advice would you give to people about being proactive in protecting their financial information?
BS: Stay curious and cautious. Use strong, unique passwords. A password manager can help with this. You should also enable two-factor authentication, and check your bank and credit card accounts regularly— weekly if you can. Don’t be afraid to question texts, emails or even phone calls that feel off. You’re not paranoid. You’re being smart.
