By Debbie Carlson

A day does not go by without headlines about financial fraud, whether it’s hackers infiltrating businesses’ computer networks or other types of identity theft.

While using chip-enabled credit cards and being wary of phishing scams help protect consumers, hackers are becoming more sophisticated.

“Fraudsters have become so good at finding the cracks in the foundation. It’s like water finding its way through a crack,” says Margaret Paddock, market leader for the Private Client Reserve of U.S. Bank in Minneapolis. “I would say the best offense is a good defense, just because we cannot stop all of the fraud.”

Brad Klontz, a Chase financial education partner and associate professor of financial psychology and behavioral finance at Omaha-based Creighton University Heider College of Business, says many proactive steps are simple. But because consumers get bombarded with information, it’s easy to get overwhelmed.

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