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Protect Yourself from Fraud: Insights from Fraud Expert Zuodi Liao on Avoiding Scams and Financial Loss

February 27, 2025 by Chuck Panzarella

Fraud affects millions of individuals and businesses annually, leading to devastating financial and emotional impacts. In a recent episode of the Buyer Power podcast, fraud expert Zuodi Liao shared valuable insights and actionable tips on avoiding and dealing with fraud, especially in financial and business transactions. 

Here’s a guide based on that conversation, covering how you can protect yourself and the steps to take if you fall victim to a scam.

Meet the Expert: Zuodi Liao

Zuodi Liao is a fraud investigator with years of experience tackling tricky fraud cases. Growing up in the San Francisco Bay Area, Zuodi studied at UC Davis before diving into the world of fraud prevention at major institutions like Bank of the West, BMO (Bank of Montreal), Twilio, Facebook, and Google. Currently, as a Corporate Security Investigator, he’s dedicated to spotting online fraud, securing accounts, and ensuring customer safety.

Beyond his role in banking, Zuodi brings creativity and curiosity to everything he does, from writing and storytelling to recording music. Whether investigating a complex fraud case or creating art, Zuodi approaches it with the same attention to detail and passion.

Why Fraud is on the Rise and How to Stay Alert

From identity theft to elaborate scams involving fake corporate emails, fraud techniques are growing increasingly sophisticated. Zuodi shared real-life examples, including clients losing retirement funds and companies misdirecting massive payments due to fraudulent emails.

“It’s a high-stakes game,” Zuodi explained. “We’re seeing fraudsters target consumers with more advanced methods, often exploiting new technology like deepfake audio or nearly identical email domains.”

Tips to Avoid Falling Victim to Fraud

Here’s a breakdown of essential fraud-prevention tips for individuals and businesses alike, as shared by Zuodi:

1. Verify Communication Channels

  • Phone Call Verification: Before executing large transactions, always verify key details by phone. Avoid relying solely on email.
  • Verification Codes and Timestamps: Consider adding a unique code in emails and ask the other party to reference it during the phone verification.
  • Watch for Email Spoofing: Scrutinize the sender’s email domain carefully; a small change like replacing “m” with “rn” could indicate a fake.

2. Secure Your Accounts

  • Use Strong, Unique Passwords: Especially for financial or email accounts. Avoid sharing passwords, even with close contacts.
  • Limit Information Sharing: Never share banking details or passwords with anyone you don’t fully trust. Fraud often happens through acquaintances who misuse shared access.

3. Stay Wary of Last-Minute Changes

  • Fraudsters often introduce new wiring instructions or account details at the final hour, posing as trusted contacts.
  • If you receive such an email, contact the original sender directly and confirm that the change is legitimate.

What to Do If You’ve Been Scammed

Despite best efforts, fraud can still happen. Zuodi shared key steps to take if you fall victim to fraud:

1. Contact Your Bank Immediately

  • Notify both your bank and the recipient’s bank as soon as possible. Quick action might enable the banks to freeze or recover funds.
  • Work with your bank’s fraud team to initiate an investigation and possibly trace the funds.

2. Involve an Expert

  • Fraud consultants or anti-fraud services like ID Watchdog or Norton LifeLock provide additional support, including investigating incidents and advocating on your behalf.
  • An expert can help prove third-party involvement, which may increase the chances of reimbursement.

3. Document Every Detail

  • Maintain thorough records of your interactions, including emails, verification codes, and timestamps. These can serve as evidence to demonstrate that you followed best practices in verification.

What If It’s the Company’s Fault?

Sometimes, the fault may lie with a compromised corporate account or a security lapse on the company’s end. In these cases:

  • Hire a Fraud Specialist: A professional can assist in proving the company’s security breach and help build a case for liability.
  • Internal Investigation: Companies must perform their own security assessments to determine if their systems were compromised. This is especially common with smaller businesses that may not have robust security protocols.

The Growing Threat of Cyber Policies

With the rise in ransomware and online scams, some companies now offer cyber policies or insurance as a backup. For businesses and high-net-worth individuals, cyber insurance could be a worthwhile investment, especially if dealing with large transactions.

Take Action Now to Secure Your Future

Fraud can happen to anyone. From protecting your financial accounts to adopting thorough verification practices, the best defense is a proactive approach. Fraud isn’t inevitable, but preparedness is essential.

Key Takeaways:

  • Verify everything: Before sending funds, verify details via phone with a unique code.
  • Secure your accounts: Use strong passwords, and limit information sharing.
  • Act fast: In case of fraud, contact banks immediately and document everything.
  • Consider cyber insurance: This may provide an extra layer of protection against ransomware and other cyber threats.

Stay vigilant, stay informed, and take proactive steps to guard against fraud in an increasingly digital world.

Connect with Zuodi Liao on LinkedIn.

Filed Under: Buyer Power, Podcast

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