Once you go through the process of choosing a savings or checking account, it’s important to keep the funds inside them — and yourself — safe. Illegal access to your financial records is one of the fastest-growing fiscal crimes today.
Although this is growing to be a big problem, there are a few simple steps anyone can take to minimize the risk of people accessing to your accounts via your cards. In this guide we will breakdown some key things you can be doing to make sure your account is secure from fraudulent activity.
Check Your Accounts Regularly
Keeping an eye on your account will help you know when something is wrong. Even accounts that you may not use very frequently must be checked on a regular basis.
Balance your checking account each month to make sure all the purchases being debited from your account are actual purchases you made. If something does not seem right, contact your bank immediately.
Enroll in Online Services
Having paper statements sent between your address and the bank invites the possibility of mail theft, so consider using your bank’s website primarily. Keeping track of your bank details online can also be more convenient.
If you do prefer getting physical copies of your account, it’s a good idea to know when they should arrive. This way you can pick them up promptly and alert your bank if you don’t get them as expected. And, of course, shred all paperwork before discarding.
Enable Two-Factor Authentication
Make it harder for the bad guys to access your data by adding a second layer of defense. Two-factor authentication means you not only need a password, passcode or biometrics logon such as a fingerprint or facial scan to confirm only you can access your accounts, but you also receive a one-time code to your mobile phone to type in.
In other words, two-factor authentication combines something you know, your password, with something you have, your smartphone.
Opt For Fraud Detection
Some, but not all, credit-card companies and banks can push notifications to your mobile device if something looks suspicious during a purchase — such as a large amount charged or a location in a different state than your usual address. You may be asked to confirm it was really you who made a purchase with a simple Y or N.
Even if you are vigilant about checking in with the bank, you probably won’t be able to catch everything as it happens. That is why many banks offer alerts to monitor and notify you about specific account activity. Additionally, it’s a good idea to inform your bank of anything out of the ordinary as soon as possible to help solve any problems right away and minimize damage.
Avoid ATMs In Touristy Areas
If you need to use an ATM, it’s always best to use one you are familiar with and that belongs to your bank. It’s a good idea to avoid ATMs in touristy locations, or stand-alone ATMs that look out of place. Not only will you save yourself money by avoiding ATM fees, but you may also save yourself from having your information taken by scammers.
Beware of Smishing
Mobile banking is generally considered safe. But online frauds like smishing are gaining traction. Smishing occurs when you get a dubious text message from a fraudster posing as a bank representative. The message may warn you of security breaches and ask you to call a toll-free number. Then you’re asked for your account number and PIN.
Instead, treat it as an untrusted communication. Call the customer service number listed on your monthly account statement and verify the text communication.
Watch Out for Wi-Fi Hotspots
Do not conduct any financial transactions such as online banking, trading or shopping when you’re using a public computer in an airport lounge, hotel or library or when you’re using a public Wi-Fi network, say, at your favorite coffee shop. You never know if your information is being tracked and logged — so wait until you’re on a secured internet connection at home. Or use your smartphone as a personal hotspot, which is safer than free Wi-Fi.
Conclusion
Online threats can refer to any type of fraud or scam generated through the internet or via email. Most online threats are designed to steal personal information such as credit card numbers, user names and passwords. These are typically executed through social engineering scams. The main intent is to gain a financial benefit via fraud.
If you notice fraudulent activity on your bank account, notify your financial institution immediately so that your card can be put on hold or cancelled. Alternatively, if you notice scammers at work, always contact the police.
In addition, we have a list of bank promotions to get some extra cash in your pockets today. You may also want to check out savings accounts if you want to get started on saving up money.
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