Fraud: you've heard about it everywhere. Whether it's on the news, your social media feed, or your friend of a friend has a story. In an ever-changing technological world, fraud is a serious threat to individuals and businesses, and taking steps to prevent it is essential.
Fraudsters are becoming more sophisticated in their approaches, and as a bank, we take the security of our customers' accounts very seriously and work tirelessly to prevent fraudulent activities. However, it's essential for customers to take the appropriate steps to protect themselves. Here are some tips on how you can stay ahead of fraud:
Be Cautious With Your Personal Information
Fraudsters often use phishing emails or phone calls to trick customers into giving away their details. To protect yourself, never provide personal or financial information in response to unsolicited requests. Instead, always contact the organization directly to verify the request's legitimacy if in doubt. Learn more about the types of scams that are prevalent today.
Keep Your Contact Information up to Date
Don't wait until it's too late! Remember, your bank can only notify you of suspicious activity if your contact information is correct and up to date. From time to time, take a few minutes to review and update your contact information in online banking.
Monitor Your Accounts Regularly
Regularly review your account activity in online banking, checking for and reporting any unauthorized transactions to your bank immediately. Additionally, you can also use the security features offered by your bank, such as multi-factor authentication and alerts. Alerts can be set up for certain activities, such as large transactions or changes to account information.
Use Strong Passwords and Change Them Often
According to Secureframe, weak or stolen passwords are 80% of the cause of data breaches. Therefore, it is essential to use strong passwords and change them frequently. A strong password should be a minimum of 8 characters long, including a mix of upper and lowercase letters, numbers, and symbols.
Keep Your Devices and Software up to Date
Outdated software can make you more open to attacks as it may have known security vulnerabilities that fraudsters can exploit. This includes updating your operating system, antivirus software, and web browser to reduce the risk of fraud.
Be Aware of the Various Types of Fraud
Being informed about the different types of fraud, such as phishing scams, identity theft, and account takeover, can help you identify and prevent fraudulent activities. In addition, by educating yourself on the risks, you can take proactive steps to reduce the likelihood of falling victim to fraud.
Overall, following these tips and educating yourself on the various types of fraud is crucial in today's world. Remember, fraud prevention is a shared responsibility between you and your financial institution.