Fraud Prevention Tips To Help Protect Your Accounts Online

Tuesday, August 3rd, 2021
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It is more common than many think to have a bank account hacked. It’s as simple as sharing a password between your banking system and a social media account. Once a criminal has your information, they can steal your money directly out of your checking account or spend it at online stores. Here are some tips to help you avoid this type of disaster.

Always be wary

Skepticism is your friend when you shop online. Thieves don’t just guess your passwords; they can also get them from a method called phishing. The way this type of hacking works is simple. All you have to do is click on a link. This can come from an email, text message, or social media post. Once you click on it, the thief is able to access your login information. They can then use that anywhere else it is the same on the web.

If you think something looks odd or you aren’t sure you are on a legitimate website, leave. Then, you can go through and change all of your passwords. Your best bet is to avoid clicking on suspicious links or links you don’t trust to begin with.

Use strong passwords

One of the most surefire ways to prevent fraud on your bank account is to use strong passwords. Even if you don’t bank online, other websites where you use your banking information could still be hacked. By choosing unique passwords for every website you visit and making them hard to guess, you can help protect your checking account across the internet. Here are some tips to help you create good passwords.

  1. Don’t use a string of numbers like 12345.
  2. Along that same line, don’t use a string of letters like QWERTY.
  3. Don’t use any part of your birthday or social security number.
  4. Try to avoid your kid’s or pet’s names, or other easily identifiable information.
  5. Try creating an acronym out of a phrase you will remember.
  6. Include numbers and capital letters.
  7. If a website prompts you to use special symbols, add that into the mix.
  8. Don’t get frustrated when a website keeps denying your password. They just want to help keep your information secure.

Have good antivirus software

Malware can get into any computer that is unprotected. By having solid antivirus software and keeping it up-to-date, you are essentially locking the door of your information. Although smartphones come with good protection, you must also ensure that you don’t open yourself to attacks or hacking on your mobile device. You can do this by avoiding links you don’t trust and not downloading anything suspicious, just like on a computer or laptop.

Use two-factor authentication

Doing this adds an extra layer of defense that will help protect your financial information and other important data. This security method uses your initial way of logging in (username and password, fingerprint scan, etc…) and a secondary code. It is typically sent to your mobile device in the form of a text message or phone call to verify that you are who you say you are.

Be suspicious of public wifi

You should never conduct any sort of financial transaction while on public wifi or a public computer. This includes shopping online, even if you trust a website. Hackers can easily access your information through public wifi, so if you can, use your own mobile device’s hotspot or wait to shop. Your home network will be safer than any public connection.

Other important tips to remember

When it comes to fraud prevention and dealing with your checking account, other things that can help. This includes both before and after any potential fraud on your account.

  1. Keep your contact information current with your financial institution. This may not help prevent fraud, but it will help you be aware of it faster.
  2. Keep backups of all of your information.
  3. Keep all of your devices on some sort of lock. You can use a pin code, face recognition, or a fingerprint scan on your phone for example.
  4. Ask your credit union or bank about fraud alert services.
  5. If you have the option, use a program like CardValet, which allows you to shut off your debit card if it gets lost or compromised.
  6. Be aware of scams, phishing, and other forms of fraud. Being knowledgeable will help protect you against most scams.
  7. Know which third parties have your information. Always be sure to keep up with them too.

Banking better with Borger Federal Credit Union

If you are looking for a secure way to bank locally, contact Borger Federal Credit Union. We can offer more personalized service, as well as many other benefits like lower loan rates and financial education. You can reach us at (806) 273-9506 or Contact Us by email to learn more about the benefits of Membership.