Monday, October 3, 2022

How To Keep Your Bank Account Safe

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How to keep your bank account safe from fraud

Robust passwords, constant monitoring and a proactive approach can keep scammers away.

The call comes from a local number. When you answer, an automated voice implores you to call your bank through a toll-free number because you are late on a payment.

Youre not late. But you are curious. So, you call. Another automated voice says theyve matched your cell phone number with your account. To verify, please enter your Social Security number.

Next step? Hang up.

Scammers are using new tactics including posing as bankers to gain access to your account. This one is among the latest and seems plausible enough. Except banks dont ask for personal information like Social Security numbers. Instead, scammers are trying to pry your credentials to take advantage of you.

At Regions, weve seen an uptick in fraud among person-to-person cash apps, where fraudsters have gained access to drain bank accounts.

If a stranger comes to your house, youre not going to give them the keys to your house. The same applies for online information.Anna Cash, fraud manager for Regions Bank

This fraud is becoming all too common, but these products are just the conduit the fraudsters are using to obtain the funds, said Anna Cash, fraud manager for Regions Bank. This is really about the security of your personal information and password. Think of it this way: if a stranger comes to your house, youre not going to give them the keys to your house. The same applies for online information.

Never Give Out Your Pin

While this tip may seem obvious to those of us who have had a checking account for years, its not always so obvious to new checking account holders. Your PIN should never be given out to anyonenot even bank tellers. If you are ever asked over the phone to directly give your PIN to the person on the other end, dont do it! Most banks have an automated system that will ask you to punch in or say your PIN and then connect you to a teller or bank representative. Remind your family members and loved ones they are never to give anyone their PIN.

How Do Bank Scams Happen

  • Send you fake checks that legally bind you to some action.
  • Send a spam email or text messagethat requires you to respond with a log-in code or with a link to download malware.
  • Get you to share your credit card number or bank account information on a phishing website.
  • Pretend to be a bank representative and ask for your account number over the phone.
  • Try to gain remote access to your online banking platform through malware or viruses.
  • Buy your banking information on the Dark Web.

The goal of any bank scam is to get access to your bank account. Unfortunately , they canât get access to your account without your help.

Bank scams require that you share personal financial information with a scammer, install malware on your devices, or use unverified checks and other banking material.

Here are some of the common ways a bank scammer will target you:

Pro tip: Check to see if your account information is available on the Dark Web using Auraâs Identity Guard Dark Web scanner. With just your email address, we can see if your financial information, credit cards, or other account info is available to hackers and scammers.

The good news is that in most cases, youâre in control of what bank scammers can steal. The more you understand how they try to pull off bank scams, the more secure your account information and money will be.

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Three Ways To Keep Your Online Accounts Safe And Secure

1. Use complex passwords.

Banking technology has always been something of a double-edged sword. While providing consumers with all sorts of new ways to manage their finances – through services as diverse as online banking applications, PayID# and mobile digital wallets^ – new technology also presents issues of safety and privacy. This is because of the various risks associated with managing money online, but there’s no reason at all why modern banking can’t be incredibly secure.

In fact, by following these few simple tips, you can help keep your banking safe from malicious activity.

2. Use secure networks.

As the first safeguard to your accounts, it’s worth spending a bit of time reviewing your passwords.

The risk here is that if you use the same password for every website or digital service and it becomes compromised, you’ll be vulnerable to a far greater variety of threats. Instead, spend a bit of time working out individual passwords for every account or log-in portal, and be sure to quickly change any password that you believe may have been compromised.

These days, we’re all used to having secure WiFi networks in our home. This makes accessing platforms such as online banking quick, easy and generally safe, but what about when we’re out of the house?

3. Update your software.

^Mobile digital wallets include Apple, Google and Samsung Pay.

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Avoid Using Automatic Login

How To Keep Your Bank Account Details Secure?

With automatic login, your browser saves your username and password, allowing you to access your bank account without remembering any of your login information. While that’s convenient and all, it’s not the safest thing to do.

You should avoid automatic login at all costs, especially if you use your phone for online banking. What if someone happens to swipe your phone? They won’t even need your username or password to get into your bank account.

If you haven’t already, disable this feature on your phone and on your desktop right away!

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Change Your Password Frequently

Passwords, no matter how private they are, can easily be hacked in various ways. Change your password every few months, as recommended by experts in a report by Business Insider, or if compromised, make sure to change it ASAP. It also helps to put in a combination of complex codes with alphanumeric characters, symbols, and at least one capital letter. Try to avoid “1234” or “password” or base the numbers off your birth date.

How Safe Is The Money In Your Bank Account

Today’s article is not about what happens if your bank fails. Although this can be a real problem, most bank accounts in the US are insured by the FDIC to cover losses up to $100,000.

Action: We certainly recommend that you always make sure that your bank is financially sound and that your bank account deposits are fully covered by the FDIC.

However, today we focus on how to keep the money in your bank account safe from scammers and thieves. We’ll talk about keeping your money safe through both online and offline banking.

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You Clicked On A Phishing Scam

Whenever you get an email from your bank, make sure its actually from them. Phishers can set up elaborate, official-looking emails that appear to be from your bank. They may even say that your bank account has been compromised, and you need to log in immediately.

Once you click their link and enter your login information, they have full access to your account. Sometimes they will even initiate the scam by texting your phone instead of emailing you.

How To Protect Yourself Against Bank Scams

Keep Your Account Safe

Financial monitoring and alerts are the first line of defense when it comes to bank scams. The sooner you can spot someone trying to access your accounts, the faster youâll be able to shut them out.

But there are other proactive ways you can protect yourself from financial fraud. Here are some of the best bank fraud prevention tips you can follow:

  • Do not cash any checks paying in excess. Instead, return them to the sender.
  • Use only reputable job boards when job hunting and verify the position directly before sending personal information.
  • If a job offer sounds suspicious, research the company and look up the recruiterâs reviews before applying.
  • Never pay money to get hired.
  • Use only encrypted websites when entering your debit or credit card details. Look for âhttps://â before the URL and a locked padlock in the left corner of the address bar.
  • Never share sensitive information over the phone, unless itâs with a trusted friend or family member.
  • Select charity websites carefully. Choose charities you know and trust.
  • Double check email addresses by tapping on the sender to view the full email address before clicking on links. Fraudsters can mask their real email addresses, showing only a designated brand name.
  • Donât engage scammers on the phone, even if they have government agency names as their caller ID.
  • Government agencies will never call to ask you for sensitive information. When in doubt, call approved customer care or agency phone numbers to confirm.
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    Example Use Of A Protected Bank Account

    James is an unmarried Florida resident with an old judgment for an unpaid credit card bill many years ago. The creditor has not tried to collect on its judgment for many years, so James has built up a decent amount of savings in his bank account.

    Recently the creditor has scheduled a deposition in aid of execution, so James is worried that the bank will find out where he banks and take his savings. Because hes not married, he has not taken advantage of tenants by entireties law to protect the bank account. There are no other exemptions to the money in the account.

    In this situation, James may be able to protect the funds by depositing them at a bank immune from garnishment under state law. The creditors collection tool, should it discover where James keeps his money, is a garnishment. But if the funds are at a bank that the creditor cannot garnish, the money effectively would be protected from the judgment creditor.

    Secure Your Mobile Device

    Don’t forget to utilize all of your smartphone’s security measures, especially if you’re a fan of mobile banking. Make sure you can lock your phone with a pin, facial recognition, a pattern, or a fingerprint. If your phone ever gets stolen, it’s more difficult for the culprit to get into your phone.

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    Use Strong Passwords & Two

    Any time you log in to any online account, whether its Amazon, your bank account or some other shopping site, criminals could be watching without you even realizing it. And any piece of information they can pick up about you could help give them access to what theyre really after your money.

    So its important to text extra steps to protect your information online, and many sites now offer two-factor authentication to help make it more difficult for scammers to get in.

    Two-factor authentication requires you to take an extra step to authenticate who you are when you sign in or when you are doing a transaction. Its sometimes also referred to as two-step authentication.

    The extra step just depends on the company or website, so it could be a unique code thats texted your cell phone or unique password you have to give when authorizing anything over the phone.

    Whatever the extra step is, opt in for it! Its another layer off security for you and your money!

    How To Create A Secure Password

    how to keep bank account information secure: Bank Account Information ...

    Remembering passwords for online banking or any other website can be a pain. But its important that when you create a password, you avoid obvious personal information like your name or your home town as this can be easy to guess. You should also avoid using the same password for multiple sites.

    Instead, make your password secure by using a combination of uppercase and lowercase letters, symbols and numbers. It can be something thats easy to remember but replace some of the letters with numbers or symbols instead. For example, Ilovecake could become EyeL0v3caK3!.

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    Youre Our First Priorityevery Time

    We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.

    So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.

    Quick Tips To Protect Your Account

    Never respond to communication requesting personal information

    Axis Bank does not ask you to download any remote access app or disclose your passwords, credit/debit card numbers, bank account numbers, or other personal/financial information via SMS, email. In case you get an email or a phone call asking you to disclose your password or share personal security details, please do not disclose any sensitive information.To raise concerns on having received such communication, you may send an email to .

    Make your password difficult to crack

    When you create your password, make it at least 6 characters long. Include at least one capital letter, one numeral and one special character . This makes the password very difficult to crack.

    Validate the SSL Certificate

    If you are in any doubt, click on the lock icon at the bottom of the secured page. This opens up a new window, displaying the SSL certificate information. Ensure that there is no red cross mark preceding the title ‘Certificate Information’. It should also be ‘Issued to:

    You can get more information by clicking on the other tabs in the certificate window.

    How to safeguard your account against false offers of funds

    Caution against fictitious offers of remitting cheap funds from abroad RBI Press Release: 2007-2008/770, Dated- December 7, 2007

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    Signs Of Compromise And Actions To Take

    Even when using these best practices, you still might find a merchant or other source has made your financial data vulnerable. How can you discover bank scams and quickly shut it down?

    When reviewing your account activity, look for multiple small transactions you don’t recognize. This is how fraudsters commonly test accounts to see if there’s money available. It’s okay to call your bank and inquire about a transaction to ensure it’s truly yours.

    If you receive an alert or notice unauthorized transactions, contact your bank immediately. Ask them to deactivate any cards associated with the account and to issue new ones. Some banks’ apps even allow you to deactivate cards yourself.

    If you suspect bank account fraud, go to your online banking portal and select the Forgot Password link at login. You’ll receive a link to reset your password. You can also run a virus scan on your computer. Scans can help ensure you haven’t had your device compromised by software designed to steal your keystrokes or other login information.

    Knowledge is power that fraudsters don’t want you to have. While you can’t prevent every attempt at accessing your private financial information, you can make it more difficult for fraudsters to hack you. The tips above can make your accounts more secure, and at no cost to you. Then, if you detect suspected fraud, you can act with confidence and work with your financial institution to secure your accounts.

    Reduce The Risk Of Identity Theft

    Keep your online banking account secure
    • Secure your letterbox with a lock to prevent your mail being stolen.
    • Let us know straight away if your address or contact details change.
    • Never give out personal information to people you donât know or trust.
    • Donât publish confidential information about yourself on social media, including your full name, date of birth, address or phone number â criminals can use this information to impersonate you.
    • Shred documents containing your personal information before throwing them away.

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    Choose Wisely When Downloading Financial Apps

    Financial apps, including mobile banking apps, can help with everything from doing your banking to paying bills to sending money to shopping. But theyre not all created equally in the security department.

    If youre planning to use mobile apps to bank, the first step is making sure youre using your banks official app. The next step is being careful with whom you allow to access your online and mobile banking details.

    For example, you might be thinking of using a robo-advisor or budgeting app to manage your money. These apps may ask you to share your login credentials for online banking so they can pull information to create your financial picture.

    That in itself could put your information at risk if those secondary apps arent secure. Not to mention, doing so could violate your banks terms of service. Before downloading financial apps from the app store, check the ratings first. Then, do a little homework and research the app developers security policies and whether it has a history of data breaches.

    Check Your Account Often

    Reviewing your recent account activity is fundamental to credit card safetyand its easy to do. You can do it using the banks app, online or over the phone. Most card issuers also let you set up email or text alerts to inform you and your issuer about unusual activity. If youve been a victim of fraud or identity theft in the past, consider signing up with a credit-monitoring service. Learn more about Bank of Americas fraud protection and monitoring services.

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    Frequently Change Your Passwords

    I get it, it’s really irritating to change your passwords over and over again. You’re probably thinking that it’s bad enough that you have to incorporate a series of numbers, capital letters, and symbols in your password, and now you have to change it all the time? But seriously, having a complex and frequently-changed password will help protect your account from hackers.

    If you’re worried about forgetting your password, then you should consider using a password manager to securely store all of your passwords. With password managers, you won’t have to go through the hassle of resetting your password ever again.

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