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Keep Your Bank Account Safe From Fraud

Cybercriminals are a growing threat, especially as they continue to use more sophisticated methods to steal personal information. From fake emails asking you to confirm your username and password to malware that swipes your information while on public Wi-Fi, scammers can use several techniques to try to access your bank account. It’s important to keep security and protecting yourself from fraud, top-of-mind. The more you know the better prepared you’ll be to protect yourself and your money.

Use Unique Passwords for all Your Accounts

Most people know that a strong password is important. However, if you use the same ‘strong’ password for multiple accounts, then they are all potentially in jeopardy. If a hacker obtains that password, it makes it possible for them to access your other accounts. It’s important to update your passwords on a regular basis. Changing passwords once every year or two should be enough.

In addition to passwords, get creative with security questions. The real answer to many security questions could be found by a cybercriminal online. For example, if your security question is your mother’s maiden name, you can instead answer it nonsensically with something like ‘Pear’. The answer is silly enough for you to remember it, and hackers won’t be able to find it searching the internet.

Leverage Two-Factor Authentication

As you work to protect your bank accounts from fraud, two layers of defense are better than one. With this method, you’ll need your password and another proof of identity to log in, like a one-time code sent to your phone. If hackers get a hold of your bank account login credentials, it makes it difficult for them to log in without your second verification. 

Utilize Features & Tools Provided by Your Bank

Touch IDTake time to explore the security measures your financial institution has available. When you maximize the safety features provided, it’s easier to keep your sensitive information safe. Some institutions, including Credit Union of Denver, allow members to enable biometrics (fingerprint or facial recognition) to access their account safely and securely on their smartphone. Biometrics can help you protect your bank account from hackers, as it’s not something that can be stolen like a character password.

Be Cautious of public Wi-Fi

Public Wi-Fi is available at many of the places you frequent but whether it’s safe to use generally depends on what you’re doing. If you’re scrolling your feed or reading blog posts, it’s probably fine. But if you’re doing something that requires entering personal information or login credentials, such as signing into your online bank account, it’s best to avoid while on public Wi-Fi. If you must use public Wi-Fi, a virtual private network (VPN) will encrypt everything. A VPN is software or an app that connects your device to a different server on the internet.

Update and Patch Your Software Regularly

Ignoring those software update notifications on your devices may be putting you at risk. It is critical to ensure your software, operating systems, antivirus and anti-spyware programs and browsers are up to date. Hackers search for security holes in systems, so do your best to protect your bank account from fraud by ensuring your devices are as protected as possible.

Install Ad Blockers

Malvertising, where cybercriminals create ads infected with malicious codes, is another scam that can leave your bank account exposed. Malware may be downloaded to your device, from these ads, that can potentially steal information about your identity. Many ad-blocking tools are free and easy to download. By blocking ads, your chance of interacting with an infected ad is removed.

Protecting your account from fraud starts with a plan. With the help of the tips above and staying up to date on the latest scams, you should be able to protect yourself and your personal information. To learn more about cyber security, protecting your credit, and how to avoid fraud & scams visit Credit Unions of Denver’s Security Center.


Sources & enhances by Credit Union of Denver

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