4 Steps to Combat Fraud and Safeguard Your Personal Information

As technology continues to evolve, so do the methods that scammers employ to pry sensitive information from people. Criminals use phone calls, texts messages, social media, and email to impersonate financial institutions as a means of stealing personal information from their members. Some of these methods have become increasingly difficult to recognize as scams.

While fraud continues to rise and tactics to gain access to our identities and bank accounts become more sophisticated, there are steps we can take to protect ourselves and spot the warning signs.

 

1.    Always Be Cautious

It’s easy for scammers and fraudsters to set up email addresses, phone numbers, websites, and communications that mimic those coming from legitimate financial institutions. Some common red flags to watch out for include messages claiming your account is locked or comprised, emails or texts with urgent demands and suspicious links, calls from unknown numbers asking for personal or financial details. Keep your funds safe by taking certain precautions, including:

· Never confirm personal information with someone who contacts you first, even if they have personal details about you.

· Do not share or confirm passwords with anyone. Legitimate communications from financial institutions will never ask for your password or login credentials.

· If someone contacts you claiming to be from your financial institution and requests verification, end the conversation and report the incident to your credit union or bank immediately.

· Never authorize a financial transaction if you're unsure or feel pressured.
 

2.    Strengthen Your Passwords

Your passwords are your first line of defense against cybercrime, and weak ones make it easy for fraudsters to gain access. Using a simple or easily guessed password is like locking your front door but leaving the key in the lock. Cybercriminals often target passwords because they’re one of the most vulnerable points in any security system. Here's how to protect yourself:

· Use strong, unique passwords that include a mix of letters, numbers, and special characters.

· Avoid using the same password across multiple accounts.

· Enable two-factor authentication whenever possible for added security.

· Consider using a password manager to securely store and organize your credentials.

 

3.    Monitor Your Accounts Regularly

When you keep a close eye on your accounts, fraud becomes much easier to catch and stop. Many times, criminals will “test the waters” first with very small, unauthorized charges before attempting larger, more damaging transactions. Early detection is critical to keeping your accounts and money safe. Some best practices for monitoring your accounts are:

· Set up real-time alerts through your online or mobile banking app.

· Review your accounts frequently for unusual or unfamiliar activities.

· Check your credit report and credit score regularly for unexpected changes.

 

4.    Keep Your Contact Information Up to Date

If suspicious activity is detected by your financial institution, they’ll need to reach you quickly. Outdated contact details could delay fraud alerts and resolution. Make sure your financial institution has your current contact information. It’s easy to forget what address or phone number you provided when you first joined, especially if you’ve moved, changed your email, or updated your phone number. Your financial institution likely isn’t the first place you think of to notify, but it’s one of the most important. You can easily check that your information is current through your online banking platform, by visiting your local financial center, or by calling your bank or credit union directly. The three key pieces of contact information to keep current are:

· Current mobile number (for real-time alerts)

· Active email address you check regularly

· Updated mailing address for official notices and account documents
 

While no one is immune to fraud, staying informed and proactive is your best defense. By following these tips and taking quick action when something seems suspicious, you can significantly reduce your risk. In the unfortunate event that you do fall victim to fraud; here are the steps you should take immediately:

· Report the fraud to your local police department. An official report may be necessary when disputing charges or placing a credit freeze.

· Contact your financial institution immediately. They will act quickly to protect your accounts and limit further damage.

· Freeze your credit. Contact the three major credit bureaus—Equifax, Experian, and TransUnion—to prevent new accounts from being opened in your name.

· Report identity theft. If your Social Security Number or other personal information has been compromised, you can report identity theft to the Federal Trade Commission by visiting them on the web at https://www.identitytheft.gov/ or call 1-877-438-4338. To report a stolen social security number, contact the IRS at http://www.irs.gov/uac/Identity-Protection or call 1-800-908-4490.