By: Shannon L. Tidwell, Chief Information Officer
There are few feelings more unsettling than realizing someone may have gained unauthorized control over your finances. Unfortunately, we live in a time where banking fraud, identity theft and phishing scams are all too common, and you may not always know how to respond during these stressful situations.
Whether you’re recovering from a security breach, noticing suspicious activity on your accounts or simply looking for ways to enhance your security, First Farmers is here to help. In honor of Cybersecurity Awareness Month, we’re sharing a few tips and tricks to help you do your part, be cybersmart and better protect yourself against financial fraud. Our three-tiered approach to cybersecurity relies on preventative, detective and corrective strategies.
Preventative Strategies
While not all cyber-attacks are avoidable, the best way to protect against fraud is by regularly monitoring your accounts and having proper protections in place for your personal data.
One efficient way to protect yourself is by taking advantage of the ease and flexibility of mobile banking and regularly monitoring your bank statements for suspicious purchases. You can also combat fraud by setting strong passwords, enabling two-factor authentication, setting up debit and credit card alerts and disabling automatic logins.
Detective Approach
Staying alert and aware is paramount when protecting your finances, and you should contact your bank immediately if you notice any suspicious account activity.
It’s also important to be mindful of fraudulent texts and emails and know the signs of phishing scams. Often, scammers will attempt to solicit customers with emails sent from addresses that are almost identical to those of legitimate financial institutions. These emails typically claim a problem with an account and ask you to input personal information, such as bank account numbers, PINs and social security numbers.
Keep in mind that most banks will not ask for personal information via email. As a general rule, if the email is unexpected or looks fraudulent, it’s best to delete it. Other ways to protect yourself online include only using websites with “https” in the address, avoiding using public Wi-Fi and keeping your operating system and antivirus software updated.
Corrective Actions
If you notice suspicious account activity, it’s crucial to have a response plan in place and contact your bank immediately. Your banker can help you take the proper steps to report the suspicious activity, prevent financial losses and get to the root of the problem.
When you report a fraudulent transaction, your bank will typically issue a temporary account reimbursement, pending an investigation into the transaction. If necessary, your agent can do a deep dive on your account, lock down your mobile banking and prevent the possibility of any future purchases. If the issue is only debit card related, your banker can cancel the card, order you a new one and issue you a temporary card to use in the meantime.
While cyber-attacks and scams are undoubtedly unnerving, First Farmers is here to help take fear out of the equation. Think something’s not right on your account? Give us a call. First Farmers is here for you every step of the way to help you report fraudulent activity, recover your losses and put proper safeguards in place.
