Sponsored: KEMBA Financial Credit Union
It is always a good idea to keep your bank account and personal information private. However, in times like we are experiencing with COVID-19, fraudsters up their game and look for ways to take advantage of people. There are a number of ways for them to gain unauthorized access to your accounts, so being vigilant is more important than ever.
Fraudsters are experts at tricking people. One way they can gain access to your information is by contacting you and making you believe they are from your bank or credit union. They do their research and they know how the financial institutions operate. They do their best to pose as a representative to access your personal information, including your debit and credit card numbers, and most importantly, your online banking password.
Once fraudsters have obtained an online banking password, they can access the account, change the contact information and passwords and begin transferring funds using peer-to-peer payments like Zelle, Venmo, and Payzur to name a few. As a rule of thumb, a banking representative should never ask for your username and password, especially when they initiate the call. Be sure to be alert when you receive a call from a ‘banking representative’.
Another way fraudsters can attack is by using the card numbers they access to make large purchases. Some card issuers will monitor large purchases, but when fraudsters use your card to purchase everyday items the transactions may slip through their filters. It is important to setup alerts that let you know when your credit card is used. The earlier you catch these fraudulent charges, the easier it is for the card issuer to reverse them and stop further purchases.
While it’s scary to think about the different ways fraudsters can prey on your finances, there are several things you can do to prevent this from happening. In addition to the usual culprits mentioned above, think about what you’re sharing on social media. Some of the questions and answer apps and games could give fraudsters the information they need to gain access to your online accounts and personal information.
KEMBA Financial Credit Union is committed to educating consumers to help keep your personal information safe. It’s important to note that like KEMBA, your financial institution should never call or text you and ask for personal information that would compromise your account security. If you have questions about KEMBA’s products or services, the fraud protection measures or educational opportunities, contact us at 614.235.2395 .