Turn on account alerts
Setting up account alerts through your banking app is one of the easiest ways to catch fraud early. Consider setting alerts for when:
- Your debit card has been used.
- Funds are transferred from your account.
- A large transaction occurs.
- Your password or contact information changes.
- Someone logs into your account.
The sooner you’re aware of suspicious activity, the sooner you can report it. From a fraud prevention standpoint, catching suspicious activity is one of the best things you can do. Acting quickly can help prevent additional unauthorized transactions.
Use card controls
Many financial institutions offer card management tools that give you more control over your debit and credit cards right from your banking app. These may allow you to:
- Turn cards on and off.
- Report a lost or stolen card immediately.
- Request a replacement card.
Locking a misplaced card right away can help prevent unauthorized purchases while you look for it.
Enable multi-factor authentication (MFA)
Passwords are important, but they shouldn’t be your only line of defense.
Multi-factor authentication, sometimes called two-factor authentication, adds another layer of security by requiring a second form of verification before granting access to your account. This could include a one-time code sent to your phone, a fingerprint, facial recognition, or an authentication app.
Even if a fraudster obtains your password, MFA can make it much more difficult to access your account. It’s a simple extra step, but it can make a significant difference if your password is ever compromised.
Use strong, unique passwords
It may be tempting to reuse the same or a similar password across multiple accounts, but doing so creates unnecessary risk. If one account is compromised, others could be more vulnerable too.
Instead:
- Create unique passwords for each account, financial or otherwise.
- Use a combination of uppercase and lowercase letters, numbers, and symbols.
- Avoid using birthdays, names, or other easily identifiable personal information.
- Consider using a password manager to store your passwords securely.
Strong passwords are one of the simplest ways to strengthen your online security.
Secure your banking app
Your phone may be one of the quickest ways to manage your accounts, making it important to keep it secure.
Whenever possible:
- Enable Face ID or fingerprint login.
- Keep your phone updated with the latest software.
- Download your banking app only from trusted sources, such as the Google Play Store for Android and the Apple App Store for iOS.
- Avoid accessing your accounts on public Wi-Fi unless you’re using a secure connection.
Review your accounts regularly
Don’t wait until your monthly or quarterly statement arrives to check your accounts. Make a habit of reviewing transactions regularly through digital banking. The sooner you spot something you don’t recognize, the sooner you can report it and take steps to protect your account.
Enrolling in eStatements can also help keep your financial information more secure by reducing the amount of sensitive information sent through the mail. Plus, your statements are available to you digitally when you need them.
Reviewing your statements regularly can also help you spot unfamiliar transactions before they become bigger issues.
Monitor your credit
Checking accounts aren’t the only targets of fraud. Identity thieves may attempt to open loans or credit cards using stolen information, so monitoring your credit report could help you catch unusual activity early.
If you believe your information has been compromised, you can consider placing a credit freeze or fraud alert on your credit file.
Keep your information up to date
Contacting you as quickly as possible is crucial when suspicious activity is detected. Keep your phone number, email, and mailing address current so your financial institution can quickly reach you to verify a transaction or discuss potential fraud.
Learn to recognize common scams
Technology is constantly changing, but many scammers often rely on the same basic tactic: creating a sense of urgency so you act before you have time to stop and question what’s happening.
Be on the lookout if someone:
- Pressures you to take immediate action regarding your account.
- Asks for sensitive financial information, including login credentials or security codes.
- Requests payments through gift cards or cryptocurrency.
- Claims your account will be closed unless you respond immediately.
- Impersonates your financial institution, a government agency, or a well-known company.
Legitimate financial institutions will never ask you to share passwords, authentication codes, or other sensitive security information through unsolicited calls, emails, or text messages.
If something feels off, trust your instincts. Contact your financial institution directly using a trusted phone number or by navigating to its official website rather than responding to the message.
My advice is simple: if something doesn’t feel right, stop and verify it. It’s always better to take an extra minute to confirm who you’re dealing with. And remember that you don’t have to figure out fraud on your own.
Fraud prevention is a partnership
At Everwise, we prioritize protecting our members’ financial well-being by investing in technology, monitoring systems, and experienced fraud professionals who work every day to identify and prevent suspicious activity.
You play an important role, too. By enabling account alerts, using strong passwords, turning on multi-factor authentication, reviewing transactions regularly, and staying informed about current scams, you can take meaningful steps to protect your accounts and financial future.
Fraudsters look for easy targets. Using the right tools and building smart security habits can make you a much harder target.
