Fraud Tip of the Day - February 5

How to protect your bank account from unauthorized access

Access to your bank account should be tightly controlled. We have easy 5 tips on how to protect your bank account from unauthorized access.

1. Be stingy about who you share your bank account number and routing information with.
   
   This one seems obvious but tricksters are constantly coming up with new ways of conning you into giving them your banking information. You should only share such important information if it's for the purposes of making a transaction with a business you know very well. Never, ever, ever give out this information unless you initiated the sale. Unsolicited telemarketers should never be given access to your banking information! If this information falls into the wrong hands you could be in a world of hurt. If a crook gets access to your bank account, they can withdraw money via "demand draft" or "remotely created check" or transferring funds electronically. They often request credit card and debit numbers and other personal information. Be alert and don't be fooled by these scams. Never sign up for "free trial offers." Get yourself off telemarketing phone lists, call the National Do Not Call Registry and have yerself put on the "no call" list.
   
   
2. Review your bank statements carefully..
   
   Review all checks, automatic payments, debits and cash withdrawls and look for any activity you didn't authorize. If you discover anything suspicious, call your bank or credit union right away. If you can access your bank account on the web, log on and review your transactions often. Don't wait for a monthly statement. Speed is of the essence if someone has gained access to your funds! Being alert for fraud will help you detect it fast, so you can shut it down immeditaely.
   
   
3. Let your bank know there's a problem immediately.
   
   We said it before and we'll say it again - speed is of the essence if someone is accessing your bank account. Don't sit on it for a day. Report suspicious activity the moment you detect it. If your bank requires you to submit fraud notifications in writing, keep a copy of all correspondances until the issue is resolved. If you suspect fraud may be involved, contact your state's attorney general.
   
   
4. Make sure you can cover your checks.
   
   Only write checks or authorize debits if you have the funds in your account to cover them. Checks are processed a lot faster than they used to be and money is debited from accounts almost immediately. In addition, many businesses convert checks into electronic payments, which means money is quickly debited from accounts. If there aren't enough funds in your account, you'll wind up paying a hefty fee.
   
   
5. Consumer Protection Laws - Know your rights!
   
   If there's an issue with one of your electronic debits or EFT's, the federal Electronic Fund Transfer Act (EFTA) gives you certain rights. Ditto for issues with converted checks.