How are you keeping your accounts safe from financial fraud? Becoming a victim of fraud causes a lot of hardship, from having to cancel your cards or stop checks to in some cases closing your accounts altogether.
As a banker in Birmingham, one of my goals is to help my clients prevent financial fraud and keep their assets safe. With that in mind, here are six simple tips I share with my clients to help prevent fraud.
1. REVIEW YOUR ACCOUNTS DAILY.
One of the simplest ways to keep your personal and business finances secure is to check your accounts each day. If a fraudster does access your account, it’s best to catch it quickly. I also recommend my clients diversify their accounts, keeping their money in savings and transferring what they need to an operating or checking account.
2. USE CREDIT CARDS WHEN POSSIBLE.
Using a credit card puts the credit card company on the hook for fraud instead of you. Make sure to check these accounts regularly as well, so you can report fishy activity as soon as possible. Credit cards offer protection by eliminating the risk of your bank account numbers being compromised and your cash being taken.
3. REDUCE PHYSICAL CHECK-WRITING.
The most prevalent and challenging fraud to manage is from physical checks. I advise my clients to exercise extreme caution when issuing a physical check and whenever possible, to steer clear of mailing it. A fraudster can cause significant damage with the info on a check, leaving you to bear the brunt of the consequences.
4. USE CHECK AND ACH POSITIVE PAY.
If you are a business owner, try Check and ACH Positive Pay to protect your business transactions. The way it works is every day you upload the checks or ACH transactions you’ve submitted to a software that shares that information with the bank who knows exactly what transactions to approve. Any transaction not on the list is denied. This keeps you safe from check washing and other fraudulent schemes.
5. ONLY ACCESS YOUR ACCOUNTS ON A SECURED NETWORK.
Digital security is a concern for everyone. I recommend staying as safe as possible by only accessing your online accounts on your own private WIFI networks. Using public-unsecured networks puts your accounts at risk.
6. GET TO KNOW YOUR BANKER!
Your banker is one of the first lines of defense when it comes to preventing fraud. Think of your banker like your primary care physician – you want to keep them updated as your life and needs change. In turn, they can provide fraud prevention tools tailored to you.
Joe Taunton is Vice President Market Manager at Valley Bank in Birmingham and has been in banking for 12 years. 205.408.2030 / [email protected]
*This article is made available for informational and educational purposes only. Any views, thoughts, and opinions expressed herein are solely those of the writer and do not reflect the views, opinions, policies, or positions of Valley National Bank. © 2024 Valley National Bank. Member FDIC. Equal Opportunity Lender. All Rights Reserved.
