A Dozen Tips to Prevent Fraud | Community State Bank

Fraudulent activity continues to be on the rise, so it is likely that you have either experienced fraud, or you know someone who has been a victim of fraud. Checks continue to be the payment method most vulnerable to fraud, and wire transfers are the top payment method used in Business Email Compromise schemes.

There are numerous plots used by criminals to conspire against their victims for monetary gain which is why it’s so important for us to be on guard at all times. Here are 12 tips to consider that will be helpful to minimize your overall exposure:

Don’t send your information through the mail. Set up electronic statements with your bank instead of bank statements being mailed to you.
Stay up-to-date on your accounts. View your accounts daily through online banking versus waiting for monthly statement. To make things even more secure, set up Alert Notifications to help monitor and inform you of activity occurring on your accounts.
When you need to mail checks, drop them off inside the post office instead of placing them in an outside drop box that is unsecured.
When possible, opt in to pay your bills through a secured electronic payment avenue instead of mailing out checks.
Keep your information PRIVATE. Never view your account information or confidential data through a publicly shared WI-FI connection.
Shred any confidential information before disposing of it in the trash.
ONLY give your account information to a trusted source or advisor, and ONLY when it’s necessary.
Don’t accept changes or divulge information via an email that appears to be a known source. Contact them through a known phone number to validate the request or change.
Always be on the lookout for suspicious activity. Do not click on any links or attachments received in an email that you were not expecting.
Talk to your bank about fraud prevention tools that are offered to assist in protecting your finances, such as Check Positive Pay and ACH Fraud Filter.
Contact your insurance company to review any policy protection options for fraud losses.
And finally, timing matters so notify the bank immediately of any fraudulent activity, account information compromise, or personal data exposure. It’s also important to notify the police and file a report for any fraudulent losses that you experience.

The best protection of all is to be diligent in your daily activities. Stop, think, and question before reacting and taking any action. Reach out to our team to help you implement some of these tips!

Written by Debra Blair
Vice President & Treasury Management Officer at Community State Bank
debrab@csbemail.com
February, 2024