How to Prevent Fraud of Your Financial Accounts

Fraud and identity theft are prevalent threats in the modern world as communities grow dependent on digital technology. Malicious actors have resorted to increasingly sophisticated tactics in obtaining private and confidential information from uninformed targets – exploiting the vulnerabilities in remote devices and networks. 

Most banks provide basic security features. However, the best means of fraud prevention lies behind a vigilant approach to personal security. While online banking offers unmatched convenience on the move, you should always take careful measures to protect your precious credentials from unauthorized parties.  

Keep Your Devices Password Protected 

A password serves as the first line of defense against prying eyes. By keeping your tablets, laptops, and mobiles locked with a password, you minimize the risks of unwanted third-party access. For added protection, try an easy-to-remember passphrase that includes a combination of words containing capital letters, punctuation, and numbers substituted for letters. One such example might be “rainWat3rpudd!e”. This example passphrase is easy to remember, case-sensitive, and includes numerals and symbols that exceed most complexity requirements, ensuring  your devices and accounts are more resistant to hacks.  

Use an Authenticator (or token)

Multi-factor authentication (MFA) has become a new standard in mobile banking security. Most MFA authentication methodologies are based on one of three types of additional information:

• Something that you know (knowledge), such as a password or PIN

• Something that you have (possession), such as a badge or smartphone

• Something that you are (inherence), such as a biometric like fingerprints or voice recognition 

The technology adds a second layer of protection by requiring one other form of identification in addition to your password or “something that you know”.

While leading community financial institutions like Vinings Bank have adopted multi-factor authentication in their banking applications, you should ensure that you have synced apps to the latest versions for optimal security. 

Update Your Devices Regularly 

Regular patch updates keep your software and operating system updated and free from technical vulnerabilities that malicious parties tend to exploit. Some of the most severe user data breaches originate from outdated software, where perpetrators may reach connected technologies, resulting in widespread security concerns.

Report Suspicious Activities Without Delay

The customer support team at Vinings Bank is always committed to safeguarding your assets and identity with uncompromised security. By reporting the earliest signs of suspicious activity to a bank representative, you can help improve fraud prevention operations, saving yourself and other account holders from potentially heavy losses.  

In some fraud cases, malicious actors may apply phishing tactics, where they impersonate members of a trusted organization (i.e., the bank) to retrieve confidential user information. Some of the most common indicators of phishing scams include spelling mistakes and generic greetings. When in doubt, always contact your community bank for authentication.

Maintain Two-way Communication

You can significantly reduce the risks of fraud by keeping in touch with your banking team. One effective way to do so is by activating push notifications for your banking apps. Push notifications enable your bank to inform you of the latest scams and safety precautions or in the case of suspicious activity on your bank account. 

While malicious parties may continue to threaten financial accounts, you can keep your identity and assets secure with the proper measures in place.

Disclaimer: Vinings Bank has made this blog available solely for informational purposes. Its content is general in nature and does not constitute professional advice. Furthermore, the views expressed in this blog are not necessarily those of the bank, and Vinings Bank does not make any representation or warranty as to the accuracy or completeness of the information contained in this blog. Any liability, therefore, is expressly disclaimed. The information in this blog may not be current, and Vinings Bank does not undertake any obligation to update such information. No part of this blog may be reproduced, redistributed, published, copied, or duplicated in any form without the express consent of Vinings Bank.