Consumer Alert: 5 Fraud Signs Banks Don’t Want You to Overlook!

January 27, 2024
1 min read

According to recent statistics, Americans lost nearly $40 billion to phone scams in 2022. As fraud continues to rise, it is crucial for individuals to monitor their banking accounts for any signs of potential fraud. This article outlines five early warning signs of fraud on your account, as identified by banking experts:

  • Unrecognized purchases: Fraudsters often make a small transaction first to see if it is flagged before moving on to larger purchases.
  • Contact from a random number claiming to be your bank: Be cautious of any phone calls or texts claiming to be from your bank, as institutions rarely contact customers out of the blue.
  • Password reset information or authentication codes you didn’t request: If you receive emails or messages about resetting your password, it is likely an early sign of fraud.
  • New location or devices on your accounts: Access from a new location or device may indicate fraudulent activity.
  • Requests to update your banking information: Informal requests to update banking information should be considered suspicious and potentially fraudulent.

To prevent fraud, it is important to regularly review your accounts and report any unauthorized purchases immediately. Additionally, be cautious of any contact claiming to be from your bank and verify their legitimacy by calling a confirmed public number. Ignore password reset requests and contact your bank or credit card company to inform them of the situation. Set up multi-factor authentication on your accounts to add an extra layer of security. Finally, be wary of any requests to update your banking information and closely monitor your spending history.

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