Have you ever wondered how to safeguard your accounts from cybercriminals attempting to take them over? Account takeover occurs when someone gains unauthorized access to someone else’s financial accounts.
In this update, we’ll dive into account takeover fraud and the best practices you can use to protect your information.
Watch for Payment Scams
- Scammers often request payments in hard-to-trace formats, such as reloadable or prepaid gift cards, cryptocurrency, or money transfers. Be cautious if asked to send cash or initiate wire transfers.
Pause and Verify
- Before taking any action, pause and consult someone you trust. Use the “Ten Two Rule” - take 10 minutes to think it over and discuss it with two trusted individuals before proceeding. Check the official website of the organization involved for guidance.
Be Cautious on Social Media
- Avoid sharing sensitive personal information publicly, as it can help criminals craft targeted scams or answer security questions.
Update Your Contact Information
- Regularly update your phone number, email address, and physical address on all accounts.
Follow Cybersecurity Best Practices
- Enable anti-phishing protection on your web browser.
- Avoid clicking on unsolicited or unknown links.
- Never recycle passwords or use easily guessable information.
Use MFA and Verbal Passwords
- Enable multi-factor authentication (MFA) wherever available and consider using verbal passwords for added security.
Beware of Phishing Attempts
- Be cautious of phishing emails, smishing texts, and suspicious calls asking for your information. Remember, your bank will never ask for your PIN, CVV code, Online Banking username, password, or Social Security Number directly.
By following these guidelines, you can significantly reduce your risk of falling victim to account takeover fraud.
Source: FIS
- The above referenced source is provided as a courtesy. Signature Bank does not endorse or control the content of this source or website.