We’ve all seen articles, social media posts, and newsletters about identity theft. When most people hear the term identity theft, they often think of a fraudster acquiring a person’s Social Security number and other identifying information to open a credit card or obtain a loan in the victim’s name. However, fraudsters can have different motives in mind.
Fraudsters may gather identifying information like a person’s phone number, email address, and their financial institution. The goal is to have enough information to contact the bank, fool the banker into believing it’s the customer, and receive account information and access. The fraudster may change phone numbers and email addresses, reset online banking logins, or have debit cards issued.
The good news is that most banks have a series of security measures in place to stop fraudsters from getting that far. However, it takes a collaborative effort between banks and customers to be vigilant against this type of identity theft.
Here are a few steps customers can take to protect themselves from being impersonated:
- Ensure your bank has up-to-date daytime contact information like cell phone number, work phone number, and email addresses. If any of these change, updating the information with your bank is essential. Also, ensure the bank has the most up-to-date copy of your driver’s license or other ID.
- Talk to your bank about what security measures are available. Many banks provide the option to set up security questions that are personal to you. If a caller cannot answer the question(s) correctly, the bank will not proceed with the caller’s request.
- If your driver’s license or other identification has been lost or stolen, report it immediately to your bank. This allows the bank to place alerts to take extra caution with requests. If your ID has been stolen, it’s also strongly recommended you file a police report.
- If other identifying information has been compromised (like your Social Security number, date of birth, etc.), report to your bank so they can take the necessary steps to protect your accounts.
- Use any alert system your bank may offer through online or mobile banking. Alerts can often be sent when contact information changes, unusual transactions occur, or balances change significantly.
Sometimes, no matter what steps are taken, you may experience fraud. It’s essential to closely monitor all your bank accounts, even those you rarely use. You should review your transactions before your monthly statement is produced. Instead, use online or mobile banking to monitor transactions more frequently. This allows you the opportunity to report anything unauthorized more quickly.
Connect with your local banker today to protect yourself from becoming a fraud victim. First Mid Fraud Support is also available Monday through Friday, 8:00 a.m. – 4:30 p.m., by calling toll-free at 833-488-3723.
