BanksAct

Unfortunately, there are many people all over the world who use their creativity and imagination to think up new ways of conning other people out of money, property or other assets which have a monetary value. As new security measures get developed to check and prevent fraud, these scammers get busy thinking up ways to beat these ‘foolproof’ systems! Essentially, what it means is that if there is money to be made the easy way, i.e. by cheating or committing fraudulent acts, these conmen will find that way! After credit card fraud, identity theft, Social Security fraud, etc; scammers have now targeted your bank accounts. Here are some tips on how to avoid bank account fraud.

Check fraud

Never leave your checkbook, used/cancelled/blank checks lying around in the open, where anyone can get easy access. Store them in a safe location along with account statements, ATM receipts, deposit and withdrawal slip copies.

When junking or throwing away the instruments mentioned above, shred or tear them in a manner which prevents anyone from retrieving account information.

Frequently check your balances and statements to ensure no suspicious withdrawals or transactions have been made.

Banks should ensure that they use unique and unalterable features such as hidden watermarks, which cannot be altered or counterfeited.

Never give out account numbers or bank details to anyone, through telephone calls, emails, text messages or face-to-face, no matter what the circumstance or situation is.

Remember that genuine bank personnel will never ask you for personal or account information for any reason whatsoever.

When ordering checks, count and verify all leaves are there in the checkbook, the check numbers are printed in order and inform the bank immediately if there are any discrepancies. Also check with the bank to confirm when the checkbook has been sent out and if you do not receive it within a specified time, report that as well, so that the bank can block that check series and prevent misuse by fraudsters who may steal your mail or the checkbook is lost in transit.

Avoid dropping checks in a mail box located outside your home or office where they can lie around for some time before the next clearance.

Avoid printing personal information on your checkbooks, such as telephone numbers or any personal ID-related information.

Cross out any blank spaces in fields such as payee name, amount in words and figures, etc to avoid additions or alterations.

Use pens with gel ink instead of water or dye-based inks; the latter are easily washable using common solvents and information altered.

Ensure that information on pre-printed instruments such as deposit or withdrawal slips are accurate.
Never accept a cashier’s check unless you can do a face-to-face verification and cash-out at the branch; never make out a check to cash or endorse it unless you personally enact the transaction.

ATM fraud

Always make sure you’re alone when using the ATM, if there are people hanging about or crowding you while you’re transacting, leave and find another machine.

Use the same ATM as far as possible and make sure you become familiar with how it looks and works, etc.

Avoid using standalone machines located outside shops, in malls and department stores; use the ones which are located in a bank branch or other secure location which allow only one person to enter at a time.

Scope out the area surrounding the machine to look for unfamiliar or strange devices or extra cameras.
If your card gets trapped or the machine does not dispense cash even though the transaction is completed and the receipt dispensed, call the bank immediately from the ATM itself, if possible.

Delete mails or set up spam filters to weed out mails which look ‘official’ but ask for account information or ask you to click on a URL in the body of the mail; trash them unread.

Online banking

Ensure your computer has the latest updated antivirus and anti-spyware protection.

Run regular and frequent security checks using software such as Norton Internet Security or McAfee or other reputed software.

Never click on links received by email or other means, mails asking for account information or offering fantastic deals. Always type in the bank URL in the address tab.

Select a password which is a mix of alphabets, numbers and characters which is unique, i.e. you don’t use the same password for any other access and keep it safe.

Frequently log in to your account to check balances and new transactions posted on your account.
Do not access online banking services in public places, Wi-Fi spots or public computers in Internet cafes, etc.

Simply follow these tips and prevent fraudsters from stealing your hard-earned money.

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