Protecting your personal and financial information

How to get the most from your bank's anti-fraud programs

Financial companies put tremendous resources into developing fraud and security protection systems for their customers’ information and transactions. Yet one out of three people has been a victim of fraud or identity theft related to an account at a financial company.¹ It’s mportant for you to use a two-part fraud-protection strategy. First, find a bank that takes aggressive measures to protect your accounts. Second, take steps to protect yourself.

Here are some ideas to make your banking safer.

Step 1: Choose a bank with high-level protection.
When reviewing your bank’s security protection program, consider these questions:

• How hard would it be for someone to pretend to be you and obtain access to your accounts at a bank branch, by phone or online?
• Does your bank offer special security features for sensitive transactions, like when you are wiring a large amount of money for the down payment on your new home?
• Does your bank offer automatic security alerts by e-mail or text message to notify you of changes in your personal information, such as your address or irregular activity on your account?
• Does your bank guarantee that you will not be held responsible if you report fraudulent charges promptly, through a service such as Zero Liability?

Step 2: Adopt careful banking habits.
 Being proactive can help protect you from financial fraud. Here are some tips:¹

• Practice safe internet usage.
  • Keep your anti-virus and anti-spyware software up-to-date
  • Delete spam emails.
  • Do your online shopping only on sites with secure Web pages. (Check the bottom of your browser for an image of a lock or look for “https” in the URL address bar.)
  • Never send credit or debit card information, social security numbers or personal information by e-mail.
• Lock your home’s mailbox, if possible, and empty it frequently, as many identity thieves gather information by swiping their victims’ mail.
• Use online banking to pay bills and opt for direct deposits for your paychecks.
• Safeguard your social security number. Don’t give it out to people you don’t know or write it on a check. Keep the card and the number in a safe deposit box or other secure place.
• Get regular credit reports from major credit bureaus, and check them carefully to help you spot unauthorized activity on your accounts quickly and to rectify errors. (See “Credit Bureau Contact Information”)
• Watch out for scams.
  • Your bank, government agencies and legitimate organizations will never ask for personal information such as your social security number by phone or e-mail unless you initiate the call, so never provide it.                                                                      
  • If someone offers you a chance to get involved in an attractive business opportunity, do not send money to them by check or make a deposit in any unknown bank account. Get professional help from a lawyer or accountant to do your due diligence.  
  • Be skeptical of ultra-low priced deals from unfamiliar companies, offered by phone or email, and any companies promising you access to work-at-home opportunities for a fee.
  • Watch out for scams.

Take action now.
Check your bank’s Web site to find out what they’re doing to protect you from fraud. Take the steps outlined above to establish your own anti-fraud practices.

What's next? How to understand your credit report and credit score

¹Source: Adapted from Visa "Identity Theft" how to safegaurd your identity and financial information from theft. ©2009 Visa. Practical Money Skill for Life.