Electronic transactions and internet-based accounts are convenient, but present an environment that is tempting to hackers. Here are 3 ways to protect yourself against bank fraud.
Here’s how it happens:
- An ACH payment is made from your checking account or your credit card to a Paypal account for $1 to a (maybe fictitious) non-profit or company.
- If that goes through, the hacker waits a few days and makes another larger payment to the same entity (this time, more like $5000). The $1 payment is the test to see whether the money will transfer.
Here are 3 things that you can do to protect yourself against bank fraud:
- Opt in to your bank’s two factor authentication login.
- Initiate ACH and wire transfer payments under dual control, with a transaction originator and a separate transaction authorizer.
- Activate two factor authorization for ACH and wire transfers.
Of course, the scenario above is just one example of types of bank fraud. Taking the 3 steps above will be a step in the right direction to doing what you can to protect your accounts and information from potential fraud.
For additional information or to discuss concerns, please contact us!
