Cybercriminals make it their job to find new ways to take advantage of unsuspecting victims. In 2020, the FTC reports that Americans lost more than $3.3 billion from different types of financial fraud.
To lock fraudsters out, you need to update how you safeguard your data and PII (personally identifiable information).
Have you been the victim of fraud? Contact our team for step-by-step instructions on how to recover from fraud.
How To Prevent Your Financial Information from Being Stolen
When thieves gain access to your online banking information, credit card accounts, or other financial documents, they can wipe out your savings, make purchases, or even open new accounts in your name.
So, how can you protect your information from financial fraudsters?
1. Store your sensitive documents in a secure location or safe
This includes your birth certificate, Social security number, passport, green card, checks, bank statements, and unused credit cards. Anyone with access to your home can potentially steal these cards and documents if they’re not secured. (As an added warning, it’s not always possible to change your Social Security number – even after identity theft and fraud.)
2. Sign up for additional safeguards to protect your accounts
For example, if you’re a Wells Fargo customer, you can set up Voice Verification to prevent criminals from impersonating you over the phone.
3. Enroll in push notifications for mobile banking transactions
You’ll receive an alert when purchases or ATM withdrawals occur, so you can dispute these kinds of bank scams right away if they’re fraudulent. Vigilant monitoring is the best way to detect fraud before it causes irrevocable damage.