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How To Monitor Your Checking Account for Fraud

Monitoring your bank accounts is crucial in today’s digital age. Identity theft and checking account fraud have become increasingly common; being proactive can help you detect unauthorized access to your funds and take action before significant damage occurs. Here are some effective strategies to keep yourself safe from checking account fraud.

Regularly Check Your Bank Statements
Make it a habit to check your bank statements and account transactions regularly. This could be done weekly or even daily, depending on the volume of transactions you typically have. Look for any unfamiliar transactions or withdrawals that you didn’t authorize.

Report any discrepancies to your bank immediately, as they can assist you in investigating and potentially reversing unauthorized charges.

Set Up Account Alerts
Another valuable practice is to set up account alerts. Many banks offer options to receive notifications for specific activities, such as withdrawals over a certain amount, when your balance falls below a specified level, or any login from a new device. These alerts can make an early warning system, letting you know if something suspicious is happening with your account.

Use Online Banking Securely
Using online banking securely is also paramount to avoid checking account fraud. Always ensure that you are accessing your account on a secure Wi-Fi network. Avoid logging into your banking app or website from public Wi-Fi spots, as these connections can be vulnerable to hackers.

Additionally, use strong passwords for your online banking and change them regularly. Consider using two-factor authentication (2FA) whenever possible, as it provides an additional layer of security by requiring confirmation through another device or a unique code sent to your phone.

Consider Identity Theft Protection
Incorporate identity theft protection into your strategy; it’s another way to safely keep your assets from checking account fraud. Services are available that monitor your personal information and alert you to potential misuse of your identity. While this may not be necessary for everyone, it can provide peace of mind, particularly for those with larger accounts or complex financial situations.

Maintain Records
It is important to maintain records of significant transactions and important personal information securely. If you suspect fraud, you’ll need access to this information when speaking with your bank or law enforcement.

Protect Yourself From Checking Account Fraud
Being vigilant and taking these steps can reduce the risk of falling victim to checking account fraud. By actively monitoring your finances and remaining cautious about security, you can protect your assets and ensure your financial health remains intact.

Contact us at Energy One Federal Credit Union to help you protect your assets. Remember, prevention is better than dealing with the aftermath of fraud.