How to Regain Checking Account Security in the Wake of Checking Account Fraud
The last thing you want to hear is that your checking account number, debit card or passwords fell into the wrong hands and your checking account security has been violated. But unfortunately, it happens. Luckily, most banks go above and beyond to protect your checking account. Plus, if you know how to handle checking account fraud, your liability is limited and you can recoup funds that were fraudulently taken from your account. Use these tips to get back on track and make overall improvements to your checking account safety.
Five steps to take immediately after your checking account security has been compromised
If you find out that your checking account security has been compromised, you may find yourself wondering what to do next. Following these five steps will help you protect yourself against further theft and restore your checking account safety.
- Notify your bank immediately and complete a fraud affidavit. In order to limit your liability and ensure you are refunded the money that has been taken from you, it is important your bank is made aware of the problem the moment you notice it.
- Document and report any charges you would like to dispute.
- Request a new checking account with a new checking account number, and order new checks.
- Stop payment on any checks that have not cleared, and notify the intended recipients that a new form of payment will be issued.
- Report fraud to the police, and request that a police report be filed.
Ten ways to improve your overall checking account safety moving forward
After dealing specifically with the fraudulent activity that has affected your account, you should also take some fraud prevention steps to improve the overall security of your banking practices. Utilize these effective fraud prevention tips:
- Get in the habit of reconciling your checkbook against your banking statements every month.
- Monitor transactions on a regular basis with your online account.
- Set up mobile banking alerts to monitor transactions and keep track of your account balance.
- Make sure the password you are using to access your bank account online is different than the password you use for any of your other online accounts, including email.
- Update your online banking password every couple of months.
- Keep updated anti-virus and anti-spam software on your computer.
- Do not provide any personal or sensitive information regarding your accounts via email.
- Store unused checks in a confidential location.
- Keep cancelled checks, paper bank statements, deposit tickets, ATM receipts and other documents with your checking account number in a secure location. Shred them once you no longer need them.
- Minimize the amount of personal information that you have printed on your personal checks.
Be proactive and react quickly
If you proactively take steps to protect your checking account security and react quickly in the event of checking account fraud, you can limit any negative impact on your finances. For more information about the security features available for your checking account, contact your financial institution directly.
Sponsored content was created and provided by RBS Citizens Financial Group.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.