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Beware of Phish

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Prevent Fraud on Your Mobile Devices

Fraud is on the rise yearly. Although that reality doesn't seem to change, fraudsters' techniques change as technology advances. They now have a variety of different methods to try and steal your money thanks to the popularity of payment and mobile apps.

Attempts to commit fraud rose by 41% in 2021, according to a NICE Actimize report. Peer-to-peer payments experienced the largest increase, with a 38% jump in attempted fraud transactions and a 63% spike in the amount of money at stake in those attempts.

Additionally, 61% of theft using mobile applications is account takeover fraud, in which a thief takes control of an online account using stolen login credentials. According to the survey, approximately 47% of fraud across all channels occurred when a credit or debit card was not present.

These statistics only serve to highlight how crucial it is to maintain vigilance and be knowledgeable about the best ways to safeguard your mobile devices and yourself against fraud.

Natalie Reinhart, BANK Operations Manager & BSA Officer advises users to use caution on any app where payments are made or received. There are various ways to defend oneself, but if you let your guard down, it won't take much for you to fall victim.

“At BANK, we encourage our customers to protect their debit card with an app such as Brella®, powered by SHAZAM. Brella® can be used to disable a lost or stolen card, prevent fraudulent activity and pay other Brella® users. It gives you an added layer of protection,” said Ms. Reinhart.

How to Safeguard Yourself

Many of us now often rely on mobile devices since they are convenient and offer many benefits. This convenience has also been used by cybercriminals to conduct fraud. To protect your gadgets, consider the following advice.

  • Be aware of phishing scams. Through phishing emails and text messages, cybercriminals will attempt to steal your personal information to access your accounts. Be wary of any contact asking you for personal information, especially if it tries to scare you into making a snap decision or induces fear in you.
  • Avoid using attachments and links. You could accidentally download malware onto your device by clicking links and attachments in phishing emails and text messages, which might give attackers access to your device and accounts. If you get an email and are unclear if it is authentic, get in touch with the business the message purports to represent to confirm.
  • Protect the privacy of personal information. Never give out personal or account information to anyone on the phone or online.
  • Continue to update your mobile device. Mobile operating systems are updated frequently to include new features and maintain the security of your device. Cybercriminals will target outdated operating systems since they are less secure.
  • When utilizing payment applications, use caution. Verify you have the right account details for anyone you plan to pay using a payment app like Venmo or PayPal before sending the money.
  • Keep tabs on your accounts. Keep an eye out for unfamiliar transactions in your accounts. If you see any, notify your bank right away.
  • Alternate passwords. To add an additional degree of security to your online accounts, update the passwords on each account and turn on two-factor authentication.
  • Review your credit history. A reasonable rule of thumb is to verify the accuracy of your credit report once a year. Visit annualcreditreport.com to get a free copy of your credit report.

Contact BANK to report the situation if you think you are a victim of fraud. We can offer guidance on next measures and assist you in checking your accounts for fraudulent activity. You can download the Brella® app from our website at Online Banking.