Sunday, June 22, 2014

Stay Finance Savvy -- Preventing Fraud Before it Takes Place

Unfortunately today fraud is becoming more and more prevalent, 
making it difficult to keep your identity and personal information confidential. Scams are becoming more common and it’s becoming increasingly more difficult to trust companies with your information. Recently many people were affected by Target’s breach of security, making people even more aware that fraud can take place out of no where. It’s not only a scary situation, but it makes you feel like you’re not in control of your accounts. You should never feel this way because preventing fraud is of the utmost importance.

That’s why it’s so important to find a bank that you trust. Obviously things happen that are out of people’s control, but there are still ways to protect your accounts. It’s important to do your baking with a company that you trust and whom you can call if you’re ever in doubt of any suspicion activity that is happening on your account. Through a bank online you can access your financial information any time; making it easier to catch fraud at the very minute it happens. 
Here are a few additional ways you can keep your financial information secure: 

Shred all Personal and Financial Information

Since most banks have your monthly statements archived on the web with easy online access, there is no need to have paper statements sent to you each month. However, if you do choose to have a monthly statement sent to you each month for your records; later shred any personal information to prevent it from getting into the wrong hands. If you don’t have a shredder you can tear it up, but just make sure you’re tearing up the numbers of your account and your name and address, which is what scammers use to steal your identity.

Review Your Account Regularly

Most people do their banking online or on their smart phones, making it easy to check their account activity regularly. Access your financial information anytime and question when suspicion names come up on your account. Occasionally a gas station may put a small or large hold on your account and then drop it once the actual amount goes through, which can be confusing. When in doubt call your financial institution. It’s better to be safe than sorry.

Never Leave a Receipt

Are you one of those people who leave your receipt at a gas station or ATM? If you do, don’t do this any longer! You’d be surprised what a scammer can use to access your account. Pick up your receipt after you go out to eat, get cash from an ATM, or anywhere else you may forget to pick up your receipt. Keep your information private and there will be a less likely reason for anything to happen.

Only Give Personal Information to Initiated Calls

Did you receive a call from a bank or another site that claims they are your financial institution and they need to confirm your identity by you telling them your account number? Ask them what their phone number is and confirm it online on their official website and then call them back. You must always initiate a call before giving over any personal or financial information. Account numbers and credit card numbers should be treated the same way. Call the site back before volunteering any personal information and this will keep your banking information safe. Don’t allow fraud to take place by using precautionary methods.

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