In today’s digital world, transferring money electronically is quick and convenient, but it also comes with risks. External transfer fraud is on the rise, and staying vigilant is essential to protect your hard-earned money. Here are some practical ways to keep yourself safe from fraudsters looking to take advantage of electronic transfers:
1. Be Wary of Unsolicited Requests
Be cautious when strangers ask for your phone number, email address, or login credentials. Scammers often use phishing techniques—emails or texts that appear legitimate—to trick you into sharing sensitive information like your password or PIN. If something feels off, don’t respond, and report the suspicious activity.
2. Review Messages Carefully
Always read the full text of any messages from your financial institution. Fraudsters can disguise themselves as official institutions, so if your financial institution says not to share your credentials, take it seriously. Members of First Atlantic will never be asked for sensitive information in an unsolicited message.
3. Set Up Alerts and Notifications
Enable email alerts, text message alerts, and/or push notifications on mobile for withdrawal transactions. Alerts can help you detect suspicious activity quickly. If you receive a notification for a transaction you didn’t authorize, contact your financial institution immediately to investigate and potentially block further unauthorized transfers.
4. Don’t Rush Financial Decisions
Never let anyone pressure you into making a wire transfer, especially if they claim there’s an urgent deadline. Wire transfers are irrevocable, meaning that once the funds are sent, they can’t be retrieved. Fraudsters may try to rush you into a decision to prevent you from recognizing the scam, so take your time and verify everything.
5. Monitor Your Accounts Regularly
Make it a habit to check your bank and credit card statements frequently. Scammers may try to make small, unnoticeable transactions before attempting larger fraud. Reporting unauthorized transactions immediately can help minimize the damage and protect your financial assets.
6. Review Your Credit Reports
Regularly checking your credit report is another line of defense. Look for accounts, loans, or bills that you don’t recognize. If something seems suspicious, notify the credit bureau or company involved as soon as possible to prevent further issues.
Bonus Tip: Inform Your Financial Institution if Your Card is Lost
If your debit card is lost or stolen, notify your financial institution immediately so they can block the card and prevent unauthorized access to your account. Early action can save you from larger problems down the road.
By following these tips, you’ll be better prepared to protect yourself from external transfer fraud. Stay informed, stay vigilant, and always double-check before making any financial moves.
Remember: FAFCU will never contact you and ask for personal or account information. If you are concerned about a call, text, or email you have received, contact us at (732) 380-3600.