BANKING

HOW TO PROTECT YOUR BANK ACCOUNT FROM FRAUDSTERS

Published

2 years ago

HOW TO PROTECT YOUR BANK ACCOUNT FROM FRAUDSTERS

Introduction

Have you ever been scammed before? If yes, you’ll relate to this article as you’ll want to know how to protect your bank account from fraudsters. Sadly, fraudsters are everywhere, and one has to be conscious and stay alert or stand the risk of getting scammed.

We often get customer complaints about how their accounts have been compromised in one way or the others. Sometimes, it could be their fault as they were careless with their bank account details. But understandably, there were times when it was beyond their control.

The goal is to try as best as possible to ensure that your bank account is safe from fraudsters, and we will share some tips in this article. We have seen that most people are aware of these tips but often pay careless attention to them. Therefore, comprising their bank account and being at the risk of getting scammed and swindled.

They say that to be forewarned is to be forearmed, which is this article’s goal. As we encourage people to open bank accounts to keep their money safe and perform other banking activities with ease, we also want your bank accounts to be secure.

10 Ways to Protect Your Bank Account Against Scammers

Below are ten tips you can use to make your bank account stronger against scammers. We are not saying that it eliminates fraudsters. However, it reduces their chances significantly and leaves the account well-protected.

In no particular order, the tips are:

Use unique pins and passwords

It should be a no-brainer that your bank account’s pins and passwords should be unique. But unfortunately, we see people using common and guessable passwords and pins like 0000 or 1111. These are pins that almost anyone can guess, and it leaves your bank account protected.

When setting up pins and passwords for your bank account, it would be best to use things that even those around you would not guess easily. For example, the password or pin for your bank account shouldn’t be your birthdate, as that would also be easy to guess.

We are not saying that you should use something complicated or a pin or password that you wouldn’t remember. But ensure that it is unique.

Don’t share your pin or password with anyone

We often hear some customers say that they had to tell a family member their pin or password in situations where they might forget it. It is usually expected of the older generation. However, sharing your pin or password with anyone, including family, puts your bank account at risk.

Now, what if your trusted family member mistakenly shared that information with someone else, and it gets to the ears of fraudsters? Of course, you know that your bank account is now compromised, and they could swindle all your money.

So, we do not advise that you share your pin or password with anyone. Even if you must write down your password or pin somewhere, it would be best to use a password manager.

Be careful of using public Wi-Fi

It should be common knowledge that one would need an internet connection to carry out specific banking actions from mobile devices. The world has gone digital, and so has the banking sector. Undoubtedly, it has given ease and convenience to everyone.

However, we see some cases where people need to carry out some transactions urgently, and they do not have an internet connection or run out of data. In such a case, they try to connect with any public Wi-Fi to carry out their transaction.

But, allow us to tell you that you cannot trust any public Wi-Fi as you are not sure of the source. Moreover, some of them may infringe on your privacy and get your private banking information. It thereby puts your bank at risk.

Be conscious of your balance

How much is your bank balance? No, we are not saying that you should tell us the amount. However, you should know to ensure your bank account is safe from fraudsters.

We’ve encountered a lady who didn’t like to check her account balance as she gets nervous and anxious once her balance has gone below a certain amount. But we advised her that it is always best to know her bank account balance.

Some of these fraudsters are not out to clear your bank account at once. Instead, they take money out in bits over a long period. And you cannot notice this if you are unaware of your bank account balance.

Check any machine before use

Recall how we mentioned earlier that the world has gone digital and the banking sector. It also applies in this case to using ATMs and other banking devices.

We advise that people are conscious of any machine they want to use for any banking transaction as fraudsters have also developed a means of defrauding people through these machines.

If you use bank agents, it is best to stick to a particular person so that you’ll know who to hold if you notice mischievous changes with your bank account.

Be wary of suspicious sites

Transactions are now a regular part of any human’s life, and you will make transactions daily, including online transactions. The issue with online transactions is that you will need to input certain private information about your bank account. Therefore, you need to be sure of the website before you put in your details.

There is a saying that if it is too good to be true, it is probably false. Now, we know that spotting a fake website isn’t always easy. However, once it begins to seem suspicious, you should discontinue any transaction you are doing.

Also, ensure that you do not save any of your banking details on any website to ensure your safety from fraudsters.

Block cards immediately they go missing

Has your ATM card suddenly gone missing? Now, you cannot say if it got missing or if it was stolen. But what you can do is block the card immediately.

We often see people want to keep checking in hopes that they will find the card. However, the period of waiting is enough for any fraudster to drain your bank account if the card falls into the wrong hands.

So, to avoid stories touching the heart, it is always best to block the card immediately after they go missing. After all, you can easily replace the card, but you may not quickly get back any funds that go missing.

Utilize your bank features

How familiar are you with all the features of your bank account? Most people use their bank apps, but they do not utilize their features.

For example, some bank apps go the extra mile to ensure a two-step authentication process for their users. This way, they are protecting your bank account from fraudsters and ensuring to maximize security. But you have to set it up to enjoy this protection service.

In addition, some bank apps also have the option of using a fingerprint to log in. So, if someone with malicious intent gets hold of the card, they wouldn’t gain access to your app.

We advise that everyone needs to get familiar with all the features of their bank apps.

Change your pins and passwords regularly

When last did you change your banking password or pin? People often set a password or pin for their bank account and leave it forever. They get comfortable with this password or pin and believe they will forget any other pin or password if they make changes.

However, not changing your password or pin could leave your bank account open to scammers and fraudsters. It is best to note that people who want to defraud you will keep tabs on you for some time. Once they get the hang of your pin or password, they begin to use it against you.

But it is harder for them to know your password or pin if you change it regularly.

Stay inquisitive

People say that a person who always asks questions will not miss their way, and we agree with this claim. It is always best to stay inquisitive when doing anything banking related.

For example, you may get a suspicious call saying that they are from your bank and need to rectify some issues, so they will need your banking details. If you are inquisitive, you will ask them questions that will throw them off balance and make them slip.

Being inquisitive is always helpful in staying ahead of scammers and dubious people. And it helps to protect your bank account against them.

FAQs

Below are some common questions people ask about protecting their bank accounts from fraudsters.

Will my bank refund me if I get scammed?

We cannot say that your bank will refund you if you get scammed as it depends on the exact situation. After all, if banks were to refund everyone who gets scammed, people would take advantage of the situation.

Once you get scammed, ensure to report to your bank. Then, your bank will try to stop the transfer. But if it has gone through, the bank will place a hold on the other person’s account.

How can you identify a scammer?

Scammers usually do not have such an identity on their foreheads are they are also regular people. However, their behaviour usually gives them away. For example, they tend to be intrusive and ask personal questions that do not concern them.

Can I block someone from taking money from my bank account?

Yes, you can. Recall we said that you should block your card immediately if you notice that it is missing. This way, no one can withdraw money from your bank account.

Summary

Your bank account details are for only you, and you should not share them with anybody. However, once you begin sharing them with ‘trusted’ people, you increase the chances of your bank account facing invasion from fraudsters.

Aside from the tips, we have above, another way to protect your bank account from fraudsters is by banking with a trusted banking platform like Mintyn bank. Here, the employees and everyone involved are trustworthy, and you will have peace of mind carrying out banking transactions.

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