Parke Bancorp Inc.
09/25/2024 | Press release | Distributed by Public on 09/25/2024 09:23
Preventing Account Takeover Fraud
In today's digital world, securing your financial accounts is more critical than ever. One of the fastest-growing threats is account takeover fraud, where criminals gain unauthorized access to a person's account to carry out fraudulent activities. We prioritize your security and want to ensure that you understand how account takeover fraud occurs, recognize the warning signs, and know the steps you can take to safeguard yourself.
What is Account Takeover Fraud?
Account takeover fraud occurs when a fraudster gains control of a victim's online or mobile banking account. This often results in unauthorized transactions, theft of funds, or misuse of personal information for identity theft. Once criminals have access, they can change login credentials, making it difficult for the rightful owner to regain control.
How Does Account Takeover Fraud Happen?
Fraudsters use several tactics to gain access to your account:
Phishing Attacks: Criminals send fake emails, text messages, or social media messages designed to trick you into providing your login details.
Password Guessing or Credential Stuffing: Many people reuse the same passwords across multiple accounts. Cybercriminals take advantage of this by using leaked or stolen passwords from one site to gain access to another.
SIM Swapping: This involves tricking your mobile carrier into transferring your phone number to another SIM card, giving criminals access to two-factor authentication (2FA) codes sent to your device.
Malware and Keyloggers: Fraudsters can infect your device with malicious software to steal login credentials and other sensitive information.
Warning Signs of Account Takeover
Unexpected Login Alerts: Receiving alerts for logins you didn't initiate could be a sign that someone else is trying to access your account.
Unfamiliar Transactions: Always monitor your account for unauthorized transactions or changes to your personal information.
Password Change Notifications: If you receive an email or text about a password change you didn't request, act immediately.
How to Protect Yourself
- Use Strong and Unique Passwords
- Choose complex passwords that include a combination of letters, numbers, and symbols. Avoid reusing passwords across different accounts.
- Enable Two-Factor Authentication (2FA)
- Two-factor authentication adds an extra layer of security by requiring not just your password, but also a unique code sent to your phone or email.
- Be Wary of Phishing Attempts
- Do not click on links or download attachments from suspicious or unexpected emails. If you're unsure of the source, verify directly with your bank or service provider.
- Regularly Monitor Your Account Activity
- Frequently check your online and mobile banking accounts for any unusual transactions or unauthorized access attempts.
- Update Security Settings
- Ensure that your contact information (email, phone number) is always up-to-date to receive alerts and security notifications.
- Use Secure Networks
- Avoid accessing sensitive information over public Wi-Fi. If necessary, use a virtual private network (VPN) for added protection.
What to Do If Your Account Is Compromised
If you suspect that your account has been taken over:
Contact us immediately: Notify us immediately so we can freeze your account, prevent further unauthorized transactions, and help you regain control.
Change your passwords: Update your login credentials not only for the compromised account but also for any other accounts that use similar credentials.
Enable 2FA: If it's not already enabled, set up two-factor authentication to strengthen your account security.
Please keep in mind that Parke Bank will never contact you to ask for personal information such as social security numbers, debit card pins or online banking passwords. If you receive a phone call, text or email from someone stating they are from Parke Bank, please call 1.866.727.5325 to verify the legitimacy of the request.