How To Protect Your Bank Account From Identity Theft

Money that is missing from your bank account no matter how small the amount. That scenario is an example of the fastest growing type of identity fraud. What to look out for.

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Once they have wormed their way in crooks drain bank accounts or go on shopping sprees.

How to protect your bank account from identity theft. Missing bills or other mail from financial institutions and credit card companies. Unexpected post letters may arrive that you didn t expect. If an identity thief is able to takeover your bank account the effects could be extremely detrimental. The most common signs of identity theft include.

If you believe that an identity thief has access to your debit card or checking information you must take action immediately. When someone gains unauthorized access to your bank account the act is a form of identity theft. If you discover that your personal and or financial information has been exposed to identity theft you should consider. Keep only what you need for your business.

Identify the personal information stored in files and computers. Unauthorized withdrawals from your bank account. Even if the password is similar between online accounts hackers use software tools to try to guess the stolen credentials anscombe says. Enroll in online services.

The identity thief may use your information to apply for credit file taxes or get medical services. If your personal or banking details are stolen they could be used to commit fraud. This may harm your personal finances and credit rating. Featured in the ftc s id theft for business video he recommends following five key principles to build a sound data security plan.

Identity id theft happens when someone steals your personal information to commit fraud. The electronic fund transfer act efta provides you with some protection from bank account fraud but it s limited. As weidman cautions if a service is hacked and your password is exposed if your bank suffers a data breach for instance cybercriminals may try it on another account. In this scam criminals use stolen account numbers passwords pins and social security numbers to access existing bank brokerage credit card or e commerce accounts.

Consider a fraud alert and or security freeze if necessary. Check out some ways you can protect your bank account below. Identity theft occurs when someone uses your personal identifiable information to commit fraudulent acts such as withdrawing money from your bank account opening new credit cards applying for loans or even securing employment. These acts can damage your credit status and cost you time and money to restore your good name.

Having paper statements sent between your address and the bank invites the possibility of mail theft so consider using your bank s website primarily. Protect the information in your care. You need to keep your identity safe online. What are the effects of bank fraud.

With your stolen login and contact information thieves can break into your bank account change your information and steal all of your money. Odd transactions check your bank or credit accounts. Keeping track of your bank details online can also be more convenient.