Protecting your hard-earned should be your topmost priority. In the modern society, fraudsters or thieves can use a shop terminal or ATM to access your bank account. Therefore, saving your money in credit unions and banks does not guarantee 100% safety against fraudsters. If thieves steal your confidential information, they can easily access your financial accounts and get away with millions of dollars. Banks can also seize your money and declare that you owe them. In such a situation, the federal insurance will not offer protection to your deposits. However, there are effective ways that can keep your bank account safe from fraudsters and minimize the risks of losses. These ways include the following:
1. Establish Maximum Withdrawals:
You should set daily withdrawal limits for all your bank accounts. This step plays a significant role in securing your bank accounts against fraud. Once the limit is withdrawn from your account, the bank will freeze it to ensure that there are no more withdrawals. You should have both daily and monthly maximum withdrawal limits. However, if you need more cash over the designated amount, you should visit the bank in person. The bank will request you to sign a release document to be allowed to access more money.
2. Keep Your Credit and Debit Cards Secure:
No one should have access to your bank details, including your close friend. Sharing your sensitive information will expose your financial life. You should not entrust your debit and credit cards to anyone to avoid losses. For instance, if a fraudster steals your card information, your account will be at risk. Do not use your credit or debit cards everywhere.
3. Control Auto-payments:
People allow auto-payments from their bank accounts, especially when buying goods or services from online stores. You should ensure that auto-payments are not open-ended. Controlling auto-payments will keep your account safe from frauds or banks that may have evil intentions.
4. Check Your Accounts Daily and Choose a Bank with Excellent Customer Services:
It is advisable to check the balances of your accounts every day. Checking them frequently will enable you to detect fraudulent activities. If you find duplicitous actions, you should report to the bank immediately. You need to choose a reliable bank that offers good customer services. Once you report the cases to such a reliable bank, your accounts will be secured and customized according to your needs.
5. Use Strong Passwords and Ensure that you have More than One individual as Your Agent:
You should be keen when setting your bank passwords. You should not use public Wi-Fi or unsecured internet networks to access your accounts. When you open your bank account using unsecured internet networks, fraudsters are likely to hack it without your knowledge. They may transfer your money and cause big losses. Moreover, it is advisable to have more than one person as your agent. This measure ensures that one individual does not control your bank accounts fully.
In conclusion, you should change your passwords regularly and check your balances after every deposit or withdrawal. If you observe these policies, your bank accounts will be secure from fraud.
Phil Shawe is the Co-Founder and Co-CEO of TransPerfect.