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Category: Fraud Prevention

Account Takeover: 5 Early Warning Signs

Unrecognized purchases and password changes are just two flags that scammers are trying to access your account.

By Doug Segrest | February 20, 2024

Want to protect your finances?

Start with the basics: monitor your bank accounts closely and keep up with changes on your credit report. These are the best ways to spot red flags early. But we’re just getting started.

According to a terrific Yahoo! Finance article, there are 5 early warning signs that fraudsters may be targeting you with account takeover.

“Fraudsters have enhanced their attack techniques and leverage every possible resource to obtain data they can use to convince a victim they are legitimate,” said Jeff Taylor, head of commercial fraud forensics. “Be cautious, protect your private information, and be on the lookout for these and other potential red flags.”

Staying on top of your accounts isn’t just common sense. It’s a vital routine to ensure you don’t become a victim of fraud.

 

5 Signs of Account Takeover

Consider these early warning signs of account takeover fraud, from Yahoo! Finance. 

  1. Unrecognized Purchases

Scammers start slow – with small purchases, even less than a dollar – to see if anyone notices. Then they’ll move up, to purchases up to $50, to see if they get flagged. The goal is simple: see how much they can take before the customer acts.

The best course of action: Regularly review your account statements and flag anything suspicious because fast action is more likely to discourage criminals. Remember, debit and credit cards to have some protection but the onus is on you to note fraudulent charges.

  1. Out-of-the-Blue Contact From “Your Bank”

The caller says you need to take immediate action, asking for personal information to confirm your account or you to take a specific action. Or an email or text demands immediate action. The goal is to steal your money or take over your account. Just remember, #BanksNeverAskThat.

The best course of action: Hang up and call your bank directly on a number you are familiar with, have saved or you pull from your bank’s official website. Banks don’t ask you for your password. That’s always an easy giveaway.

  1. Password Reset or Authentication You Didn’t Request

If you get an email or text telling you to reset your password when you didn’t initiate change, recognize this is likely fraud. Likewise, a notice that your password has been changed without you making the move requires immediate action.

The best course of action: If the request is to change your password, ignore. Above all, don’t click any links in the message. Second step: contact your bank and make them aware someone’s trying to gain access. A third step is to set up multi-factor authentication on all accounts when available.

  1. Notice of a New Location or Device on Your Account

Just like the password scam, if you get an email or text that there’s a new device connected to your account. Or that you have accessed your account from a new location, it means a likely scam is underway.

The best course of action: Call your bank immediately and alert them. Also, your financial institution has extra security features. Make sure you are utilizing them. It can be as simple as a text message after any transaction.

  1. Requests to Update Your Banking Information

Any out-of-nowhere request to update your information should be considered a potential scam. A text as simple as “update your address” could be the first step in a hostile account takeover.

The best course of action: Remember, banks don’t ask for sensitive information in an unprompted text or email. If you’re suspicious, call your bank. And always keep an eye on your daily transactions.

 

Related Fraud Prevention Articles From Doing More Today

  • Top 5 Fraud Predictions for 2024
  • #BanksNeverAskThat: Text Message Scams
  • #BanksNeverAskThat: Spotting Email Scams
  • Social Media Scams: 6 Common Schemes
  • Voice Search Scams: 4 Ways to Stay Safe

 

The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD or speak with your Banker for further information on how you can help prevent fraud.
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