Account Takeover Fraud

January 16, 2024 Jack Henry & Associates

Account Takeover Fraud

Account takeover fraud is on the rise - keep your information safe from scammers.

Financial institutions across the country are reporting that their clients are receiving more fraudulent texts, emails, and phone calls from scammers than ever before. These messages are almost always attempts to take over the recipients' accounts.

As a reminder, legitimate financial institutions will never contact you to ask for your personal information. They won't call, email, or text you and ask for personal information like your account login or password, social security number, account details, answers to your security questions, etc.

If you receive such a text, phone call, or email, DO NOT RESPOND. If you think there's a chance the contact might be legitimate, call your bank at a number you have on file. Do not use a number or email address included in the questionable message.

How can you prevent account takeover fraud?

  • If someone posing as an employee of one of your financial institutions contacts you by phone, email, or text message and wants you to share your account information, consider it fraud.
  • If you receive a text or email asking for account information, do not reply. Ignore the message and do not call any phone numbers listed.
  • If you receive a phone call that seems to be a phishing attempt, simply end the call. And be aware that area codes can be misleading: a local area code does not guarantee the caller is local. 
  • Set up multi-factor authentication for every account log in with that option.
  • Check out the #BanksNeverAskThat campaign information from the American Bankers Association. There's a lot of useful information about protecting your accounts, including videos, online games, and quizzes. Whatever your learning style, you'll find something you enjoy.

If you feel that you've been the victim of fraud, contact your financial institutions as soon as you can. (If you're a Citizens State Bank client, call us at 888-529-5450, or contact your personal banker.) The bottom line is to not share your personal information with anyone posing as a financial institution, even if someone is pressuring you by threatening to close your account or take further action. 

The views, information, or opinions expressed in this article are solely those of the author and do not necessarily represent the views of Citizens State Bank and its affiliates, and Citizens State Bank is not responsible for and does not verify the accuracy of any information contained in this article or items hyperlinked within. This is for informational purposes and is no way intended to provide legal advice.

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