While no one wants fraud to occur, learning how to protect yourself and what steps to take should fraudulent activity happen on your account is important! It is likely that in addition to your financial institution’s fraud monitoring, they also provide tools for you to monitor your accounts yourself on a regular basis. If you do notice fraud has occurred, make sure to report it as soon as possible so it can be stopped!
1. Verify your contact information
Make sure the contact information you have on file with your financial institution is correct. Having the correct information helps ensure that you can be reached quickly in the event of fraudulent or suspicious activity. This includes your current address, telephone number, and email address.
2. Review your account history often
If possible, review your account history daily! Look over any recent transactions and make sure you recognize all account activity. If something is out of the ordinary do not hesitate to contact your financial institution and report any suspicious or unauthorized transaction as some financial institutions have time limits on reporting fraudulent activity.
3. Set up alerts and notices
Most financial institutions, like Smart Financial, offer online and mobile banking, making account monitoring even easier. Whether at home or on the go you can view your account history and set up alert options by account, transaction type, amount, and more! By setting up transaction alerts you will be notified when certain transaction types or amounts are processed on your account. If you are a Smart Financial member, you can set your communication preference for alerts – either text or email – by logging into online banking.
SmartTip: If you have a debit card with Smart Financial, consider downloading the MobiMoney App from the Apple or Google Play store. Not only does this app allow you to set personal restrictions for your Smart debit card, you can also turn your card on/off, receive INSTANT card transaction alerts to your phone, limit card usage (based on location, transaction type, and amount), as well as set merchant preferences! Transaction notifications will quickly alert you to any unusual activity on your account and setting limits can help reduce unauthorized transaction activity.