Top Tips to Prevent Card Fraud

As digital payments become more common, so does fraud—making it more important than ever to know how to protect your card and personal information. Fraud can take many forms, from phishing texts to card skimmers and beyond. Fortunately, there are plenty of tools and strategies you can use to stay ahead of the threats and reduce your risk. Our bankers are experienced in the best practices for avoiding fraud and are always here to help. Check out the tips below to protect your hard-earned money! 

• Monitor accounts by using Transaction/Card alerts.
  • We have card alerts available within Online Banking our WSB BSB Mobile app. Simply log in to set up alerts and track any suspicious activity. If you need assistance with setting up alerts, we’re happy to walk you through the process.
• Use tap-to-pay or contactless payments to avoid skimmers
  • Card skimmers are devices fraudsters put over POS systems to steal your information when a transaction is made. While it is important to always look out for these, our newly issued cards allow you to tap-to-pay, avoiding the possibility of a skimmer altogether.
• Avoid providing codes or bank information to unknown sources.
  • Many scammers will try to use scare tactics or create professional-looking media to trick you into giving them your information. It might be an email, text, or phone call. Always remember: if you don’t know the source, do NOT give them your information. This includes PINs, account numbers, or answers to security questions. The bank will never ask for your information with unsolicited communications.
• Be wary of someone asking for information or a payment.
  • If someone is offering a deal or asking for a payment, be cautious. If it seems like a scam, it probably is. There is a chance it isn’t real if it seems too good to be true. Be wary if someone asks for private data upfront or through unsafe communication channels. Don’t rush to provide any information if you’re not 100% confident in the source.
• Use Multi-factor authentication.
  • Our online banking offers a secure login system of entering your username, password, and answer to a security question. Please be careful where and how you save this information so your multi-factor-authentication method remains secure. 
• Use complex passwords.
  • Your digital banking passwords should be unique from all your other passwords to reduce the risk of unauthorized users gaining access to your account. Avoid things that are easy to guess, like birthdays and names. Save your passwords in a secure location. Updating passwords regularly will also reduce risk of fraud.
• Limit access to accounts, especially for business customers.
  • Be cautious when giving access to your bank accounts. Business customers or customers with joint accounts should ensure that authorized individuals can be trusted with the sensitive information. Limiting users’ access and abilities can limit chances of internal fraud. 

Staying vigilant and proactive is your best defense against card fraud. By following these tips—monitoring your accounts, using secure payment methods, and protecting your personal information—you can significantly reduce the risk of falling victim to fraud. We are here to support you with tools and guidance to safeguard your financial security. Don’t hesitate to reach out if you need help or have questions. Together, we can keep your accounts safe!