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How to Keep Your Bank Accounts Safe from Fraud with Aaron Caid
Episode 585
With financial fraud on the rise, protecting your personal and banking information has never been more important. A recent JD Power study found that nearly 29% of bank account holders experienced fraud in some form over a 12-month period.
To help us navigate the best security practices, Aaron Caid shares expert advice on how to safeguard your accounts from cybercriminals.
Aaron Caid is the Chief Marketing Officer at Christian Community Credit Union, an underwriter of Faith & Finance.
1. Strengthen Your Password Security
A strong, unique password is your first line of defense against fraud. Here’s how to create one that’s tough to crack:
- Use a mix of uppercase and lowercase letters, numbers, and special characters.
- Avoid using common words or easily guessed phrases (e.g., "password123" or your birthdate).
- Consider using a password manager to generate and securely store complex passwords.
In addition to a strong password, enable two-factor authentication (2FA) for your financial apps. This extra layer of security requires a one-time passcode (usually sent via text or an authentication app) to verify your identity when logging in or completing transactions.
Pro Tip: Turn off text message previews on your phone. If a scammer steals your phone, they could see your passcode on your lock screen and gain access to your accounts.
2. Monitor Your Accounts & Stay Alert for Fraud
Vigilance is key when it comes to detecting fraudulent activity early.
- Regularly check your bank accounts for unauthorized transactions.
- Review your credit reports through the three major bureaus—Equifax, Experian, and TransUnion—by visiting AnnualCreditReport.com.
- Sign up for transaction alerts from your bank or credit union to get notified of suspicious activity.
Fraudsters also use phishing scams—fake emails, texts, or calls—to trick people into giving away personal information. These scams often create a sense of urgency to pressure you into acting quickly.
Never share your:
- Username or password
- One-time passcodes
- Account or personal information over the phone, email, chat, or text
Hackers can spoof phone numbers and email addresses to make messages appear legitimate, even impersonating banks and credit unions. If you’re ever unsure, call your financial institution directly to verify any suspicious messages.
3. Use Secure Wi-Fi & Protect Your Personal Information
We all love a good coffee shop work session, but public Wi-Fi networks are a big security risk when accessing sensitive financial accounts. Hackers can intercept your data and steal your login credentials.
- Always use a secure, password-protected Wi-Fi network when banking online.
- Use a Virtual Private Network (VPN) for added encryption and security.
Also, ensure you don’t let identity thieves find your personal information in the trash!
Shred documents containing sensitive details like account numbers, social security numbers, or other financial information. Shredders cost as little as $35—a small price to pay for big security.
Stay Secure & Bank with Purpose
As fraud prevention becomes increasingly important, many Christians are seeking banking solutions that align with their values. Christian Community Credit Union (CCCU) offers a Harvest Bundle—a unique checking and savings account designed to he
Published on 10 months, 2 weeks ago