Understanding and Preventing Common Fraud in Retail Banking
Guidance from Bank of the Lowcountry
Fraud in retail banking is an unfortunate reality that customers must be vigilant about in today's digital age. At Bank of the Lowcountry, we prioritize the security of our customers' accounts, but safeguarding them truly begins with customer awareness and proactive measures. Here, we outline some common types of fraud and offer practical advice on how to avoid falling victim to these schemes.
Common Types of Retail Banking Fraud
Phishing
Phishing involves fraudsters sending deceptive emails or messages that appear to come from legitimate sources, such as your bank. These messages often contain links that lead to fake websites designed to steal your personal information.
Skimming
Skimming occurs when devices are installed on ATMs or point-of-sale machines to capture card information. This data is then used to create counterfeit cards.
Identity Theft
Identity theft involves obtaining someone’s personal information to impersonate them and gain access to their bank accounts or credit lines.
Online Banking Fraud
This type of fraud includes unauthorized access to your online banking account, often through malware or compromised passwords, to steal funds.
How to Avoid Banking Fraud
Always verify the authenticity of emails, texts, or calls claiming to be from your bank. Never click on unsolicited links or provide personal information through these channels.
Regularly check your bank statements and online accounts for any unauthorized transactions. Early detection can help prevent further losses.
Be cautious when using ATMs or card readers. Look for any signs of tampering and shield your PIN when entering it.
Use strong, unique passwords for your online banking accounts and enable two-factor authentication (2FA) where available.
Shred documents containing sensitive information and be wary of sharing personal details online or over the phone.
Keep your computer and mobile devices updated with the latest security software to protect against malware and other online threats.
If you receive any phone calls or communications that doesn’t seem right, especially from friends or family asking you for money or financial information, end the conversation and have it in person.
Bank of the Lowcountry's Commitment
At Bank of the Lowcountry, we are committed to ensuring that our customers' accounts are safe and secure. However, the first line of defense against fraud starts with you, our valued customer. By understanding the potential threats and taking the appropriate precautions, you can significantly reduce the risk of fraud. Together, we can create a safer banking environment for everyone.
For more information or assistance, please contact our customer service team. We are here to help you navigate and secure your banking experience.
