How to prevent account takeover

Most of us love the convenience of managing our finances online. Unfortunately, cybercriminals love it too. They work around the clock to gain access to your bank accounts. But you can take steps to help prevent account takeover by protecting both your identity and your accounts. 

Here are our tips on how to help prevent account takeover from fraud.

Account takeover happens when criminals gain access to your personal information or login. They may use these details to pretend to be you on phone calls or your account profile. Cybercriminals often rely on certain tricks to get you to share sensitive information. These include phishing emails as well as fake phone calls and text messages.

Fraudsters may also steal login info from one online profile and try to use it on other websites. They often use bots to repeatedly attempt access, hoping to find accounts where you reuse the same username and password.

Once they gain access, they can cause harm in many ways. For instance: 

• Stealing money or shopping online

• Opening new bank accounts in your name

• Opening new credit card or loan accounts in your name

• Adding someone as an authorized user

• Ordering new credit or debit cards

• Redeeming rewards points

• Changing your security preferences and contact info

• Selling your account access information and identity on the dark web

These actions can cause serious harm to your finances. That’s why account takeover prevention is a key part of protecting your bank accounts.

Sometimes, there are clear signs that your account has been taken over, such as a large drop in your account balance. You may also see an unusual transaction that you don’t recognize. In other cases, the signs of account takeover may be less obvious. That can make it harder to detect without regularly monitoring your accounts.

What are the signs that you’ve been a victim of account takeover fraud? Here are some examples:

• Transactions or transfers you don’t recognize

• Not being able to log in to your account

• Emails about unauthorized access, personal info or password changes 

• Two-factor authentication codes you didn’t request—which could mean someone is trying to log in to your account

• Unfamiliar new accounts, credit cards or loans on your credit report

Account takeovers are a common form of identity theft. Recovering from one can take a lot of time and effort. Taking active steps to protect your accounts can help reduce your risk and prevent damage.

Your best strategy against account takeover fraud is simple: Pay attention. When something doesn’t look right, take immediate steps to figure out the problem. The sooner you catch any issue, the safer your accounts will be.

Many banks offer security tools to help keep your account safe, such as fingerprint or facial recognition for mobile login. These features can provide more secure access to your accounts on supported devices. Keep in mind that this won’t guard against hacking attempts on your laptop or elsewhere. You may also be able to set up security alerts that notify you immediately about account changes. Such alerts can include a low balance, a large withdrawal or updates to your contact or login information.

You can take these account takeover prevention steps to help add more protection to your accounts:

• Be careful of emails or phone calls that are urgent and pressure you to respond quickly. Avoid sharing personal information or your logins. If you feel uneasy, hang up and contact the company using a trusted phone number.

• Don’t rely on caller ID. Today’s fraudsters can fake phone numbers of trusted companies. Also look out for email addresses that are off by a character or two. 

• Use encryption software. This can help keep the information you send and receive over the internet private and secure. Don’t use public Wi-Fi when accessing sensitive information (like your bank account).

• Create a strong, unique password for each account. Avoid using the same or similar passwords.

• Enroll in your bank’s fraud protection service and opt in to all alerts.

• Keep your contact information current so your bank can get in touch with you immediately in case of a suspected breach (when someone has accessed your account without permission).

Another piece of advice on how to prevent account takeover: Choose a trusted, secure bank that offers premium security features for every account. Some banks offer fraud monitoring, encryption technology and security tools to help prevent account takeover fraud.

Protecting your accounts starts with understanding how account takeover happens and taking steps to reduce your risk. Keep these tips on how to prevent account takeover in mind to help safeguard your personal information and online accounts.

• Create strong, unique passwords and avoid using the same password on multiple accounts. 

• Be careful of unexpected emails, calls or texts that ask for personal information or login details, especially if they’re pressuring you to act quickly. 

• Use security features like account alerts and two-factor authentication for extra protection.