Tips for Preventing Fraud

Wooster Corthell |

Fraud and cybercrime are serious threats, so constant vigilance is key. Your financial institution plays an important role in helping safeguard your assets, but you can also act to protect yourself and help secure your information. This checklist summarizes common cyber fraud tactics, as well as security tips and best practices. Some suggestions may be things you’re doing already, whereas others may be new to you. We also cover actions to take if you suspect that your personal information has been compromised. If you have questions, Wooster Corthell can provide some help.

Cyber criminals exploit our increasing reliance on technology. Methods used to compromise a victim’s identity or login credentials—such as malware, phishing, and social engineering—are increasingly sophisticated and difficult to spot. A fraudster’s goal is to obtain information to access your account and assets or to sell your information for this purpose. Fortunately, criminals often take the path of least resistance. Following best practices and applying caution when sharing information and executing transactions makes a big difference.

Safe practices for communicating with Wooster Corthell:

  • Keep your financial institution informed regarding changes to your personal information.

  • Wooster Corthell will call you to confirm email requests to trade, move money, or change account information.

  • Establish a verbal password with us to confirm your identity—or request a video chat.

How financial institutions protect your account:

Each financial institution takes your security seriously and sets its own protocols and policies to protect your financial assets. You will want to check with each of them to determine which of the following steps you can take to help keep your account safe:

  • Confirm your identity using your financial institution’s voice ID service when calling the customer service team for support.

  • Use two-factor authentication, which requires that you provide a second piece of information, such as a code sent to your phone or email, to access your account online or on your mobile device.

  • Review your account statements and activity regularly and report any suspicious or unauthorized transactions to your financial institution immediately.

  • Use strong and unique passwords for your online accounts and change them periodically.

  • Avoid clicking on links or opening attachments from unknown or suspicious sources.

  • Install and update antivirus and firewall software on your devices and use a secure network when accessing your account online.

  • Be wary of unsolicited calls, emails, or texts that ask for your personal or financial information or ask you to take urgent action.

  • Never share your login credentials, PINs, or security codes with anyone, even if they claim to be from your financial institution or a trusted source.

  • Shred any documents that contain your personal or financial information before disposing of them.

What to do if you suspect your personal information has been compromised

  • Contact your financial institution and inform them of the situation.

  • Change your passwords and security questions for your online accounts.

  • Monitor your credit reports and scores and place a fraud alert or a credit freeze on your credit files.

  • File a report with the Federal Trade Commission (FTC) and your local police department.

  • Review your identity theft protection options and consider enrolling in a service that can help you recover from identity theft and prevent future incidents.

Fraud prevention is a shared responsibility between you and your financial institution. By following these tips and best practices, you can help protect your information and assets from cyber threats and fraudsters. Remember, your Wooster Corthell is always here to support you and answer any questions you may have.