7 Tips to Keep Your Banking Information Safe From Scammers in 2023

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KEY POINTS

  • Money scams are becoming increasingly common, and if you're not careful, you could fall victim to fraud.
  • You can protect your banking information by creating strong passwords, using multi-factor authentication, and ensuring you access legitimate websites.

Don't make it easy for scammers to access your money in 2023.

Unfortunately, many consumers fall victim to fraud each day. Scammers look for new opportunities to take advantage of people, and they get more creative each year. If you're not careful, it can be easy to fall for a scam and have your money stolen. The good news is that you can protect yourself and your money by taking proper steps. Find out how to keep your banking information safe from scammers in 2023.

1. Create strong passwords and update them regularly

Many people use online banking and mobile banking services because they're convenient. If you bank online, make sure your login details are unique. Instead of creating a simple password, ensure you're using a strong one.

It's also a good idea to update your password at least once or twice throughout the year. If you keep the same password for a long time, your password could end up on a list that scammers can access. If you have trouble remembering your password, it may be worthwhile to use a password manager or keep a physical password book in a secure place.

2. Use multi-factor authentication

While having a unique username and strong password is an excellent first step, you can protect yourself even further by setting up multi-factor authentication. Once you enable this, you'll need to go through an additional verification step by providing more information to access your online account. This extra layer of security can give you added peace of mind.

3. Consider where you access your online bank account

It's important to consider where you're accessing your online bank account. Using a shared computer or device or logging in to a public wifi is not a good idea as it could risk your banking information and personal information being accessed by a scammer. Instead, log into your online accounts when you're on a safe network.

4. Avoid using questionable ATMs

Make sure you use a reputable and safe ATM when taking money out of your bank account. Scammers have been known to alter ATMs to skim debit card details from unsuspecting people. Before using a new-to-you ATM, look around for any signs of tampering and check to see if anything else looks questionable. If you're unsure, go elsewhere.

5. Don't rush to provide personal information

Be cautious when giving others your banking details or other personal information. If you're asked to provide these details out of the blue, that's a red flag. Some scammers will contact people by phone pretending to be someone else, and they will try to collect personal information and financial details. If you're unsure if a request for information is legit, hang up and call the company yourself. If it feels wrong, it probably is.

6. Review websites to ensure they're legit

Before entering any personal or banking information online, check to see that it's a legitimate website or mobile app. Some scammers set up fake websites that look very real, and they collect banking information and other personal finance details. Someone else could access your bank account if you enter your private information on a scammy website.

7. Keep your contact information up to date

Make sure you keep your contact information current. Many people move to a new address or change phone numbers and forget to alert their banks and other financial institutions. You want to feel confident that your bank will be able to reach you quickly if fraud occurs.

Keep scammers away from your money

You work hard for your money and don't want to put yourself at risk for fraud. By taking extra steps to protect your money and personal information, you can feel more confident that it will be harder for scammers to take advantage of you.

If you suspect you have been the victim of banking fraud, contact your bank as soon as possible to make a report. If you're considering opening a new checking account, review our list of the best checking accounts to learn more about your options.

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