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Fraud Prevention Checklist

Personal Finances 7 min read

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How savvy are you when it comes to fraud prevention and identity protection?

Don’t let scammers or fraudsters steal your money. Arm yourself with the knowledge to fight back. Use this checklist and keep your accounts safe from criminals.

Although criminals are becoming more advanced, so are financial institutions. New recommendations and security patches are being released on a regular basis. If you’re not sure where to start or how to keep up, you aren’t alone. That’s why we created this checklist. Use these tips as a springboard to get started or as a measuring stick to evaluate whether you’re staying vigilant.

Be Informed

Most scams will follow the same script. You can monitor the latest scams on sites like Experian, but most schemes will present one or more of the following warning signs:

  1. Pretending to be someone you know or claiming to work for a familiar organization: Criminals will try to disguise themselves so that you don’t question their bad intentions. An example could be a fake email from your electricity provider asking for updated payment information.
  2. Urgent emergencies or unexpected prizes: Most scams will lure their victims by claiming that there is a problem you need to quickly fix or a prize you need to urgently claim. They may threaten to block access to your account, suspend your services, or some other type of penalty for not acting quickly. If you feel rushed, that is a big warning sign.
  3. Incorrect spelling or poor grammar: Fraudulent emails and pop-up websites may include misspelled words and incorrect grammar. If something isn’t quite right about their communication, trust your instincts.

Be Cautious

Whenever you are asked to share your personal information, it is important to exercise caution and remain skeptical. Here are a few steps to take if you find yourself feeling suspicious.

  1. Callback clapback: If you’re talking to a scammer on the phone, they might try to make it seem like you can’t leave the conversation. If you are struggling with getting off the phone, ask them for a callback number and hang up. If they won’t provide a number, that is a big red flag. If the caller claims to be a business representative, compare the number they gave you with their public-facing customer service number. If the numbers are different, contact the public-facing number to speak with an actual business representative to address the matter. Alternatively, if the caller is notifying you of a personal matter regarding a relative or someone you know, hang up the phone and try to reach that person directly to confirm.
  2. SSL or bust: Before entering your personal or financial information on a website, look to see if the website has a SSL certificate. Websites with SSL certificates are verified for legitimacy and any data shared on the site will be encrypted for additional security. Never enter personal information on a website without an SSL certificate.
  3. Verify before you click: If you’re encouraged to click a link in an email or text message, consider using a link checker like this one offered by Google before you click. Instead of clicking the link, right click and select the copy link option. Once your link is copied, paste it into your link checker. You can use the linked text in this article to practice.
  4. Type it yourself: Scammers use links that appear legitimate. They often include links that have a legitimate company’s name or web address. Typing the web addresses into your browser instead of clicking on links will ensure that you go to the actual company’s website and not an impersonation.
  5. Power up your password: With so many accounts requiring passwords these days, it’s tempting to let your guard down and re-use the same password or use simple to remember passwords. Don’t do it. Check out First Bank’s password tips for a refresher on how to create and manage strong passwords.
  6. Use your checkbook wisely: Did you know that checks are now one of the least secure forms of payment? Criminals are combining old-school methods of theft with readily available technology to steal checks, impersonate account holders, and sell that information on the black market. Consider the precautions in this article before writing your next check.

Be Proactive

In addition to being cautious, here are a few ways that you can proactively add additional security around your personal information.

  1. Use a credit card when making online purchases: Credit cards aren’t directly linked to your checking account like debit cards. When a criminal commits fraud related to your credit card, they are stealing from the credit card institution. Alternatively, a criminal who commits debit card fraud is stealing from your checking account directly. Using a credit card as an additional layer of protection is a good idea only if you’re confident that you will pay off those charges to your credit card.
  2. Use a card with zero liability protection: All of First Bank’s credit and debit cards are backed by Mastercard’s zero liability protection. With this benefit, cardholders only pay only for purchases they have authorized on their Mastercard card.
  3. Always use multifactor authentication when it’s available: Also known as two-factor authentication, this is a verification system that will call, text or email a code to verify your identity. Although it takes an extra minute to find your phone or open your email for a code, this additional measure could save you in the long run. The next time one of your online accounts asks if you would like to enable two-factor authentication, opt in.
  4. Install virus protection on all of your devices: There are a number of anti-virus protection software companies who offer coverage for all of your devices. Publications like PCMagazine.com will review multiple options and offer their recommendations, here is their 2024 “best of” antivirus software list.

Be Aware

Your banking institution is also invested in keeping your funds secure. At First Bank, safety and soundness is at the foundation of everything that we do. In addition to the work our associates in the Financial Crimes and Operational Risk divisions are doing to monitor and investigate fraudulent activity, you can also take matters into your own hands.

  1. Monitor your account activity with online banking: Your First Bank online banking account is a wealth of information at your fingertips. In addition to monitoring account transactions, you can take advantage of the MyMoney budgeting service located on your online banking dashboard. This will allow you to identify spending trends and spot unusual activity.
  2. Register for alerts: With First Bank Alerts, you set custom alert parameters and how you want to be notified—push notifications through the First Bank app, email, text message, secure message, or phone call. Learn more here. 
  3. Enroll in Bill Pay: This service is included in all First Bank online banking accounts and lets you avoid the hassle of writing checks or visiting multiple websites to stay on top of your payments. Learn more here.
Know Your Plan

If you feel that you have fallen victim to a scam, what should you do next? At First Bank, we recommend calling us immediately. You may reach us at 1‑866‑792‑4357 between the hours of 7:00 a.m. to 8:00 p.m. Monday through Friday or 9:00 a.m. to 4:00 p.m. on Saturday. Or you may submit an e‑mail message to fraud@localfirstbank.com. Our associates are trained in fraud response and will advise you on your next steps.

We’re Here to Help

Stop by your nearest First Bank branch to talk through any questions or concerns you might have about your account security or how our different banking policies work to keep you safe. If you can’t make it to one of our branches, call our customer service center at 1-866-792-4357.

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