BBB offers safe banking tips for consumers during National Consumer Protection Week
Using a smartphone, tablet or computer to manage your finances is a convenient way to monitor your money from anywhere at any time. At the same time, it’s important to be cautious when checking your account balance online or with a mobile banking app.
According to the Federal Trade Commission, more than 9,600 complaints against banks and lenders were reported by Texas consumers in 2016. Also, bank fraud was ranked as one of the top five types of identity theft, with more than 3,900 complaints reported to the FTC.
This week, Better Business Bureau serving Central, Coastal, Southwest Texas and the Permian Basin is celebrating National Consumer Protection Week (NCPW), a national campaign aimed to educate and encourage consumers on a variety of topics, such as identity theft, safe banking practices and scams.
In recognition of NCPW, your BBB and the Federal Deposit Insurance Corporation (FDIC) offers the following safe banking tips:
- Avoid “card skimming” at ATM machines. Card skimming occurs when scammers attach a device to an ATM machine or gas pump to “skim” the information on your debit or credit card when you swipe them. When combined with a hidden camera, the scammers are able to record your Personal Identification Number (PIN). To help protect yourself, examine the area surrounding the ATM for possible concealed cameras. Also, stand close to the machine when entering your PIN, and cover the keypad with your hand.
- Use a credit card for online transactions. Avoid using a prepaid debit card or debit card – which is linked directly to your checking account—when purchasing online. According to the FDIC, debit cards are considered less beneficial than credit cards for major purchases or online buying because of the limited protections in cases of fraud.
- Keep your transactions secure. Safeguard your bank account information, credit card numbers, Social Security number and other personal data when you use the Internet. Don’t use an unsecured Wi-Fi network, such as the networks open to the public in coffee shops and restaurants. Also, don’t send personal information or account numbers through regular emails or text messages.
- Research any app before downloading it. Just because the name of the app resembles the name of your bank doesn’t mean that it’s the official app for the bank. It could be a fraudulent app designed to look like the real one. Make sure to download the app from a legitimate app store.
- Secure your mobile device and the app. Depending on the type of mobile device or smartphone, most have technology now that requires a PIN number or fingerprint to unlock the phone. Whether you access your account through the bank’s website or mobile app, create a strong password and one that’s not easy to guess. The FDIC recommends a password contain combinations of upper and lowercase letters, numbers and symbols and a PIN with random numbers, and not the last four digits of your Social Security number. Write it down and keep it somewhere safe.
- Be on guard against unsolicited emails or text messages appearing to link to a financial institution’s website. These could be phishing messages containing some sort of urgent request (such as a warning that you need to “verify” bank account or other personal information) or an amazing offer (one that is “too good to be true”) designed to lead you to a fake website. Scammers use this tactic to gain access to your personal information and other sensitive data.
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ABOUT BBB®: For more than 100 years, Better Business Bureau has been helping people find businesses, brands and charities they can trust. In 2015, people turned to BBB more than 172 million times for BBB Business Reviews on more than 5.3 million businesses and Charity Reports on 11,000 charities, all available for free at bbb.org. BBB serving Central, Coastal, Southwest Texas and the Permian Basin, which serves 105 counties in Texas, has offices in Austin, Waco, Corpus Christi, San Antonio, Midland, Bryan and Fort Worth. Your BBB is one of more than 100 local, independent BBBs across the U.S., Canada and Mexico.
