How To Protect Your Bank Accounts from Fraud

By Phil DiAngelo | WSFS Bank

Thousands of consumers fall victim to fraud daily.

From phishing schemes to imposters pretending to be your bank, there are no shortage of scams, and you need to remain vigilant in order to protect yourself, your information and your bank accounts.

Here are some tips and details on common scams to help protect yourself.

Check Fraud

Check fraud, specifically altered check claims, has been on the rise in recent months. In many instances, checks are stolen from mailboxes or obtained in other nefarious ways, and criminals then wash and change the payee and amount.

In some instances, criminals who buy or steal IDs and checks will even look for someone resembling you to send to the bank in an effort to cash checks or withdraw money from your accounts.

In response to this increasing risk, consumers can take precautions such as:

• Using digital channels for banking transactions whenever possible.
• Monitoring your accounts closely to ensure the accuracy of all transactions.
• Mailing checks by going directly to the Post Office instead of placing them in the local mailbox.
• Notifying your financial institutions immediately if you think you’ve been the victim of fraud.

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