Fraud Recovery Checklist
We work hard to ensure your accounts remain secure and protected, but our security measures work best when we work together to keep your accounts safe and prevent fraud. You hopefully already take steps to protect yourself from fraud, like creating strong passwords, never clicking on links in suspicious emails, and shredding documents containing personal information. But even with these precautions, your information may still be compromised. So what should you do if your financial data is stolen or breached?
Know that identity theft can happen to anyone, even the most cautious. Having your personal information stolen and misused causes chaos and the recovery period can be time-consuming. This is why having a recovery plan is so important, and we’re here to help. If your information has been compromised, there are steps you can take to minimize the impact.
- Act Now
When it comes to fraud, the longer you wait to report it, the bigger the mess you have to clean up. It’s important to report any fraudulent or suspicious activity on your accounts as soon as you notice it so you can minimize the fallout.
- Notify Us
If you notice any suspicious activity on your accounts, you need to report it to your financial institution immediately. Some examples of fraud red flags include unfamiliar transactions, unusual purchases, withdrawals you didn’t make, declined cards, or inability to access your accounts online. Once you report the fraud to us, there are a number of steps we may take. We can place a temporary freeze on the account as well as issue you a new card. Depending on the severity of the fraud, we can even close the account and open a new one for you. We will also help you file an official dispute of fraudulent charges.
- Change Your Passwords
If the compromised data includes any of your online accounts, especially your Digital Banking account, you need to update your password and username immediately. Don’t use any usernames or passwords you’ve used previously, even if it was used on another site. Use a unique username and password for each site. Use a combination of uppercase and lowercase letters, numbers, and special characters. Our Digital Banking Guide includes the current guidelines to ensure your password is strong enough to meet security requirements.
- Set Up Fraud Alerts
Contact the credit bureaus to place a fraud alert on your accounts so you will be notified in case anyone attempts to apply for new credit in your name. This also lets creditors know to be on the lookout for imposters attempting to open an account in your name. Fraud alerts can be requested online or over the phone with each of the three main credit bureaus: Experian, Equifax, and TransUnion.
- Freeze Your Credit
You can also request a credit freeze from the credit bureaus if you know that your personal information has been compromised. Freezing your credit is free, and it doesn’t have any negative impact on your credit score.
- Review Your Credit Reports
Request a free copy of your full credit report and review it for any accounts you don’t recognize. You are entitled to one free credit report every year from AnnualCreditReport.com. Contact the credit bureaus if you notice anything on your report that shouldn’t be there.
- Be Mindful of What You Share
We all share things on social media, but before you post, take a moment to consider whether your post contains any sensitive information that could be dangerous in the wrong hands. Many of the fun posts that circulate on social media that get you to share personal information like the street you grew up on, the year you were born, your mother’s maiden name, and more are a hacker’s dream come true. Though these posts may seem harmless, they’re actually common security questions and you don’t want to give your answers away for free and risk your information and accounts being compromised.
- Stay Safe
Fraud prevention is an ongoing process, not just a one-time deal. There are steps you need to take consistently to prevent fraud. Change your passwords regularly, not just after you suspect fraud. Review your accounts regularly and thoroughly by logging into Digital Banking to check your account, looking over your account statements, and periodically reviewing your credit report.
The safety and security of our members is a top priority. Protecting your information works best when we have your help. Let’s work together to keep your accounts protected. To learn more about how we protect our members every day and how you can protect yourself, review our Security and Fraud information online, and watch our Scams and Fraud playlist on YouTube.
At Robins Financial Credit Union, our mission is to enhance the financial well-being of our members and community. We honor this commitment by providing educational content to help you make the most of your finances. Read our other blog articles to help you gain the financial knowledge you need to succeed.