Don’t be victim to a scam.
As the ease of making financial transactions with a swipe or tap becomes second nature, criminals are finding new ways of committing payment fraud. Here’s what you need to know to protect yourself or your business.
How to Deter Payment Fraudsters
Vigilance is your best defense in protecting yourself. Here are some simple tips you can follow to avoid the most common types of payment fraud.
To defend against check fraud:
- Use only official U.S. mailboxes to send checks
- Do not include unnecessary information on checks such as driver's license or telephone numbers
- Store your checkbook and checks in a safe, secure place
- Review billing statements as soon as you receive them. Report any discrepancies immediately
- Shred old checks, ATM receipts, and statements before discarding them
- Do not sign blank checks or endorse payments until the time of deposit
To defend against electronic fraud:
- Create strong passwords that contain both numerals and letters. Do not use the same password for multiple accounts.
- Protect your login information. Do not store it on or even beside your computer.
- Close the browser after each online banking session
- Ignore spam. Phishing emails can be very subtle and may contain links or downloads infected by malware.
- Review online credits and debits daily. If you see any inconsistencies in your records, notify your bank immediately.
- Install a firewall and anti-virus system to keep unauthorized users out
To defend against ATM skimming:
- Opt for ATMs that are inside a building
- Inspect the ATM or other form of card reader before use. If anything looks loose or otherwise suspicious, do not use it.
- Cover the keypad as you enter your pin code to thwart hidden cameras
Fraud Prevention Resources
Consider the following resources for additional perspective and reliable facts on fraud.
Secure Financial Services for Businesses
KeyBank has a number of products and services designed specifically to protect our business clients from fraud. Be sure to take advantage of these solutions.
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