Fraud Protection

As the blogger at Atronic Alarms I research many facts and figures about safety protocol and procedures. Normally this research is conducted through conversations with local authorities, alarm companies or going online for extensive Internet searching.

This post, however, is coming from first hand, personal experience.

Bank fraud. It happened. Over the weekend there were four transactions to my personal account totaling $600.00.

I had first caught it on Sunday and on Monday I called the bank. I was relieved to hear that I was covered by Fraud Protection, a service they offer that "watches" accounts and flags anything out of the ordinary. They had me scheduled to be called that day because they had noticed many unusual transactions. After filling out some paperwork, canceling and reinstating the debit card, no money was lost.

"The company we use has lists of "fraudulent" organizations and will notice them immediately if one appears as a withdrawal. They will contact you to verify you did not authorize the transaction."
First Option Bank, Louisburg, KS

Talking with the bank, as well as extensively with the company, Fraud Prevention Services in North Dakota, it was clear that this kind of thing happens ALL OF THE TIME. In order to protect yourself from bank fraud, follow these simple rules:

1. Check with your bank to understand their procedures of fraud protection. Make sure your bank offers this service on debit card transactions.

2. Update your contact information with the bank. When fraud is detected, the company will contact you to verify the wrong-doing so it can be stopped from going through your account.

3. Check over your bank transactions at least once a week. Many banks offer the online service so you can log into your account easily and see all withdrawals. I noticed the post description, didn't recognize it, Googled the company name and found it to be a company in France.

4. Don't hand over your credit/debit card to waiters or other cashiers who leave and return. During this time they can write down the information, including your pin numbers on the back. Eat out a lot? Pay with cash.

5. Don't ever respond to emails or phone calls from what appears to be your bank asking for you to "update" personal information like bank account number, social security or maiden names. Banks do not update their information through this way.

In the end it was a fantastic learning opportunity. My bank has a safety net. Does yours?

Links to more resources:
http://finance.yahoo.com/news/Is-It-Safe-to-Bank-usnews-4209634978.html?x=0

http://www.ftc.gov/bcp/menus/consumer/data/idt.shtm