You probably wouldn’t hand your wallet over to just anyone who asks. Did you know that when you share your Digital Banking login credentials, it’s very similar? Anyone who has your username and password can access the money in your account. This allows fraudsters to steal money from your account, as well as raising your risk of becoming a victim of identity theft. And unfortunately, sharing your credentials is basically giving your authorization, so it would be difficult to reverse.
One of the ways fraudsters commonly ask for login information is to deposit a fraudulent check into the victim’s account. Typically, this is framed as a way for the victim to earn some free money or a “can’t miss” business proposition. And while the check is being processed, the fraudster will do their best to convince the victim to send them part, or all, of the money. When the check comes back flagged as fraud, which could take several days, the victim is left responsible for the spent funds.
Another indirect way you might be sharing your account with fraudsters without even knowing it is when you allow your internet browser to save your password. Sure, it's convenient, especially when you consider how many times you’ll probably end up entering it over and over again. And if your password is incredibly complex, just trying to remember it can seem like a chore. However, by saving your passwords you’ve now made them that much more vulnerable to be stolen, as well as allowing anyone who has access to your computer the ability to basically bypass your account login.
Already shared your password? There are two things you should do right away:
- Create a new password today in your Digital Banking Settings and do not share it with anyone.
- Review your account transactions carefully. If you see anything suspicious, first contact the vendor to verify whether it was a transaction you made. Often the vendor name on the transaction is different from the storefront, but is still legitimate. On the other hand, if it is indeed a fraudulent transaction, contact your financial institution right away.