Keep Your Money Safe: 8 Expert Tips on How to Protect Your Bank Account

If you’ve ever had trouble with making sure your bank information is safe, know that you are not alone. In 2019, over 14.4 million people became victims of identity fraud.

With many ways that people can be scammed monetarily, you need to be aware of ways to keep your bank account safe from scammers and other malicious thieves.

Here are 8 methods on how to protect your bank account.

1. Cover Your PIN Number at an ATM

If you are standing next to someone at an ATM or if you see that your ATM machine has a camera, you should cover the input pad with your hand or a piece of paper so that no one can see what your PIN number is.

2. Don’t Check Your Online Account From a Public Computer

Many restaurants, cafes, and local businesses offer free WiFi access. While this can be good for your data bills, it can also be a good place for scammers to get access to your information if there aren’t any security measures in place. Look around to spot any peeping toms before signing into your account and, if you have one, turn on your VPN so hackers can’t track you easily.

3. Never Share Your Bank Information With Anyone

You should never share your personal and banking information with someone you do not know or trust.

If you receive a phone call or email asking you directly for your banking information, do not respond or click on any links that may be provided. Places you especially should not share it is email, a messaging platform, text, or social media account.

Check and confirm to see if the email account or phone number that tried to communicate with you is from your bank.

4. Check Your Account Balance

You should regularly check your bank account’s balance at the bank or online regularly to make sure there are not any unauthorized charges or withdrawals. 

Should there be multiple listings on your account, you may have been affected by identity theft. You would then need to sign up for an identity protection program like WeProtectID. You can check their pricing page here.

5. Set a Strong Password

Doing a password like “abcde,” “password”, or “12345” on your online bank account will not be hard for scammers to guess.

To solve this, create a password that is unique and made with upper and lowercase letters, numbers, and symbols. Your password should also not be easy to guess.

6. Don’t Rely on Paperless Statements

Many banks offer electronic statements that you can save to your computer and not waste any paper. Yet, if you don’t download the month’s statement in time, your account gets wiped or you get locked out, 

7. Check for Skimmers on ATMs

A skimmer is an illegal piece of hardware attached to an ATM or a gas pump that collects a card number and PIN code that can be disguised as part of the machine. Skimmers can look like thin devices inserted into the card reader, attached to cables, or placed in the card terminal or as pinhole cameras. 

8. Make Sure Your Bank Has Great Customer Service

When dealing with an institution that handles your critical financial information, it’s important that you feel comfortable talking with a customer service representative dealing with a situation you may have.

When making a new bank account at a different bank, do some research on how they handle an issue, and solve situations.

Find the Best Method on How to Protect Your Bank Account for You

Your bank account contains valuable information that deserves to be protected and secure at all times. If you take the steps necessary, including the tips on how to protect your bank account listed above, you will avoid the headache of having your bank account becoming an easy target.

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