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Account Takeover: How to Thwart This Type of Fraud

By Empower FCU

Account takeover is a growing concern in online banking. In these types of fraud schemes, criminals gather enough personal info (often through phishing, data breaches, or social media) to access your account without your knowledge. Once they're in, they can change your passwords, make unauthorized transactions, or even open new accounts in your name. 

It's an overwhelming prospect. The good news is that you can take steps to help protect yourself: 

  • Use Strong, Unique Passwords: Avoid using easily guessed information (think your birthdate, pet’s name, or former address). Instead, use a phrase of three or more unrelated words. For example, FruitWeaselTurnips! What looks (and sounds) nonsensical can help keep your account safe.  

  • Enable Multi-factor Authentication (MFA): MFA adds an additional layer of security by requiring something you know (your password) and something you have (a code sent to your phone or email). Important: Never provide your code to anyone else.  

  • Monitor Your Accounts Regularly: Set up transaction alerts so you’re notified of any unusual activity. If you notice anything suspicious, report it immediately. 

  • Be Cautious With Personal Information: Don’t overshare details about your life on social media, and be wary of sharing too much with people who aren't in your close, trusted circle. Scammers can use this info to help crack your security questions. It's a good practice to review your social media privacy settings to ensure you're not inadvertently sharing updates with people you don't know.  

By staying informed and taking proactive measures like the ones covered here, you can help reduce your risk of account takeover.