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5 Simple Actions That Help Protect Your Account Against Fraud

Typing on laptop with credit card

Coloradans lost $28.7M to fraud in 2019. This figure includes bank fraud, which remains one of the Top Identity Theft Types in the state. Bank fraud generally involves fraud related to debit cards, electronic funds transfer, and ACH transactions. Criminals look to use your personally identifiable information to open fraudulent new accounts. 

Fortunately, members can keep their private information out of the hands of cybercriminals by taking a few proactive steps.

1) Create Strong Passwords

Weak passwords make it easy for cybercriminals to access your accounts. Use hard to guess passwords that include a mix of lower and uppercase,  numeric, and special characters. Avoid using numbers or names associated with yourself, family members, or pets. For example,  "Duke123" and "123456" would be considered weak passwords while "%#D3u1kE2*" and "6?5G4c1^2s3" contain hard to guess combinations which can do a better job of keeping cybercriminals from accessing your account.  

2) Set Account Alerts in Digital Banking 

Keep track of account activity without logging into with your computer, tablet, or mobile phone. Sign up to receive real-time notifications of account changes, including balances, debit card transactions, withdrawal activity, and ACH deposits. You decide if you prefer to receive alerts via email and/or text. 

Watch this video to learn how to set up an account alert. 

 

Traveling this summer? Don't forget to create a travel notification on your account. This allows our fraud team to protect you even when we see debit card transactions outside of your usual location. It can also prevent your account from being unnecessarily flagged for suspicious activity.

Watch this video to learn how to activate a travel notification on your account in less than one minute. 

 

3) Use Card Controls within the Credit Union of Colorado Cards App

Download the Credit Union of Colorado Cards App to access control features and help safeguard your debit and credit cards from criminals. The Cards App gives you the ability to personalize your protection when you:

  • Turn your card “on” and “off” for enhanced security
  • Use mobile location confirmation for easier purchases during travel
  • Use Visa® checkout for online purchases
  • Create real-time email/text transaction alerts for added security
  • View past transactions made online, on the app or with your physical card
  • Set card controls for international transactions
  • Authorize card controls to decline online transactions

This app works with all Credit Union of Colorado issued Visa® cards. 

4) Check Your Credit Reports for Free

Regularly review your credit history report to stop identity theft and other fraudulent activity in its tracks. Spot unauthorized changes, such as new credit accounts, early to minimize the damage fraudsters can do to your credit profile. Consumers are entitled to one free credit report each year from each of the major credit bureaus: Equifax, Experian, and TransUnion. Order yours today!

5) Access Additional Resources

Visit Credit Union of Colorado's Security Resources page to learn about other ways to protect yourself from fraud. You'll find different ways to keep your personal information out of the hands of cybercriminals. If you believe you might be a victim of fraud, use our Fraud Checklist to guide you toward account and/or identity recovery.
 

Article by Tracy Scott