Bank fraud is a growing concern, and according to a recent J.D. Power U.S. Financial Protection Satisfaction Study, more than one-quarter (29%) of bank customers experienced some type of fraud on their accounts in the past year. While dealing with fraudulent transactions can be stressful, the way your bank handles the situation can make a big difference. In fact, 92% of customers said they would continue using their bank if fraud issues were resolved properly. Let’s dive into what the survey uncovered and how you can protect yourself from bank fraud.
Key Findings from the J.D. Power Survey
- 29% of bank customers experienced fraud on their accounts in the past year.
- 46% of customers had a better impression of their bank after resolving fraud incidents.
- 92% of customers are likely to stay with their bank if a fraud issue is resolved well.
These numbers show that while fraud is common, how banks handle it can build trust with customers.
How to Protect Yourself from Bank Fraud
The J.D. Power study found that many consumers haven’t taken steps to secure their accounts. Here are some simple ways you can protect yourself:
1. Set Up Account Alerts
One of the easiest ways to catch fraud early is by setting up account alerts. These notifications let you know when transactions happen, so you can quickly spot any suspicious activity.
2. Use Two-Factor Authentication (2FA)
Two-factor authentication adds an extra layer of security by requiring not just a password, but also a second form of verification, like a code sent to your phone.
3. Lock Your Debit Card When Not in Use
Many banks allow you to lock your debit card through their app when you’re not using it. This can prevent unauthorized transactions if your card information is stolen.
4. Create Strong Passwords
Make sure your passwords are strong by using a mix of letters, numbers, and symbols. Avoid using easily guessed information like birthdays or names.
5. Check Your Accounts Regularly
Review your bank accounts daily or at least weekly to catch any unusual transactions early.
6. Freeze Your Credit
Placing a security freeze on your credit with the three major bureaus—Equifax, Experian, and TransUnion—can prevent scammers from opening new accounts in your name.
What to Do If You Experience Fraud
If you notice fraudulent activity on your account, act fast:
- Contact Your Bank Immediately: Report the suspicious transaction and ask them to close or freeze your account if necessary.
- File a Dispute: Depending on whether it’s a debit or credit card issue, follow your bank’s process for disputing fraudulent charges.
- Check Other Accounts: Make sure other accounts haven’t been compromised and consider adding extra protections like verbal passwords.
Bottom Line
Bank fraud is unfortunately common, but there are steps you can take to protect yourself. Setting up account alerts, using two-factor authentication, and regularly checking your transactions can help you stay ahead of scammers. If you do experience fraud, report it immediately and work with your bank to resolve the issue.
External Sources
- J.D. Power U.S. Financial Protection Satisfaction Study
- FTC – Identity Theft Protection
- Equifax – How to Freeze Your Credit
By following these steps and staying vigilant, you can better protect yourself from falling victim to bank fraud this holiday season and beyond! For more tips on protecting yourself online, visit Secure Home Network.