When you choose to bank with Live Oak, we employ a multitude of security measures to fight fraud. While we utilize sophisticated tools to ensure your protection, we also ask you to stay informed and take an active role in the security of your financial and personal information. We suggest that you stay ahead of potential threats and become confident in identifying scams and red flags. Online banking is safest when the consumer remains vigilant. Here are some of our recommendations to avoid bank fraud.
Be wary of phishing. Pay close attention to all of your emails, social media posts and texts. Fraudsters often send bogus emails that appear to be legitimate in an attempt to “phish” for your financial and personal information, most often by posing as a business, your bank or even a government employee. Signs of a sham include typos, unfamiliar links, awkward wording or a sense of urgency. Avoid emails that are not personalized and ask for private information such as passwords or your social security number. If you do suspect an imposter, do a quick online search with the product or company name with words like “complaint” or “scam” to see if others have reported them.
Monitor your bank accounts and credit. Routinely checking your account activity seems like an obvious suggestion, but it’s crucial to review all purchases to ensure they’re legitimate. If there is a fraudulent charge, the sooner you catch it, the better your chance is to retrieve that money. We also suggest reviewing your credit report annually in an effort to stay alert of any identity theft. Again, when you spot problems early, you can take immediate action to resolve the issue.
Update your computer and mobile security software. Install the latest anti-virus software on your home computer, phone and tablet and regularly update your operating system and applications. These steps allows your devices to remain up-to-date and safe from the ever-evolving tactics utilized by hackers. Malicious software or “malware” can infiltrate your personal device if you click on a fraudulent attachment or download. Oftentimes, these viruses can bypass security features.Taking additional measures to secure your phone, including fingerprint or facial recognition or installing a secure password to unlock the device, will further prevent attacks if your phone is ever misplaced or stolen.
Choose complex passwords – and change them often. Avoid choosing passwords that are easy for others to guess, like your birthday, your or family names. Strong passwords include a mix of uppercase and lowercase letters, numbers and symbols. One common mistake is choosing an identical password for every online login. If the password is compromised, this can be hugely detrimental to your overall online security. It’s also critical to change your passwords frequently. Of course, it seems overwhelming to try and keep up with all of your various passwords, so we suggest using a password manager tool to store them.
Skip public wi-fi when accessing your online bank. If you need to check your account while out and about, avoid logging onto the public wi-fi network. Using your cellular data while you conduct banking business provides a more secure network. Additionally, be sure to log out of your account and clear your cookies if you’ve accessed your account on a shared computer at a library or lab computer.
Report any signs of fraudulent activity. If you suspect any signs of unusual or dubious activity with your account, please immediately report it to firstname.lastname@example.org or complete the form on the bottom of this page. Whether you spot unexpected charges, receive a credit card without applying for one, stop getting bills in the mail or simply encounter an odd phone call or email, we urge you to alert us promptly.