When Faced with Fraud on Your Account, Do You Know Your Banker?

Guerry Norwood | Retail Market Leader, Buckhead

A few weeks ago, my family and I were preparing for a much-needed beach vacation. As I was getting dressed for work the day before we were set to leave, my wife came rushing into our bedroom, saying something was wrong with our bank account. As she handed me her cell phone, my stomach sank as I saw seven transactions in California totaling over $800.00. We live in Georgia, so it was not something we had done. To make matters worse, we were leaving for vacation in two days and needed that money for our trip. We experienced multiple emotions of fear, anger, and confusion. We worked hard for that money, and someone stole it from our account while we slept. Unfortunately, this is a situation many consumers have had to face. Fraud, especially debit card fraud, is as prevalent as ever. While financial institutions are taking numerous steps and adopting new technologies to protect their customers, the bad guys are constantly finding new ways to access money that isn't theirs. If you haven't had to deal with fraud on your account, it is not a question of if but when it will happen.

The ironic part of our situation is that I work at the bank. I knew what our next steps needed to be and the process to get our funds returned to our account. While that doesn't make the situation okay, it provided some confidence that we would figure it out. This experience also showed me how important having a good relationship with your banker is. The truth is that 99% of people faced with fraud do not work at the bank. Instead, victims of fraud are left to google the 1-800 number to call for their bank or, in most cases, call the dreaded 1-800 number on the back of their card. The person you talk to on the phone will be able to provide the next steps to start the process of getting your funds returned. You may be directed to go into a branch to begin disputing the charges and to get the funds returned, or in some cases, file the dispute electronically. It is important to call your bank when you see the charges or suspicious activity, even if they are still pending. The compromised card must be closed immediately to prevent further fraudulent charges. In the case of check fraud, the account needs to be immediately frozen.

In my opinion, one of the most important things you can do to prevent and deal with the aftermath of fraud is to ensure you know your banker. Being able to call your banker and speak with someone who knows you and your financial situation, rather than going through an 800 number, can provide a greater level of confidence and reassurance rather than ending up on hold and talking to someone you have never met. My team works hard to get to know our customers, and I have seen first-hand the value it adds, especially when fraud situations arise. In the initial stages, simply having a trusted and familiar voice tell you it will be okay can help calm the flood of emotions and shock. Above all, you know you have an advocate who will guide you through an unfamiliar process and minimize the headache.

Knowing your banker can also help prevent fraud. Your banker will be familiar with your regular account activity and can notify you if they see any questionable activity. I also recommend keeping your banker informed of life events, such as travel or a child going to college. Letting your banker know about these events can help them better understand your account activity and what measures you should take to prevent fraud.

I have outlined some overall tips and best practices below. These are small things you can do to help prevent fraud and minimize the impact should you find yourself in the same situation I recently experienced:

• Make sure your local branch staff knows you.
• If they have not been proactive in contacting you, make time to stop by and introduce yourself.
• Ask for the branch's direct phone number and ensure you are familiar with their business hours.
• Ask the branch staff about the after-hours or weekend process for reporting fraud or getting help.
• Confirm the bank has your cell phone number as the primary number on file and the most current email address.
• Take advantage of the card controls and alerts your bank provides through online banking.
  

Try as we might, there is no surefire way a consumer can entirely prevent fraud from happening, but knowing your banker can make the situation a lot easier. If you feel like getting to know your banker isn't possible at your current financial institution, it might be worth finding a bank that cares about you and your financial goals and is proactive in getting to know you.

If you have any questions or need assistance, please don't hesitate to contact me, Guerry Norwood, at our Buckhead office. I'm here to help you navigate these challenges and ensure your financial well-being. Contact me today to discuss how we can work together to protect your accounts and achieve your financial goals.