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

A few weeks ago, one of our team members was preparing for a much-needed beach vacation. As they were getting dressed for work the day before they were set to leave, their spouse came rushing into the bedroom, saying something was wrong with their bank account. Handing over the cell phone, the team member's stomach sank as they saw seven transactions in California totaling over $800.00. Living in Georgia, it was clear these transactions were not theirs. To make matters worse, they were leaving for vacation in two days and needed that money for the trip. They experienced multiple emotions of fear, anger, and confusion. They had worked hard for that money, and someone had stolen it from their account while they 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 actors are constantly finding new ways to access money that isn't theirs. If someone hasn't had to deal with fraud on their account, it is not a question of if but when it will happen.

The ironic part of this situation is that the team member works at the bank. They knew the next steps and the process to get their funds returned to their account. While that doesn't make the situation okay, it provided some confidence that they would figure it out. This experience also highlighted the importance of having a good relationship with one's banker. 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 on the phone will be able to provide the next steps to start getting the funds returned. Victims 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.

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. We 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.

Below are 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 a similar situation:

• Make sure your local branch staff knows you.
• If they have not contacted you proactively, make time to stop by and introduce yourself.
• Ask for the branch's direct phone number and ensure you know 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 like GBC 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 one of our Bold Bankers. We are here to help you navigate these challenges and ensure your financial well-being.