Avoiding Account Takeover Fraud

While dependable financial institutions do whatever they can to help mitigate fraud, methods for stealing personal data and committing fraud are continuously evolving, and many involve scamming information directly from individuals. Account Takeover Fraud puts your financial accounts at risk. An account takeover happens when a fraudster poses as a financial institution to get your personal or account information. Once the fraudster has access to your account, they make unauthorized transactions.

An account takeover begins with a fraudster sending an email or text message to your computer or phone. They usually claim they’re from a financial institution’s fraud department. They ask you to confirm a suspicious payment that was sent from your account — this likely isn’t true and is part of the fraud.

If this is a fraud attack, the fraudster typically follows up with a phone call and asks for your personal information to “cancel the payment.” Account Takeover Fraud usually begins on a Friday, after business hours, and runs through the weekend, when many individuals may not be paying as much attention to account transactions. Keep track of any transactions you do not recognize.

How Can You Prevent Account Takeover Fraud?

• If someone posing as a representative from a financial institution contacts you by phone, email or text message and wants you to share your personal information, consider it Hang up immediately or delete the message and block the number.
• If you receive a text (or email) asking for your PIN, date of birth, social security number or any other secure information, do not reply to the sender. Ignore the message and do not call any phone numbers listed in the text. Block the number if you can.
• If you receive a phone call that seems to be a phishing attempt, especially an unsolicited call where someone on the other line is asking you to confirm or share personal information, end the call immediately. And be aware that area codes can be misleading: a local area code does not always guarantee that the caller is local.

NEVER share your personal information with anyone posing as a financial institution.  Your financial institution will not contact you requesting your personal information. The best way to avoid fraud is to remain vigilant. If you feel you have been the victim of fraud, please contact your financial institution immediately.

Remember: The National Bank of Indianapolis will never call, email or send a text message asking for your online password, PIN number or social security number.

To learn how to report suspicious or fraudulent activity, visit our Fraud & Security Center.