It’s comforting to trust your bank with your hard-earned money. After all, most banks and credit unions offer protections against unauthorized transactions and fraud.

However, banks won’t always cover every type of scam. To ensure you protect your bank account online, it’s essential to know what they protect and when you’re at risk.

Let’s examine what protections banks typically offer and when you’re left to handle it on your own.

When Your Bank Offers Protection

Credit card transactions generally offer zero liability for any unauthorized purchases, which is one way to protect your bank account online when making digital or in-store payments.

Debit cards also provide security against fraudulent activity, but there are limitations based on your bank’s policies and how quickly you report the issue. According to federal guidelines, here’s the maximum you could be responsible for, depending on when you notify your bank:

• Report fraud before any unauthorized charges: No responsibility
• Report fraud within two business days: Liability up to $50
• Report fraud after two but within 60 days: Liability up to $500
• Report fraud after 60 days: No limits on liability

When Your Bank Won’t Cover You

Sadly, there are many scenarios where banks won’t reimburse stolen funds. If you wish to truly protect your bank account online, be cautious of these scams:

• You are tricked into transferring money from your account to another person’s account.
• Someone deceives you into sending funds to a cryptocurrency wallet.
• You withdraw from your retirement account and send the money to a fraudster, even if they conned you into it.
• You send money through an online payment app to someone, and the payment lacks protection from fraud.

Tips to Shield Yourself from Banking Scams

Here’s how you can protect your bank account online and guard against common fraud tactics:

• Only discuss your accounts if you initiate the conversation. If someone contacts you regarding your account, hang up and call the bank directly using a verified number.
• Keep your personal details secure. Never provide sensitive account or personal information in response to unsolicited calls or emails, especially if you didn’t initiate the contact.
• Consult someone you trust. Scammers often try to isolate victims. If you feel uncertain about a transaction or suspect you’re being scammed, consult a friend or family member.
• Seek assistance from your bank. Bank representatives are trained to spot potential fraud. If you’re unsure about a transaction, ask for their guidance.
• Report fraud attempts. Whether you’ve fallen victim to a scam or identified one before it’s too late, you can file a report with ReportFraud.ftc.gov.

To schedule a consultation or learn more about protecting your bank account online, please call us at 832-303-3995 or book your appointment today.