Banks in Michigan Caution You Against Common Risks
If you’re like most Americans, you worry about having your personal, financial, or credit card information stolen by hackers. A recent Gallup survey shows 71% of U.S. citizens rank this cybercrime as their #1 concern, with 67% naming identity theft as another top issue.
Losing control of personal information is costly. Although the FDIC protects your deposits in Michigan banks (and across the U.S.), and credit card companies will often work with customers to resolve fraudulent charges, victims may still face out-of-pocket costs. The Insurance Information Institute reports that identity theft cost Americans $1.7 billion in 2018; credit card losses reached $14.8 billion.
By making a few easy adjustments to how you manage your financial accounts, you'll reduce the likelihood of getting hacked.
Select Unique Passwords
Try to avoid creating the same password for multiple websites. Consider changing passwords quarterly or more often. Password managers are available to help you generate passwords and retrieve login information for your accounts.
Use Two-Factor Authentication
Many banks in Detroit, Ann Arbor, Grand Rapids, other parts of Michigan and across the U.S., offer two-factor authentication for online banking. The two-step process requires you to enter your password and then input an authentication code you receive over the phone, via text, or through an email message. The extra step takes a little effort, but the additional protection is worth your time.
Opt-Out of Saving Credit Card Information on Accounts
While some businesses, like Uber, require you to keep credit card details on file, most vendors let you enter your credit card information with each purchase. Keeping your account private helps maintain security.
Monitor Your Account Statements
Taking a few minutes each month to review account statements will help you identify any fraudulent charges or losses. Contact your credit card company or your Michigan bank for help resolving discrepancies. You’re entitled to a free copy of your credit report annually through www.annualcreditreport.com or by calling 1-877-322-8228.
Be Aware of Financial Scams
Scams to take your money come in many forms. Be wary of strangers promising you anything if it involves you sending them money or providing personal information. If you receive a check in the mail asking you to deposit it and then wire money back, contact the Michigan State Attorney General.
Keep Personal Information Private
Whether you’re all the way out on the west coast, or nearby in Michigan at banks in Detroit, Ann Arbor, or Grand Rapids MI for example, your bank will not call or email asking for personal information such as your social security number or online banking credentials. Ignore phone calls, text messages, and emails asking you to verify your password or account details. You have the right to report any fraudulent inquiries to the bank or the Federal Trade Commission.
The team at Level One Bank maintains a comprehensive security program for customers, and we’re one of your allies against cybercrime. When you take preventative steps to protect your financial information, you’ll minimize the chances of becoming a victim. If you do experience fraud or notice anything irregular about your accounts, we’re here to help. To learn more about how to secure your information, explore these resources, or contact us with questions.
If those of us in positions of responsibility fail to do everything in our power to protect the right of privacy, we risk something far more valuable than money. We risk our way of life ... Fortunately, technology gives us the tools to avoid these risks. It is my sincere hope that by using them and by working together, we will. — Tim Cook, CEO, Apple Inc.