FRAUD: How to spot it, how to handle it and how to avoid it

Understanding and Combatting Fraud in Banking

Fraud in banking is a pervasive issue that affects institutions and consumers alike. It encompasses a wide range of activities, from identity theft and account takeover to phishing and fraudulent transactions. Recognizing and addressing fraud effectively is crucial for safeguarding financial assets and maintaining trust in the banking system.

If you believe you are involved in a fraudulent phone call, stop what you are doing and hang up immediately. Most of these fraud calls will make you feel rushed or uncomfortable. Do not give any of your personal information. Please call LNB at our main number 855-351-2265 to let us know what happened so we can help.

How to Spot Fraud
1. Unusual Account Activity: Look for transactions that are out of character, such as unexpected withdrawals, large transfers, or frequent small charges that may indicate testing of account details.
2. Unauthorized Transactions: Monitor accounts regularly for charges or withdrawals that you did not authorize.
3. Communication Anomalies: Be wary of unexpected emails, calls, or messages from your “bank” asking for personal information or urging you to take immediate action.
4. Phishing Attempts: Watch for emails or messages that appear to be from your bank but contain suspicious links or attachments.

How to Handle Fraud
1. Stop what you’re doing. If you feel rushed or uncomfortable, hang up.
2. Report it immediately: Contact your bank immediately if you detect any suspicious activity.
3. Freeze Accounts: Temporarily freeze your accounts to prevent further unauthorized transactions.
4. Document Everything: Keep detailed records of all suspicious activities, communications with your bank, and any steps you take to resolve the issue.
5. Credit Monitoring: Consider enrolling in a credit monitoring service to receive alerts for any unusual activity on your credit report.

How to Avoid Fraud
1. Regular Monitoring: Frequently review your account statements and transactions to catch fraud early.
2. Strong Authentication: Use strong, unique passwords and enable two-factor authentication (2FA) for an added layer of security.
3. Secure Information Handling: Be cautious when sharing personal information. Avoid using public Wi-Fi for banking transactions and ensure that any websites you interact with are secure (look for "https" in the URL).
4. Education and Awareness: Stay informed about the latest fraud schemes and educate yourself on how to recognize and prevent them. Banks often provide resources and updates on emerging threats.
By staying vigilant and proactive, you can significantly reduce the risk of falling victim to banking fraud. Remember, early detection and swift action are key to minimizing the impact of fraudulent activities.

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