You get a text saying there’s suspicious activity on your bank account.
There’s a link to verify the transaction, and the message says you need to act immediately to prevent additional charges.
So, what do you do?
Before you click the link, respond to the message, or provide any information, stop and verify who you're truly communicating with.
That simple habit can be one of your best defenses against financial fraud.
Scammers have gotten better at making fraudulent communications look legitimate. A text may appear to come from your bank, a caller may already know your name, or an email may use the same colors and logo as a company you recognize.
You don't need to know how every scam works to protect yourself, but you should know the warning signs, the information you should be careful about sharing, and what to do when something doesn't feel right.
October is Cybersecurity Awareness Month, so we're breaking down some of the most important things to know about how to protect your bank account from fraud.
Common Types of Banking Fraud
Fraud doesn't always begin with someone breaking into a bank account.
In many cases, scammers first need something from you: a password, card number, verification code, or they ask you to click on a link that may be fraudulent.
Understanding a few common approaches can make them easier to recognize.
Phishing
Phishing is an attempt to get personal or financial information by pretending to be someone you trust.
It can happen through email, text message, phone call, or even social media.
A phishing message might tell you:
-
There's suspicious activity on your account.
-
Your account has been locked.
-
A payment didn't go through.
-
You need to verify your identity.
-
You've received a refund or payment.
-
You need to click a link before something expires.
The details change, but the strategy is often the same: create enough urgency that you react before you think.
So, what should you do?
Don't use the link or phone number in the message to investigate the suspicious message.
Instead, open the company's app yourself, type its website address into your browser, or call a phone number you already know is legitimate. If the message claims to be from First Western Bank, you can contact your local branch directly.
That allows you to verify whether there is a problem without relying on information provided by the person who contacted you.
Account Takeover
Account takeover happens when someone gets the information they need to access one of your accounts.
Sometimes that begins with phishing. Other times, a password may have been exposed elsewhere.
This is one reason using the same password everywhere creates additional risk.
Imagine you use the same email address and password for an online retailer and your bank account. If that retailer experiences a data breach, someone may try those same credentials on other websites, including financial accounts.
Using a different, strong password for important accounts limits how useful one stolen password can be.
Also, don't overlook your email account, because email is often used to reset passwords elsewhere; protecting your email login is an important part of protecting your financial accounts, too.
Card Skimming
Not every type of fraud happens online.
Card skimmers are devices criminals can place on ATMs, gas pumps, and other payment terminals to capture information from a card's magnetic stripe.
Before using an unfamiliar card reader, take a second to look at it:
-
Does anything appear loose?
-
Is the card slot unusually bulky?
-
Does part of the machine look different from everything around it?
If something doesn't look right, use another machine.
When available, using the chip in your card or a contactless payment option can also be preferable to swiping the magnetic stripe.
Warning Signs to Watch For
Here's a useful rule to remember: unexpected, urgent, and/or asking for information or money means slow down.
Not every unexpected message is fraudulent, of course. Your bank may legitimately need to contact you.
But urgency should never prevent you from independently verifying what's happening.
Be cautious if someone unexpectedly:
-
Asks for your online banking password
-
Requests a verification or authentication code
-
Tells you to transfer money to keep it safe
-
Pressures you to make an immediate payment
-
Sends a link and tells you to log in
-
Asks for sensitive financial or personal information
There are also warning signs you may notice without receiving a suspicious message.
A transaction you don't recognize, a password-reset email you didn't request, an unexpected authentication code, or a change to your account information can all be reasons to take a closer look.
You know what activity is normal for your accounts. Pay attention when something doesn't match it.
Steps to Protect Your Accounts
Knowing how to protect your bank account from fraud doesn't require becoming a cybersecurity expert. A handful of habits can make your accounts considerably harder for someone else to access.
Use a Different Password for Your Bank Account
Your banking password shouldn't be the same password you use for shopping, streaming, social media, or other websites.
If one of those accounts is compromised, you don't want the same login information providing a path to your financial accounts.
The same principle applies to your email. Give important accounts their own strong passwords rather than reusing one familiar password everywhere.
Use Multi-Factor Authentication When It's Available
Multi-factor authentication adds another form of verification beyond your password.
It also creates another warning sign.
If you receive a verification code or login approval request when you aren't trying to log in, don't approve it or share the code with anyone.
Someone else may be attempting to access your account.
Make Checking Your Account a Habit
You don't need to wait for your monthly statement to review your account activity.
Take a few minutes periodically to look through your transactions. You're looking for anything you don't recognize, not just large withdrawals.
First Western customers can use online and mobile banking to review balances and recent activity. Available alerts can also help you keep up with what's happening in your accounts.
The earlier you notice something unusual, the sooner you can ask about it.
Protect Your Information Before You Share It
Before giving anyone financial information, ask yourself: Did I initiate this conversation?
There's an important difference between calling your bank using a trusted number and answering an unexpected call from someone claiming to be your bank.
If someone contacts you first and you're uncertain about the request, you can end the conversation and contact the organization yourself.
You don't have to resolve the situation using the same phone call, email, or text that alerted you to it.
What to Do If You Suspect Fraud
Sometimes the question isn't how to prevent fraud. It's what to do when you think something may have already happened.
Start by contacting your bank as soon as possible.
Tell them what happened and be specific:
-
Did you click a link?
-
Share a password?
-
Give someone a verification code?
-
Lose your debit card?
-
Notice a transaction you don't recognize?
Those details can help determine what needs to happen next.
Depending on the situation, additional steps may include changing passwords, replacing an affected debit or credit card, reviewing recent transactions, and monitoring your accounts more closely.
If login information may have been compromised, don't just change the password on the affected account. Think about anywhere else you've used that same password and update those accounts as well.
Finally, if you're simply unsure whether something is legitimate, ask before you act.
You don't need to wait until money is missing to call your bank.
When Something Doesn't Look Right, Check With Us
Fraud prevention isn't about being suspicious of every email, text, or phone call you receive.
It's about recognizing when it's worth slowing down.
Before clicking an unexpected link, sharing sensitive information, approving a login, or moving money because someone tells you to, take a moment to verify the request independently.
That extra minute can matter.
If something involving your First Western Bank account doesn't look right, or you receive a message claiming to be from First Western and aren't sure whether it's legitimate, contact us directly. Our team can help you determine whether the communication is legitimate and what, if anything, you need to do next.