Safeguarding Your Accounts from Fraud

Jan 22, 2025 | 3 Minute Read

By Larissa Buescher, Vice President, Consumer Banking at Elkhorn Valley Bank

In today’s digital world, fraud has become an ever-growing concern for both individuals and businesses. From phishing scams to identity theft, fraudsters continuously develop new tactics to exploit vulnerabilities. At Elkhorn Valley Bank, protecting your financial security is our top priority. We’re dedicated to helping you stay educated and aware to help protect yourself from fraud effectively.

Here are some practical tips to help you recognize and prevent fraud, along with how EVB supports you every step of the way.

1. Spotting Phishing Scams

Phishing scams remain one of the most common fraud tactics. These scams often appear as legitimate emails, texts, or calls, often from what appears to be known contact information, that trick you into sharing sensitive information or clicking on malicious links.

Your role:

  • Be cautious of messages or phone calls impersonating Elkhorn Valley Bank. Avoid clicking links or sharing sensitive information such as card number, PIN, account number, etc., unless you’ve confirmed the source through official channels.
  • Tell-tale signs include requests that promote urgency or threats, spelling or grammatical errors, unfamiliar senders, the earlier mentioned links, etc. Do not interact with the sender. Report the email, text, or call through the appropriate channels.

How EVB helps:

  • We encourage you to contact us directly to verify any suspicious communication that appears to come from us. Our team is always available to confirm the authenticity of messages or calls.
  • We offer continuing education and resources to our customers to aid in identifying red flags, such as urgent language or unexpected requests for personal details. Elkhorn Valley Bank will never contact you to request confidential information.

 

2. Empower Yourself to Fight Check Fraud

Although check writing continues to decrease with the rise of digital payments, check fraud has dramatically increased over the last several years. Whether the check is altered, counterfeit, stolen, or forged, timely identification is key to recovery.

Your role:

  • Review your account activity and check images daily to identify unauthorized transactions quickly. If you notice abnormal activity, contact us immediately.
  • Reduce the amount of checks you send by utilizing ACH (or other secure payment options), directly with the vendor that you are doing business with.

How EVB helps:

  • Check fraud detection tools, including positive pay, have been implemented, but these protective measures are not flawless.
  • Our frontline staff is trained to detect altered and fictitious checks presented.

 

3. Strengthening Account Security

Securing your accounts is the first step in a strong defense against fraud. Multi-factor authentication (MFA) is a critical tool that requires both your password and a secondary code to add an extra layer of protection.

Your role:

  • Regularly update your passwords. Avoid using personal information, such as birthdates, names, or everyday phrases that can easily be guessed. Create passwords that include upper and lowercase letters, numbers, and symbols.
  • Ensure that each password is unique across different platforms. Utilize a password manager to store your credentials securely.

How EVB helps:

  • While we understand that MFA can sometimes feel bothersome, the multilayer protection makes it harder for unauthorized users to access your sensitive information.
  • Our team has implemented minimum requirements and offers guidance on creating strong and unique usernames and passwords.

 

4. Monitoring Your Accounts

Keeping a close eye on your accounts can help you detect fraud early. Technology makes tracking your financial activity in real time easier than ever. Businesses are at higher risk of taking financial losses on fraudulent transactions due to return timeframes so early detection is key.

Your role:

  • Set up alerts within online banking for debit card transactions, large withdrawals, unusual transactions, attempted sign-on fails, or changes to personal/account information.
  • Review your account activity daily to identify unauthorized transactions quickly. If you notice abnormal activity, contact us immediately.

How EVB helps:

  • Our online and mobile banking platforms allow you to review transactions instantly and set up customizable alerts for unusual activity.
  • Our fraud prevention team can assist in taking the necessary steps if you notice any suspicious transactions.

 

5. Protecting Yourself from Identity Theft

Identity theft can have devastating consequences, from unauthorized charges to false loan applications in your name.

Your role:

  • Secure personal documents at home and shred documents that contain sensitive information before discarding them.
  • Refrain from sharing personal information like your social security number, date of birth, or account numbers, especially through unsecure means.

How EVB helps:

  • We offer resources to assist customers in recovering from identity theft and provide fraud reporting guidance.
  • Our secure online services help protect your information while banking with us.

 

Stay Safe with Elkhorn Valley Bank
Fraud prevention is a shared responsibility and with fraud methods being more sophisticated than ever, our team at EVB is here to be your trusted partner. We are committed to protecting your financial security. By staying vigilant, informed, and adopting proactive measures, you can reduce your risk of fraud. If you have questions or suspect any fraudulent activity, don’t hesitate to contact our team. We’re here to make a difference in keeping your accounts and information secure.