How to Protect Yourself Against Account Takeover Fraud
Security continues to be a top priority at Patriot Bank, especially with fraud rates on the rise. Reports have shown that there has been a recent up-tick in account takeover schemes. These sophisticated attacks employ phone calls to cardholders claiming to be from fraud alert contact centers.
Account takeover fraud occurs when a scammer has obtained sufficient credentials to pose as the cardholder to financial institutions. They can then execute changes to account or card-level settings that assist in the commission of fraud, including demographic changes (phone numbers, emails, passcodes etc.), increased limits, PIN changes, and travel exemptions that suppress normal fraud monitoring.
Instances have been reported of cardholders receiving phone calls claiming to be from the Fraud Prevention Department. The cardholder is sent a one-time passcode (OTP), is asked for their member or account number, and told to provide the code. The caller then instructs the cardholder reply “No Fraud” to text messages sent by the real Fraud Prevention Department in response to fraudulent transactions.
Here’s how you can prevent account takeovers and keep your accounts safe:
- Continue to monitor your accounts
- Never provide your full Social Security number, PINS, or one-time passcodes (OTP)
- Never respond NOT FRAUD to fraud alerts on activity you did not perform, regardless of who instructs you to do so
If you think you have become a victim of account takeover fraud contact Patriot Bank at 1.888.PATRIOT. To learn more about protecting yourself from scams tap into all of our financial education resources or financial security resources.
Information provided by Fiserv Inc.