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Say No to Password Sharing

Be aware of these common scams.

A majority of Americans today are using online banking services like Fluent by Cadence. Fluent is secure and convenient, accessible anytime, anywhere, which makes managing your money much easier.

 

However, if you give your online banking log-in information and password to someone else, it means they will be able to access your money just as easily. No matter how much you trust a person, providing them with your online banking credentials exposes you to fraud and puts your personal identity at risk.

 

Think of it this way. By sharing your log-in and password with someone else, they can lock you out of your account or completely drain your account of funds. It may also signify a breach of your bank’s terms and conditions, which you agreed to upon opening your account. This means if you do become a victim of fraud and your bank is able establish that you gave consent to someone else to access your account, they may not cover the losses you incur.

 

Be aware of these common scams that target your bank account information:

 

  • Depositing funds into your account. Someone requests or claims to need your online banking log-in and password to deposit funds into your account. You may trust this person but doing so could mean that deposit ends up being a withdrawal. To avoid this scam, do not share your credentials. Instead, encourage your friend or family member to explore bank account options that align with their needs. Many banks offer second-chance accounts for those with troubled credit ratings.

     

  • Online lending scams. When applying for a loan, you may identify a lender online or through an email promising you easy access to cash, and not think twice about sharing sensitive information with them after you’ve secured a loan. Once the supposed lender has your bank account information and other personal details, you may be asked to make a good faith payment from your account. However, the “loan” is fraudulent and you’re now out the payment you provided. To avoid this scam, verify the lender is legitimate by checking for online reviews or a Better Business Bureau rating. If this cannot be found, it may not be a real business.

 

Secure Your Account with a Strong Password

 

Use a strong password to safeguard your bank account and change it regularly. Optimal passwords consist of at least 16 characters and contain a combination of numbers, upper and lowercase letters, and symbols. They are also free of repetition, pronouns, “real” words and other easy-to-identify sequences. Use a unique password for every secure website you visit, and always keep your password safe.

 

The moral of the story? It really is worthwhile to keep your online banking log-in and password to yourself.

 

For more fraud-related tips, visit Cadence Bank’s Consumer Fraud Center.



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