How to Detect Fraud and Identity Theft

Detecting fraud quickly can lessen the financial impact. If you are the victim of fraud, you may be the most likely person to discover the criminal activity. To recognize the warning signs, take these steps:

Track your accounts

Regularly check your account activity through online banking to look for anything unusual. If you believe that any of your accounts with Forbright Bank have been compromised, please notify us immediately.

Use fraud alert tools

If your credit card providers or financial institutions offer email or text alerts that notify you about new activity on your account, sign up for them. These alerts will let you know if checks have been ordered for your account, debit or credit cards have been reissued, or if you have a low account balance or unusually high transactions. If fraudulent activity occurs, the alerts will allow you to stop it quickly.

Use credit monitoring

Consider signing up for a credit monitoring service that will notify you when changes are reported on your credit, such as a new loan or credit card, or even an application for new credit. If someone attempts to open new accounts in your name, you’ll find out almost immediately.

Be familiar with scams

Criminals use the internet, phone, text, social media, and email to gain personal information and commit fraud and identity theft. Some of the common scams include:

  • Wire transfer email scams. Criminals often target buyers and sellers of real estate or their brokers, title agents, or attorneys with a goal of altering the payment instructions for a wire transfer and diverting the funds to the criminal. To avoid such scams, verify wire instructions with the intended recipient before sending funds and use caution when conducting transactions online or with unknown parties.
  • Too good to be true scams. If you’re notified that you’ve won a lottery or contest you don’t remember entering, it’s likely a scam. If you’re promised to be paid for transferring funds or using your bank account to send or receive money, assume it’s a scam.
  • Requests for money. These scams ask you to send some money in advance to receive a huge payout. They may say you must pay administrative fees or taxes before receiving a prize, or they may pose as a friend or family member who urgently needs money wired to them in a foreign country. Before sending money to anyone in response to a request, verify their identity and check with your financial institution to see if it might be a scam.
  • Employment scam.

Stay informed about the latest financial scams by visiting the Federal Trade Commission website, which provides tips for keeping your financial and personal information safe. If you receive any calls or emails about your finances, it’s a good idea to contact your financial institution directly, using contact information on their website or your bank statements.