The rise of account takeovers is a fraud scheme that everyone needs to be aware of. Cybercriminals carrying out these attacks gain control of online accounts using usernames and passwords—often obtained through data breaches. These breaches may include stolen PII (Personally Identifiable Information), which cybercriminals use to access financial institutions and make changes to accounts or card settings. Once inside, they attempt to modify account information to support their criminal activities.

Unfortunately, account takeovers are becoming increasingly common. However, there are a few ways to help protect your accounts and your PII:

• Always use strong, unique passwords: We know it’s common to use simple passwords for memory’s sake, but using a password generator can help you create and store complex, secure passwords.
• Add multi-factor authentication: A one-time code sent to your phone can be the extra layer of protection needed to safeguard your account. This simple step makes it much harder for someone to take control of your information.
• Watch out for phishing attempts: These can be common and sometimes difficult to spot. Phishing is a tactic used by cybercriminals to trick people into revealing personal information. Scams may arrive via email, text, or appear as fake websites mimicking legitimate companies. Be cautious when checking emails or replying with sensitive details. If something feels off, contact your financial institution immediately.
• Monitor your account activity: If you don’t already, make it a habit to regularly check your accounts. While logged in, look for suspicious activity or unauthorized charges.
• Keep your security tools updated: Make sure your device’s operating system, apps, and antivirus software are up to date to protect against known vulnerabilities.

Account takeovers are on the rise and likely to continue. If you’re ever concerned about activity on your account—or if any of your information appears to have changed—please visit your nearest branch or contact us right away.

Contact our Member Service team or stop by your nearest branch if you think you have become a victim.