Account Takeover

Account takeover fraud occurs when a fraudster gains unauthorized access to your bank accounts, often by stealing your login credentials. This type of fraud has surged in recent years, with criminals using phishing emails, social engineering tactics, and even malware to steal sensitive information.

How Account Takeovers Happen:

• Phishing Scams – Fraudsters send fake emails or text messages pretending to be from legitimate institutions, tricking you into providing your login details.
• Credential Stuffing – Criminals use stolen usernames and passwords from previous data breaches to access multiple accounts.
• SIM Swapping – Scammers convince mobile carriers to transfer your phone number to a new SIM card, allowing them to intercept security codes and bypass two-factor authentication.

How to Protect Yourself:

• Use strong, unique passwords for each of your accounts and enable multi-factor authentication (MFA) wherever possible.
• Be cautious of unexpected emails, texts, or calls requesting personal or account information—Fahey Bank will never ask for sensitive details this way.
• Monitor your bank accounts regularly for unauthorized transactions and report any suspicious activity immediately.
• Consider using a password manager to store and generate secure passwords.