Citizens Bank offers fraud exposure warnings to consumers

PROVIDENCE – Citizens Bank is out with steps consumers can take to help prevent unauthorized activity on their accounts, noting that fraud detection shouldn’t be left chiefly to technological advancements, but a partnership of the bank and consumer awareness.

“Industry data shows us that for 10,000 debit card transactions, as many as 25 are fraudulent,” said Jason Castillo, head of enterprise fraud management at Citizens. “Our customers are an essential part of the equation in fighting fraud and we want to arm them with the knowledge to help keep their money and the financial system safe.”

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The bank recommends three main steps to keep accounts secure:

• Monitor accounts each month, at least. Federal agencies have deadlines for reporting fraud, according to Citizens. The bank recommends customers look over their monthly statements, reporting any issues with transactions immediately. “With the ease of mobile and online access, it’s a good practice to review transactions on your accounts daily or weekly, especially for debit and credit accounts,” the bank said in a news release. The Federal Deposit Insurance Corp. has information on reporting requirements.
• Secure personal and account information. Storing account information digitally, whether on a personal computer or with a third-party merchant, can increase your exposure to data breaches. Citizens recommends securing any sites where you are putting your account or card information, protecting your devices with security software and actively monitoring your accounts.
• Be vigilant about potential scams. Never give account or card information, or transfer money, without verifying the legitimacy of such requests, said Citizens.

“Technology has made it easier than ever to check your accounts,” said Castillo. “It’s a simple step but taking a few minutes to log in and review your transactions is a good financial habit that every consumer benefits from and is incredibly impactful when it comes to fighting fraud.”

Susan Shalhoub is a PBN contributing writer.