Behind the Vault

In today's digital world, everything requires an account—from managing your finances to streaming your favorite shows. There are few things less annoying than realizing you've been locked out or, even worse, that money is missing or unauthorized purchases have been made. Unfortunately, these situations are becoming more common due to a growing scam called “account takeover”. 

What is an Account Takeover? 

An account takeover happens when a cybercriminal gains access to your online accounts, using them to steal money, data, or even sell your personal info. It's a form of identity theft that can leak sensitive details like your email address, passwords, credit card numbers, and more. These scams can leave your finances vulnerable, resulting in fraudulent transactions or unauthorized purchases. 

Where Can It Happen? 

Account takeovers aren't limited to your bank accounts; they can affect various other accounts, including: 

• Financial Institutions: Hackers target your bank, credit union, investment, and credit card accounts. 

• Retail & Grocery Stores: They may hijack your accounts to buy goods or services, redirecting delivery to themselves. 

• Peer-to-Peer Payment Apps: Apps like CashApp, Venmo, and PayPal are often targeted, making it hard to recover sent money. 

• Utility Accounts: Scammers might access your phone or internet accounts, using your data without paying. 

How Does It Happen? 

Most account takeovers begin with phishing scams, where fraudsters pretend to be companies you trust, like financial institutions. They send fake emails or texts, tricking you into entering your login details on a fake (but real looking) website or installing malware. Once they have your credentials, they can change your account details, make transactions, or even sell your information. 

How Can I Prevent It? 

At Family Trust, we regularly remind members to never give away sensitive account information. Family Trust will never text or call you to log in to your online banking or validate your credentials. Here are more tips to prevent scams: 

1. Contact Directly: If you're unsure about a text, email, or phone call’s legitimacy, contact the company directly using their official website's information. 

2. Install Virus & Malware Protection: Keep these protections updated on all your devices. 

3. Do NOT Share Personal Information: Never share personal or account details through email, text, or social media. 

4. Set Strong Passwords: Use unique passwords with a mix of letters, numbers, and symbols. A password manager can help keep track. 

5. Enable Multi-Factor Authentication: Use MFA wherever possible, adding an extra layer of security. 

We're Here to Help!