How To Avoid Account Takeover Fraud

Follow these best practices to avoid being a victim of account takeover fraud.

What is account takeover fraud?

An account takeover begins with a fraudster sending a text message to your mobile phone. They usually claim they’re from IncredibleBank's fraud department. They may ask you to confirm a suspicious payment that was sent from your account — this may not be true and could be part of the fraud.

If this is a fraud attack, the fraudster may follow up with a phone call and asks for your personal information to “cancel the payment.” NOTE: IncredibleBank will NEVER ask for your full social security number, your online banking password, or other personal information.

Once the fraudster has access to your online banking credentials, they'll begin making changes to your account - updating your personal identifying information, adding an authorized user, or changing the password. These changes not only allow them access to your accounts, but also locks you out of your own account - hence the term "account takeover."

The account takeover fraud often begins on a Friday after business hours and runs through the weekend. It also often happens over the holidays. Why? Because they're hoping you take the weekend or holiday off and won't notice something's wrong till it's too late.

How to protect your business from account takeover fraud

Great question - let's go through some steps you can take to avoid account takeover fraud, plus what to do if you're a victim.

Be wary of texts, emails, or phone calls claiming to be your bank

When in doubt, remember this phrase: banks don't ask that.
Your bank will never call you to ask for things like your online banking password or social security number over the phone - and if someone claims to be IncredibleBank and asks for it, contact us via verifiable contact information (not contact information they provide).

Don't share your information

Don’t share personal info or one-time passcodes on calls, texts or in reply to emails appearing to come from IncredibleBank. Protect yourself and call us directly instead at 1-888-842-0221. At IncredibleBank, we’ll NEVER call you and ask you to share a passcode, account number, or SSN over the phone. If someone asks you for any of these details and says they are from IncredibleBank, it should raise a red flag. Hang up and call us directly.

Don't rush

Fraudsters often try to create a sense of urgency to get you to act fast - before you can think it through and notice the red flags. If someone claims that you must provide the information immediately or there will be consequences, stop immediately and contact your bank - again, using verifiable contact information.

What to do if you've already provided your information

If you did mistakenly provide information to fraudsters, check your financial accounts for unusual activity, document it, and report it to your bank right away (in fact – report it to your bank even if you haven’t seen suspicious activity yet!). Your bank may also recommend additional steps to take to protect yourself.

If you provided your social security number, we recommend reaching out to the Social Security Administration and each of the three credit bureaus to place a credit freeze.

Learn more about protecting yourself from identity theft at our cybersecurity blog here.

How Can You Prevent Account Takeover Fraud?

Don't Share Info

If someone posing as IncredibleBank contacts you by phone, email, or text message, and wants you to share your personal information, consider it fraud.

Don't Reply

If you receive a text (or email), don't reply to the sender. Ignore the message and do not call any phone numbers listed in the text.

Hang Up & Call Us

If you receive a phone call that seems to be a phishing attempt, end the call immediately. And be aware that area codes can be misleading: a local area code does not always guarantee that the caller is local.

If you feel you have been the victim of fraud, please contact IncredibleBank immediately at 1-888-842-0221.