What bank information should not be shared?

The Bank Information You Should Never Share: Protecting Yourself from Fraud

In today’s digital age, safeguarding your financial information is more crucial than ever. Phishing scams and sophisticated online fraudsters are constantly seeking ways to gain access to your bank accounts. Knowing what information to protect is the first line of defense against financial loss and identity theft. This article outlines the bank details you should never share, regardless of the circumstances.

The Absolute No-Gos:

• Your Online Banking Password(s): This is the ultimate key to your accounts. No legitimate bank, institution, or individual will ever request your password directly via email, phone, text, or any other unsolicited communication. Remember, passwords are for your eyes only. If you suspect a request is fraudulent, report it immediately.

• Your Full Account Number: While you may need to provide portions of your account number for specific purposes (like verifying a transaction), never divulge the entire number unless you initiated the contact and are dealing directly with a verified representative of your bank through secure channels (in-person at a branch or via a previously established secure online portal).

• Your PIN (Personal Identification Number): This is as crucial as your password, if not more so. Never share your PIN with anyone, under any circumstances. Legitimate institutions will never ask for it.

• Your Debit or Credit Card CVV/CVC Code: This three or four-digit security code on the back of your card (or on the front for some cards) is designed to protect your transactions. Sharing it online or over the phone exposes you to significant risk.

• Your Social Security Number (SSN) or National Identification Number: While you might need to provide this information during the account opening process, be extremely cautious about supplying it unsolicited. Verify the legitimacy of any request demanding your SSN.

• Your Mother’s Maiden Name (or other Security Questions Answers): These are frequently used as security questions to verify your identity. Avoid sharing them unless you are actively initiating contact with your bank through a secure channel.

Suspicious Communication Red Flags:

• Urgent or threatening language: Legitimate banks will not use pressure tactics to obtain your information.
• Requests for login credentials via email or text: Always access your online banking through the official website or app.
• Grammatical errors or unprofessional tone: Phishing emails are often poorly written.
• Links to unfamiliar websites: Hover over links before clicking to see the actual URL. Beware of slightly altered URLs mimicking legitimate bank sites.
• Unexpected requests for personal information: If you didn’t initiate the contact, be extremely skeptical.

What to Do if You Suspect Fraud:

• Contact your bank immediately: Report any suspicious activity to your bank’s fraud department.
• Change your passwords: Update your online banking passwords and other relevant account passwords.
• Monitor your accounts closely: Keep a close eye on your account statements for any unauthorized transactions.
• Report the incident to the appropriate authorities: Depending on your location, report the incident to your local law enforcement or the relevant consumer protection agency.

Protecting your bank information is a continuous process. By being vigilant and aware of the information you should never share, you can significantly reduce your risk of becoming a victim of financial fraud. Remember, your bank will never ask for sensitive information through unsolicited communication. If in doubt, always contact your bank directly through official channels to verify any request.