NEWS

Protect Your Accounts from Fraudsters

In today’s digital-first financial landscape, safeguarding your bank account information is more critical than ever. With cyber threats evolving rapidly and fraud losses exceeding $12.5 billion in 2024 alone, you must take proactive steps to protect your financial data.

Start with a Hard-to-Guess Username

Fraudsters can easily exploit predictable usernames, such as those based on personal information (e.g., first initial + last name).

Strong Passwords are a Strong Defense

Passwords are the keys to your digital life. To keep your accounts safe, follow these three essential principles.

• Long – Use more than the minimum required number of characters
• Unique – Never reuse passwords across different accounts
• Complex – Use a mix of uppercase and lowercase letters, numbers, and special characters. Use passphrases where possible. (Note: First letter capitals and ending with an exclamation mark are very predictable.)

Simplify with a Password Manager

Managing dozens of unique passwords can be tough—you might consider using a password manager tool. They securely store all your credentials and only require you to remember one master password. It’s simple, safe, and smart. Just make sure to choose a reputable password manager!

Layer Protection with Multi-Factor Authentication (MFA)

Think MFA as a bodyguard for your password. It adds a second layer of security to your login process, making it much harder for attackers to gain access—even if they know your password. Common MFA methods include:

• A code sent to your phone or email (Don’t let anyone trick you into giving this to them over the phone or text—it is only to be entered during your login process!)
• A fingerprint or facial scan
• An authenticator app

Avoid choosing to “remember this device” for your financial accounts, as this disables MFA. Protecting your money is worth the extra step!

Monitor Your Accounts Regularly

One of the best ways to prevent fraud is to review transactions frequently to catch suspicious activity early. Use online banking and set up alerts for transactions, large withdrawals, failed login attempts, and more. Report any unfamiliar charges or logins to First Merchants immediately.

Only Use Secure Networks for Banking

Public systems, such as those found in a library, are not secure. If you need to access your bank account on the go, consider waiting until you're on a trusted, private connection. At a minimum, ensure your connections are encrypted!

Stay Alert to Phishing Attempts

Never click on suspicious links or open unexpected attachments in emails or texts claiming to be from your bank. Fraudsters can “spoof” messages and text to look like they are coming from the bank. First Merchants will never ask for sensitive information through these channels.

Your financial safety starts with smart choices. For more tips, visit First Merchants Security Center. Here’s to making cybersecurity a habit—not a hassle.