Resources > Orientation

Living in the US

Introduction
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Part 1 Choose a bank
Part 2 Open bank accounts
Part 3 Finalize accounts
Part 4 Fraud avoidance
Part 5 I wanna ask...

www.fusia.net/bank

Part 4 Fraud avoidance
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From phishing scams to impersonators pretending to be your bank, there are all kinds of banking fraud. It is important to be vigilant and take measures to limit your risk of compromising your bank accounts.

Stay connected, remain alert and be aware of the common types. To help prevent fraud, monitor your account closely, allow push alerts on your mobile banking app, ensure that your bank has your most updated contact information and that it can contact you quickly in the event of suspicious activity such as the following:

• Someone sends you a check, you cash it and become obligated to do something
• You receive an email or SMS that asks you to log in, verify some information, etc.
• Someone (e.g., at a restaurant) skims the data located in the magnetic strip
• The bank sends you a new or replacement card but it is intercepted
• Someone steals your pin while you use an ATM or distraction tactics
• Someone tricks or convinces you to voluntarily give away sensitive personal information

Protect your devices, internet security, and connection. Scams involving digital banking, money cards, money transfer service are common in the US. It is important be cautious to minimize vulnerabilities

• Create strong passwords and update them regularly
• Use different user IDs and passwords for your different accounts
• Avoid using any part of your birthdays, address, etc. as your password.
• Be careful with public Wi-Fi networks and avoid using free charging stations
• Use websites that take extra measures, e.g., URLs that start with “https”
• Set up a passcode for and lock the screen of your smartphone
• Lock the screen of your phone and enable biometrics (e.g., Touch ID or Face ID)
• Install latest browsers, OS, and security patches
• Download trusted apps/games and from official app stores only
• Minimize the instances of sharing/storing your information with third party apps and websites

Protect your money and information. Cyber criminals are always looking for ways to trick users into giving away information. Here are some guidelines to follow:

• As a general rule, be cautious of any message that urges immediate action
• Be careful when clicking on any links, opening files, or responding to email/SMS
• To confirm validity, call your bank and/or visit the official site with a new browser
• Don’t engage with scammers and don’t trust any caller ID
• Monitor your bank accounts closely
• Sign up for SMS notifications and allow push alerts to your phone

www.fusia.net/bank

Part 5 I wanna ask...
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What should I do if my wallet is stolen?
If your credit/debit card is lost or stolen, federal law limits your liability for unauthorized charges but you must immediately report to your bank(s)/card issuer(s) to report and stop unauthorized purchases. Remember to obtain a police report or a receipt for insurance claims from the nearest police station.

Will I be responsible for unauthorized charges?
It depends. Your protection against unauthorized charges depends on the type of card - and when you report the loss. For credit cards, If you report (a) before your card is used, you will not be responsible for any unauthorized charges but (b) after your card is used, your liability for unauthorized use of your card tops out at $50. For ATM or debit cards, If you report (a) before your card is used, there is no loss; if you report (b) within 2 business days after, your maximum loss is $50, (c) within 60 days after, maximum loss: $500, and (d) more than 60 days after, you will lose all the money taken from your ATM/debit card account and any linked account(s).

Can my bank close my account without my permission?
Yes, a financial institution can close any holder’s accounts without their permission. Common reasons include low usage/inactivity, frequent bounced/bad checks, etc. Once an account is closed, your bank should return any left balance minus any unpaid fees or charges to you in the form of a check.

Is it a good idea to open both a savings and checking accounts?
Yes, especially if your bank doesn’t require a minimum balance to maintain an account. Keep excess money not needed for daily expenses in your savings account and just enough cash in your checking (linked to debit card payment, external accounts, and/or payment apps) so that if your ATM/debit card is stolen, it can limit the potential damages.

What ACH (Automated Clearing House) payment means?
ACH transaction is about sending electronic funds from one bank account to another via the ACH (Automated Clearing House) network. Many businesses use ACH for payroll due to its convenience and efficiency.

Can you share additional fraud prevention tips from past participants?
• Avoid using ATMs after dark
• Use ATMs attached to a real bank, preferably inside a building
• Avoid flashing your cash in public
• Memorize your PIN (don’t write it down)
• Carry and use credit cards or cash/payment apps to pay
• Keep just enough cash in your checking account and excess in your savings
• Carry your wallet, or backpack close to your body and keep a tight grip on it
• Don’t use your debit card for online purchases (use credit card instead)

www.fusia.net/bank