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Digital conveniences have changed the way we bank — both for better and worse. One disadvantage is that it’s easier than ever for fraudsters to gain access to our personal information and financial accounts.

In 2023, mobile banking usage rates increased to 73%, according to a recent report from BioCatch. Accompanying this change is a surge in fraud cases stemming from mobile device usage, rising from 47% in 2022 to 61% in 2023.

To protect your assets from potential breaches and fraudulent activities, it is important to start taking protective measures to fortify your account information.

Monitor Your Accounts Regularly

Keeping an eye on transactions within your various accounts is critical for maintaining security and preventing fraud. Make sure to log on every couple of days and review any recent changes to your account balances. This regular monitoring pattern allows you to promptly identify unauthorized or suspicious activities, such as bogus charges, and helps promptly address errors in your statement or transaction summary. If you notice any unusual or unauthorized activity, immediately report it to your bank.

Use Strong Passwords and Two-Factor Authentication

In this digital age, strong passwords and two-factor authentication methods are essential for securing your banking accounts. Using an easily guessed password or employing the same password across multiple accounts creates vulnerabilities that can be exploited by those seeking authorized access to your financial information. A strong password should be difficult for an unscrupulous party to guess. Avoid common words and use a combination of uppercase and lowercase letters, numbers, and symbols. To protect your account’s security, update passwords on a frequent basis.

In addition to a strong password, the use of two-factor authentication significantly increases your account security by requiring you to enter a one-time password texted to a personal device, such as a cellphone.

Be Cautious of Potential Phishing Attempts

Fraudsters are experts at seeking personal or financial information. Always remain on high alert for emails, text messages, mail or phone calls that inquire about your personal details. These so-called phishing attempts will try to trick you into providing sensitive data that helps unscrupulous parties gain access to your accounts. Also, be aware of what typical emails or text messages from your financial institution look like. If a message contains misspelled words, is from a different address than usual, or seems to be pushing you to click a suspicious link, verify it by contacting your financial institution directly — either by using a trusted phone number or heading directly to their website.

Keep Your Devices Secure

Ensure that your devices — computers, tablets, and smartphones — are protected from fraud by updating your operating system and antivirus software. Avoid using public networks when accessing your financial accounts and personal information, and log on using only your private Wi-Fi network if possible. If you have no choice but to use a public network, always log out after each online session and skip the option to save your login to landing pages.

Additionally, if you’re prompted to save your password, don’t do so unless it’s your own personal device.

Educate Yourself on Common Scams

One of the best ways to protect yourself and your accounts is by arming yourself with knowledge of up-to-date, common scams and fraudster tactics. Educational resources provided by your financial institution or reputable financial education websites can also provide helpful information about the many methods used by unscrupulous parties to target and gain access to your valuable information.

The uptick in digital fraud requires us to be more proactive than ever in bolstering our financial defenses. By regularly monitoring account transactions, employing hard-to-guess passwords and two-factor authentication, and maintaining vigilance against phishing attempts, you’ll sleep better at night knowing you’ve taken smart steps to secure your sensitive financial information.

Ascend is federally insured by the NCUA.

Raven Garner is the Ascend AVP Fraud & Security