Managing a bank account should be straightforward, yet certain small habits can inadvertently jeopardize your finances and personal data.
Darius Kingsley, a bank advisor and fraud prevention expert, points out common issues related to JP Morgan Chase. He highlights common banking errors that people often make without realizing their consequences. Thankfully, fixing these issues is typically quite simple once you’re aware of them.
1. Weak passwords and neglecting two-factor authentication
One prevalent mistake is using insecure or repeated passwords. This can expose your bank account to risks, especially if you recycle passwords across different platforms.
“It’s a good idea to frequently change passwords on various accounts, using a mix of letters, numbers, special symbols, and uppercase letters,” Kingsley advises. “Try not to use the same credentials across multiple accounts, particularly for financial institutions and personal email.”
Implementing a password manager can help keep your passwords secure, and activating two-factor authentication whenever available adds another layer of security. This makes certain that your account is only accessed by you.
2. Relying solely on paper checks
While paper checks can be convenient, they also carry risks if not handled properly. Kingsley notes that despite their historical popularity, the use of checks has fallen, consequently increasing instances of check fraud.
He recommends embracing digital options like Zelle or wire transfers, which provide better tracking and quicker processing. “Only use Zelle to transfer money to friends or acquaintances you trust,” he adds.
3. Falling for suspicious bank messages
Bank fraud is becoming increasingly common. “Be cautious of any unsolicited texts or emails claiming to be from your bank, especially those asking for sensitive information or urging you to click on links,” Kingsley warns.
If you suspect an issue with your account, it’s better to call your bank directly using the number on your debit or credit card instead of any number provided in the message.
4. Overlooking free monitoring tools
Many banks offer complimentary resources aimed at safeguarding your finances and personal information. By not utilizing these tools, you might miss early warnings of fraud or identity theft. Kingsley encourages everyone to take advantage of these offerings.
“Digital tools such as Chase Credit Journey can help you keep an eye on your credit and identity, notifying you of any unusual activity or if your information has been compromised in a data breach,” he adds.
