Banking Basics

Four Ways Richwood Bank Helps Keep Your Account Safe from Fraudsters

By January 31, 2020 No Comments

We’re always keeping tabs on your accounts so you don’t have to. On identity theft alone, most victims spend an average amount of 16 hours resolving identity fraud.

We know you have better things to do than deal with fraud loss.

Our Fraud Squad is always making sure you can use your debit card as safely and conveniently as possible. Thanks to our Fraud Squad, Richwood Bank customers are five times less likely to experience fraud loss than other banking institutions. We utilize text alerts, phone notifications, and monitoring programs to keep your accounts safe.

Here’s four techy ways we can help you instantly keep track of suspicious activity:

Text Message Alerts

Whether it’s a “Cha-Ching!” or “Oh, No!” moment, we can give you a heads up on your bank account activity with a text message alerts. You can create and edit alerts from different categories, like low balance alerts to avoid overdrafts, and transaction alerts for when you receive a deposit, check, or a withdrawal.

If any of these transactions weren’t made by you, or seem suspicious, you’ll be able to notify us right away. Follow this easy, five-step process to set up text message alerts through your online banking portal.

Text Fraud Alerts

Our text alert service allows you to instantly keep tabs on suspicious card activity. With text fraud alerts, if our system detects suspicious activity on your card, you’ll receive a text message with details about the suspected transaction. All you have to do is respond to the text to confirm the transaction. If you indicate the transaction is fraud, you’ll receive another message with a number to call for follow-up.

Text fraud alerts are automatic. We just need your cell phone number on file with us. If you need to verify or update your mobile number, give us a call at 740.943.2317.

Identity Theft Monitoring

We also offer a comprehensive identity theft monitoring and recovery service. It includes an initial risk assessment, continuous monitoring of over 1,500 public and nonpublic databases for fraudulent activity, suspicious activity notifications, and identity theft recovery with professional investigators who will make all the necessary calls and fill out the required documents to return you to pre-theft status.

Primary account holders of consumer checking accounts can sign up for identity theft monitoring online at no cost.

CardValet

CardValet® helps you protect your debit card by sending you transaction alerts and giving you the ability to define when, where and how your cards are used. You can customize alert preferences and usage settings to monitor and manage your cards – all through an app.

You can even turn your card on and off. This control can be used to disable your card if it is lost or stolen to prevent fraudulent activity.

Bonus Fraud Tip: Don’t be fooled by scams.

We’ll never call or text you asking for personal information. If you ever receive phone calls or text messages appearing to be from Richwood Bank asking for information regarding your accounts, let us know.

If you suspect fraud, call us, and our fraud squad will help – even after hours (888) 943-2317.