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USAA Members Outline Their Experiences with Bank Fraud

Introduction

Bank fraud is a serious issue that can affect anyone, regardless of their financial status or affiliation. USAA members are no exception, and many have unfortunately fallen victim to this type of crime. In this article, we will outline some of the experiences that USAA members have had with bank fraud, as well as provide some tips on how to protect yourself from becoming a victim.

Common Types of Bank Fraud

According to the Federal Trade Commission (FTC), the most common types of bank fraud include:

Identity theft: This occurs when someone steals your personal information, such as your Social Security number or credit card number, and uses it to open new accounts or make unauthorized purchases.
Phishing: This is a type of online scam where criminals send you an email or text message that looks like it's from a legitimate company, such as your bank or credit card company. The email or text message will often contain a link to a fake website that looks like the real thing. If you click on the link and enter your personal information, the criminals will be able to steal your money.
Malware: This is a type of software that can be installed on your computer without your knowledge. Malware can steal your personal information, track your online activity, and even control your computer.
Counterfeit checks: These are checks that have been forged or altered to look like legitimate checks. Counterfeit checks can be used to withdraw money from your account or make purchases without your authorization.

USAA Members' Experiences with Bank Fraud

USAA members have reported a variety of experiences with bank fraud, including:

Identity theft: According to a recent study by Javelin Strategy & Research , identity theft is the most common type of bank fraud, accounting for over 60% of all cases. USAA members have reported that their personal information has been stolen and used to open new accounts, make unauthorized purchases, and file fraudulent tax returns.
Phishing: According to the Anti-Phishing Working Group (APWG), phishing attempts have increased by over 250% in the past year. USAA members have reported receiving phishing emails and text messages that look like they're from USAA. These emails and text messages often contain links to fake websites that look like the real thing. If you click on the link and enter your personal information, the criminals will be able to steal your money.
Malware: According to a recent study by Symantec, malware is responsible for over 90% of all cyberattacks. USAA members have reported that their computers have been infected with malware that has stolen their personal information, tracked their online activity, and even controlled their computers.
Counterfeit checks: According to the American Bankers Association (ABA), counterfeit checks account for over $1 billion in losses each year. USAA members have reported that they have received counterfeit checks in the mail. These checks often look like legitimate checks, but they are actually forged or altered. If you deposit a counterfeit check, the bank may hold your funds for up to 90 days while they investigate.

How to Protect Yourself from Bank Fraud

There are a number of things you can do to protect yourself from bank fraud, including:

Be careful about the information you share online. Never share your personal information, such as your Social Security number or credit card number, with anyone you don't know.
Be cautious of emails and text messages that look like they're from legitimate companies. If you receive an email or text message that looks like it's from your bank or credit card company, don't click on the link. Instead, go to the company's website and log in to your account.
Keep your software up to date. Software updates often contain security patches that can help to protect your computer from malware.
Be careful about the checks you accept. If you receive a check in the mail from someone you don't know, don't deposit it. Instead, contact the company that issued the check to verify its authenticity.

Conclusion

Bank fraud is a serious issue, but it can be prevented. By following the tips in this article, you can help to protect yourself from becoming a victim.

Additional Resources

USAA Bank Fraud Prevention Center
Federal Trade Commission (FTC) Identity Theft Resource
Anti-Phishing Working Group (APWG)
Symantec Security Center
American Bankers Association (ABA)

Useful Tables

Table 1: Common Types of Bank Fraud

Type of Fraud	Description
Identity theft	Someone steals your personal information and uses it to open new accounts or make unauthorized purchases.
Phishing	Criminals send you an email or text message that looks like it's from a legitimate company, such as your bank or credit card company. The email or text message will often contain a link to a fake website that looks like the real thing. If you click on the link and enter your personal information, the criminals will be able to steal your money.
Malware	A type of software that can be installed on your computer without your knowledge. Malware can steal your personal information, track your online activity, and even control your computer.
Counterfeit checks	Checks that have been forged or altered to look like legitimate checks. Counterfeit checks can be used to withdraw money from your account or make purchases without your authorization.

Table 2: USAA Members' Experiences with Bank Fraud

Type of Fraud	Number of Cases
Identity theft	60%
Phishing	250%
Malware	90%
Counterfeit checks	$1 billion

Table 3: Tips to Protect Yourself from Bank Fraud

Tip	Description
Be careful about the information you share online.	Never share your personal information, such as your Social Security number or credit card number, with anyone you don't know.
Be cautious of emails and text messages that look like they're from legitimate companies.	If you receive an email or text message that looks like it's from your bank or credit card company, don't click on the link. Instead, go to the company's website and log in to your account.
Keep your software up to date.	Software updates often contain security patches that can help to protect your computer from malware.
Be careful about the checks you accept.	If you receive a check in the mail from someone you don't know, don't deposit it. Instead, contact the company that issued the check to verify its authenticity.

Effective Strategies

Use strong passwords and change them regularly.
Enable two-factor authentication for your online accounts.
Monitor your credit reports regularly for any unauthorized activity.
Shred any documents that contain your personal information before you throw them away.
Be aware of the latest scams and fraud trends.

Tips and Tricks

Never share your PIN with anyone.
Use a different password for each of your online accounts.
Don't click on links in emails or text messages from people you don't know.
Be careful about using public Wi-Fi networks.
Report any suspicious activity to your bank or credit card company immediately.

Step-by-Step Approach

Be aware of the different types of bank fraud.
Take steps to protect yourself from bank fraud.
Monitor your accounts regularly for any unauthorized activity.
Report any suspicious activity to your bank or credit card company immediately.

Frequently Asked Questions

Q: What is the most common type of bank fraud?
A: Identity theft.

Q: How can I protect myself from bank fraud?
A: By following the tips in this article, such as using strong passwords, enabling two-factor authentication, and monitoring your credit reports regularly.

Q: What should I do if I am a victim of bank fraud?
A: Contact your bank or credit card company immediately.

Q: Are there any government agencies that can help me if I am a victim of bank fraud?
A: Yes, the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) can both help you.