New and sophisticated ways to commit fraud are increasing at an alarming rate. The rapidly growing number of individuals using smartphones for mobile banking has created a new target for cybercriminals to exploit.
Much like online fraud, mobile banking fraud involves fraudsters' attempts to obtain a user's confidential login information — including passwords, personal ID numbers, and token codes — to gain access to accounts and improperly transfer money or commit other fraudulent acts.
Mobile banking fraud is often difficult to detect. You may be unaware information has been stolen until the money is gone from your company's accounts.
What you should do to protect your money
- Protect your login information. Never give your company and user IDs, passwords, token codes, or token serial numbers to anyone who contacts you by telephone, email, or text message. Wells Fargo will never contact you out of the blue to ask for this information.
- Implement dual custody for online payment and administrative services. Dual custody requires payments and user changes initiated by one user be approved by a second user on a different computer or smartphone before they take effect. Dual custody is one of the most effective fraud deterrents in a layered security approach.
- Be careful choosing apps. Before you download or install a banking app or shortcut on your smartphone, check to make sure it is a genuine, authorized app from your financial institution. The Wells Fargo CEO Mobile® iPhone app is available through the Apple App Store, and the Android app is available from the Google Play Store.
- Don't follow links in emails or text messages that claim to be from your financial institution, especially those expressing an urgent need for you to update your information, activate an account, or verify your identity by calling a phone number or submitting information on a website. It likely is a phish. Go directly to your bank's mobile banking service to do your banking. Forward all suspicious emails and text messages to firstname.lastname@example.org.
- Monitor online accounts regularly to detect suspicious activity. Immediately contact your Wells Fargo representative or customer service team if you notice anything out of the ordinary.
- Lock your smartphone when it's not in use, and store it in a secure location. Keypad and phone lock functions password-protect your smartphone so no one else can use it or view your information.
- Delete text messages from your financial institution frequently, especially before loaning, discarding, or selling your smartphone.
- If you lose your smartphone or change your number, remove the old number from your mobile banking profile at mobile.wellsfargo.com or call your customer service team.
For more information on preventing mobile banking fraud, contact your Wells Fargo representative.