Five Points Bank Blog

Spring Into Security: How to Clean Up Your Financial Safety

Spring cleaning isn't just for your home—it's a great opportunity to tidy up your financial security too. As we embrace the warmer days ahead, Five Points Bank is here to help you sweep through your financial habits, ensuring your personal and financial information remains secure. Here's a comprehensive guide to spring cleaning your financial security, ensuring you're safeguarded against fraud and identity theft.

Refresh Your Passwords

One of the simplest yet most effective steps in bolstering your financial security is to update your passwords. Use complex, unique passwords for each of your financial accounts and consider using a password manager to keep track of them. Regularly changing your passwords can help protect against unauthorized access.

Review Account Statements and Credit Reports

Take the time to thoroughly review your bank and credit card statements for any unauthorized transactions. Additionally, checking your credit report can alert you to any fraudulent accounts opened in your name. You're entitled to a free credit report every 12 months from each of the three major credit reporting agencies. Use this opportunity to report and dispute any inaccuracies.

Update Your Software

Ensure all your devices have the latest security software, web browsers, and operating systems. These updates are crucial in protecting your devices from malware and other vulnerabilities. If you haven't already, enable automatic updates so you're always protected.

Secure Your Personal Documents

Spring cleaning is the perfect time to organize and secure important documents. Shred old bank statements, tax returns (that are more than seven years old), and other sensitive documents. For the ones you need to keep, consider storing them in a fireproof safe or a secure, encrypted digital format.

Be Wary of Phishing Attempts

Phishing scams often increase during tax season and other times of the year. Be cautious of emails, phone calls, or texts requesting personal or financial information. Remember, Five Points Bank will never ask for your password or PIN via these channels.

Opt for Multi-Factor Authentication

Where available, enable multi-factor authentication (MFA) on your financial accounts. MFA adds an extra layer of security by requiring two or more verification methods to access your account, such as a password and a code sent to your phone.

Consolidate and Close Unused Accounts

Having fewer accounts not only simplifies your financial life but also reduces your exposure to fraud. Close any accounts you no longer use, and consider consolidating your finances to make them easier to manage.

Educate Yourself and Family

Stay informed about the latest security threats and share this knowledge with your family, especially if you have elderly relatives who may be more vulnerable to scams. Education is one of the best defenses against fraud.

Set Up Alerts

Take advantage of account alerts to monitor transactions in real time. You can set up alerts for high-dollar transactions, foreign transactions, or even each time a transaction occurs. These alerts can be an early warning system for fraudulent activity.

Review Your Insurance Coverage

Lastly, ensure that you have adequate insurance coverage to protect against identity theft and fraud. Some homeowner’s insurance policies offer identity theft protection. Review your policy or consider additional coverage if necessary.

At Five Points Bank, your financial security is our top priority. By taking these steps to clean up and secure your financial life this spring, you can enjoy the season with peace of mind, knowing your personal and financial information is well-protected. If you have any questions or need further assistance, our team is always here to help.