Turn on bank alerts to catch fraud early
Most banks and credit card companies will text or email you whenever money moves. These alerts are free, take ten minutes to set up, and they're one of the best ways to catch fraud the same day instead of weeks later on your statement.
Alerts worth turning on
- Any card purchase over a set amount. An amount like $50 works well for most people. Some choose $1 to see every charge, since thieves often test a stolen card with a tiny purchase first, but that can mean a lot of texts.
- Online or phone purchases ("card not present").
- Withdrawals and transfers, including Zelle payments.
- A new device signs in or your password or contact information changes.
- Low balance, so you're not surprised by fees.
How to set them up
- Open your bank's app (or sign in on its website) and look for Alerts, Notifications, or Settings. It's often under your profile or "More."
- Choose how you want them: text message is usually fastest.
- Turn on the alerts above and set the amounts.
- Do the same for each credit card.
Prefer not to use the app? Call the number on the back of your card or stop by your branch, and they'll set alerts up for you.
When an alert arrives
- If you recognize it, there's nothing to do.
- If you don't, call the number on the back of your card right away. Report even small charges.
Watch out for fake alerts. Real banks sometimes text "Did you make this purchase? Reply YES or NO," and scammers send texts that look exactly the same. Since you can't always tell them apart, use one safe habit for both: don't reply or tap anything in the text. Call the number on the back of your card and ask.
If someone calls you right after a text like this, saying they're from the fraud department, hang up and call the number on your card yourself. Real banks don't ask for your password, PIN, or sign-in codes, and don't ask you to move money to "protect" it.
One more safeguard: a trusted contact
Ask your bank to add a trusted contact to your account, such as an adult child or close friend. That person can't see your account or move your money, but the bank can call them if it can't reach you or suspects someone is taking advantage of you.
Sources: CFPB: Messages asking to "verify" your account, CFPB: Trusted contacts. Alert options vary by bank.
