Financial institutions have a responsibility to protect your personal financial information, but it's crucial to take measures to reduce your risk of cybercrime. While no security procedure can guarantee complete protection, understanding the potential for customer account takeover incidents and theft of personal financial information can make a difference.

A customer account takeover occurs when criminals steal personal information like usernames and passwords to gain unauthorized access to personal accounts, including online financial accounts. Some use synthetic identities, combining real and fake information to create a new identity that benefits the fraudster.

Phishing emails that appear legitimate, social engineering tactics, data breaches, and stolen customer login credentials sold on the "dark web" are among the ways account takeovers can occur. Identity thieves may also use malware or search through improperly shredded account statements and records to capture your usernames and passwords.

Indicators of a problem with your account include unfamiliar or unauthorized transactions, missing funds or securities, incorrect or unauthorized account information updates, unexpected notifications of unrequested account changes, missing financial documents, or unfamiliar accounts or creditors on your credit report.

Many financial institutions offer optional text and email alerts or device notifications whenever a change is made to your account, a purchase meets specific criteria, or any online transaction occurs if you access your accounts online or through apps.