Last week Magnolia State Bank posted a flyer to help guide you in the misfortune of fraud. This step-by-step guide is available with 24/7 access on the bankmagnolia.com home page.
Mobile banking, especially with Magnolia State Bank’s security features and encryption, is extremely safe to use; however, scams and frauds are likely to occur via credit card theft as they aren’t cash fraud or check fraud.
The more you know about the situation, the easier it will be to prevent fraud and to handle fraud. The list below will provide more knowledge to help you properly deal with scams or fraud:
1. Credit vs Debit
There is a difference between credit card and debit card fraud, in that credit card fraud claims are much easier to dispute. Credit cards do not process each transaction right away, allowing these transactions to be voided after the dispute has been investigated. Debit cards, on the other hand, work like cash, making them harder to dispute because once the transaction occurs, the items are considered purchased. These claims will have to be disputed through the merchant and will result in refunds by that merchant once the transactions have been investigated.
2. Mobile Apps
Magnolia State Bank offers its mobile app to give customers direct, 24/7 access into their accounts. Waiting around to check monthly paper statements is a great way to cross-reference your transactions, but it is highly recommended to check your mobile or online account more frequently, at least once a week. Frequent checking of your accounts will allow you to spot and report fraud as soon as it happens, ensuring that the damage can be reversed.
3. Reporting Fraud
If you notice something fishing going on, report the information right away to your Magnolia State Bank representative. He or she will help you determine the next steps of action, which often includes contacting the reporting agencies to place a fraud alert on your credit and the Federal Trade Commission to report possible identity theft.
To view the HOW TO HANDLE ACCOUNT FRAUD flyer, please visit http://www.themagnoliastatebank.com/documents/how-to-handle-account-fraud.pdf. We advise you print out this flyer and put it with your financial statements for easy access to the important contact information contained in the flyer.