Digital payment options bring rewards—and risk

Here’s how to protect yourself against fraud

September 22, 20213 min read

Credit card, debit card or apps.

Today there are more ways to pay beyond cash than ever before, but each option comes with its own risk of fraud.

“The digital banking landscape has changed significantly in recent years,” said Leasa Melton, a consumer product manager at BOK Financial®. “The old advice to ‘never use your personal or payment info online’ isn’t realistic anymore. More people than ever are doing business, booking travel, shopping online and using peer-to-peer payment apps.”

She added, “We are fortunate to live in an increasingly digital age that brings added value and convenience to the way we conduct business. With so much of our day-to-day life conducted online, it’s paramount to be actively engaged in monitoring account activity and protecting our online usernames and passwords from others.”

Fraudsters are getting more sophisticated in their approach and focusing on digital spending habits and trends to determine their next victim, she said. “It’s worthwhile for everyone to remain vigilant and alert.”

Julie Roman, BOK Financial’s debit card fraud prevention manager, said some of the most common scams involving debit and credit cards are related to COVID-19, jobs and romance. Roman suggested some ways to guard against common scams and fraud:

  • Employ digital payment best practices.
  • Use features from your bank like spending and low-balance alerts to help you monitor for unusual activity.
  • Disable, or block, your card in mobile or online banking if you believe it has been lost or stolen, so it’s unusable. If you find your card later, you can easily re-enable it.
  • Use mobile banking to monitor your account regularly. And if you see something suspicious, notify your bank immediately.
  • Be mindful of skimming devices—mechanisms illegally installed to capture users’ data or PINs— when using payment terminals.

In addition, these experts suggested being on the lookout for phishing scams that target consumers through text messages, phone calls or emails in attempt to trick you into sending money.

“When it comes to protecting yourself against fraud with all payment types, take an active role,” said Roman. “Be diligent in monitoring your transactions.”

She suggested never responding to unsolicited emails or text messages from companies that you do business with requesting that you re-validate your personal information.

“Your bank will never call you to ask you to verify your online banking password or personal information over the phone,” she said.

Melton added, “No matter what payment type you’re using, you should always be mindful of protecting personal or sensitive information, and never share usernames or passwords with anyone.”


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    BOK Financial Corporation is a more than $50 billion regional financial services company headquartered in Tulsa, Oklahoma with more than $105 billion in assets under management and administration. The company's stock is publicly traded on NASDAQ under the Global Select market listings (BOKF). BOK Financial Corporation's holdings include BOKF, NA; BOK Financial Securities, Inc., and BOK Financial Private Wealth, Inc. BOKF, NA's holdings include TransFund and Cavanal Hill Investment Management, Inc. BOKF, NA operates banking divisions across eight states as: Bank of Albuquerque; Bank of Oklahoma; Bank of Texas and BOK Financial (in Arizona, Arkansas, Colorado, Kansas and Missouri); as well as having limited purpose offices Nebraska, Wisconsin, Connecticut and Tennessee. The entities held by BOK Financial Corporation are periodically referred to collectively as BOK Financial Corporation Group. Through its subsidiaries, BOK Financial Corporation provides commercial and consumer banking, brokerage trading, investment, trust services, mortgage origination and servicing, and an electronic funds transfer network. For more information, visit www.bokf.com.

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