It’s a well-known threat that fraudsters can use stolen personal information to open new credit and loan accounts in an unsuspecting victim’s name, but what about deposit accounts, like checking and savings.
Unfortunately, the answer is yes, those can be exploited, too. Fraudsters can use stolen identities to open deposit accounts in someone else’s name. So what can you do? Outside of reporting to the credit bureaus, UBT also advises that you consider placing a security alert or security freeze with ChexSystems. These features function similar to alerts placed with the credit bureaus, but cover deposit accounts at banks that utilize ChexSystems for new customers (UBT is an example). This step can’t completely prevent deposit accounts from being successfully opened since not all banks utilize ChexSystems, but we recommend doing so in order to best mitigate as much risk of fraud as possible.
How to place an alert or freeze on your UBT deposit account:
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