Discovering that your credit union or bank account has been compromised can be alarming but acting quickly and strategically can help minimize damage and restore your financial security. Here’s a step-by-step guide to what to do:

Recognize the Signs of Compromise

• Unfamiliar Transactions: Look for unauthorized charges, withdrawals, or transfers.
• Locked or Restricted Access: Inability to log in to your account could indicate unauthorized changes.
• Banking Alerts: Notifications of suspicious activity or changes to account settings that you did not make.

Immediate Steps to Take

1. Contact Your Financial Institution Immediately:
   • Contact your credit union or bank as soon as you notice suspicious activity.
   • Provide specific details about the unauthorized transactions or changes.
2. Close and Reopen Your Account:
   • Instead of freezing the account, request that your financial institution close the compromised account and open a new one.
   • Make sure to transfer any direct deposits and automatic payments to the new account to avoid disruptions.
3. Change Online Banking Credentials:
   • Update your username, password, and security questions.
   • Choose strong, unique credentials, enable biometric authentication, and enable two-factor authentication for added security.
4. Notify the Three Credit Bureaus, if your personal information has been compromised:
   • Report the incident to the major credit bureaus to help protect your credit:
     • Equifax: 1-800-525-6285 or equifax.com
     • Experian: 1-888-397-3742 or experian.com
     • TransUnion: 1-800-680-7289 or transunion.com
   • Request a fraud alert on your credit file to warn lenders to verify your identity before approving new credit.
   • Consider placing a credit freeze, which blocks new credit accounts from being opened in your name until the freeze is lifted.

Secure Your Finances

• Review All Recent Transactions: Go through your credit union or bank statements to identify unauthorized charges. Document these transactions to share with your bank or law enforcement if necessary.
• Monitor Linked Accounts: Check any linked savings or credit accounts for signs of compromise.
• Cancel Compromised Cards: If your debit or credit card details were stolen, request new cards from your bank.

File Reports

• File a Fraud Claim with Your Financial Institution: Work with your bank to resolve unauthorized charges and reclaim lost funds.
• Report Identity Theft (if applicable): If you suspect your identity has been stolen, file a report with the Federal Trade Commission (FTC) at IdentityTheft.gov.

Monitor and Prevent Future Breaches

• Check Your Credit Reports: Use AnnualCreditReport.com to review your credit reports for unauthorized accounts or inquiries.
• Enable Transaction Alerts: Set up email or text alerts to monitor account activity in real time.
• Use Free Credit Monitoring Services: Many digital banking platforms offer free credit monitoring tools. Take advantage of these services to receive alerts about changes to your credit file or potential fraud.
• Be Wary of Phishing Scams: Avoid clicking on suspicious links or sharing personal information over the phone or email.
• Use Secure Networks: Avoid conducting financial transactions on public Wi-Fi. Instead, use a secure, private network.

Educate Yourself and Others

• Stay informed about common scams and fraud tactics.
• Share these tips with family and friends to help them protect their finances.

Dealing with a compromised bank account can be stressful, but by acting quickly and following these steps, you can regain control and safeguard your financial future. Remember, your financial institutions are there to help you—don’t hesitate to reach out to them for assistance.