Most people think of fraud as a stolen debit card or suspicious purchase. But many of today’s scams happen behind the scenes, with criminals targeting usernames, passwords and even mobile phone numbers to gain access to financial accounts.

Once fraudsters take control of an account, they may attempt to move money, change passwords or impersonate the account holder to access additional accounts and information. Understanding how these scams work can help you recognize warning signs and better protect yourself.

What Is Account Takeover?

Account takeover occurs when a criminal gains unauthorized access to one of your accounts, such as online banking, email, social media or even your mobile phone account. Once inside, fraudsters may change passwords, transfer money or use your personal information to target additional accounts.

Credential theft is often the first step in this process. This happens when criminals steal usernames, passwords, PINs or security verification codes through tactics like phishing emails, fake text messages, malicious websites or data breaches.

Increasingly, criminals are also targeting mobile phone accounts through “SIM swapping” or phone number hijacking. In these cases, scammers convince a mobile carrier to transfer your phone number to a device they control. Once they gain access to your phone number, they may intercept security codes used for multi-factor authentication and reset passwords for banking, email and other sensitive accounts.

Why This Matters

Account takeover is sometimes referred to as “gateway fraud” because it can open the door to multiple forms of financial and identity theft.

For example, if a fraudster gains access to your email account, they may be able to reset passwords for your bank account, shopping accounts or payment apps. If they gain control of your phone number, they can intercept verification codes designed to protect your accounts.

The impacts can include:

• Unauthorized withdrawals or purchases
• Locked or compromised accounts
• Identity theft
• Loss of sensitive personal information
• Emotional stress and time spent recovering accounts

Because many of our digital accounts are interconnected, a single compromised password or device can create a chain reaction.

How to Protect Yourself

While fraud tactics continue to evolve, there are several steps consumers can take to reduce risk and strengthen account security:

• Use strong, unique passwords. Avoid reusing the same password across multiple accounts. Consider using a password manager to securely create and store complex passwords.
• Enable multi-factor authentication. Whenever available, enable multi-factor authentication, which adds an extra layer of security beyond your password. Authentication apps are often more secure than text-message verification alone.
• Be cautious with emails and texts. Fraudsters frequently impersonate banks, delivery companies or government agencies. Avoid clicking suspicious links or downloading unexpected attachments. Always verify requests independently.
• Monitor your accounts regularly. Review bank activity and account alerts frequently. Early detection can help minimize damage if fraud occurs.
• Protect your devices. Keep your phone, computer and apps updated with the latest security patches. Use screen locks and avoid accessing sensitive accounts on public Wi-Fi networks.

Fraudsters may continue changing their tactics, but awareness and vigilance remain some of the strongest defenses. By staying informed and practicing good digital security habits, you can help protect yourself and your financial future.

How Busey Can Help

At Busey, protecting our clients’ financial information is a top priority. We encourage clients to use account alerts, monitor transactions regularly and contact us immediately if something doesn’t seem right.

If you believe you’ve been the victim of fraud or a scam on a Busey account, contact our Customer Care team, visit your local Banking Center to place a fraud alert on your account or follow these steps outlined by the FBI Internet Crime Complaint Center. You can also read Busey’s Fraud Prevention FAQs or check out our Fraud Prevention Toolkit for more information.