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NEWS RELEASE
CONTACT:
Michael Herd
mherd@nacha.org
Take Steps to Protect Your Checking Account Information, NACHA Advises
Herndon, Virginia, January 16, 2003 – The Federal Trade Commission's National Consumer Protection Week, being held February 2-8, 2003, is
an excellent time for consumers to take steps to protect their checking account information, according to NACHA – The Electronic Payments Association.
Checking account information is vulnerable to theft and use by another person to make purchases, either by printing fake checks with the stolen
account information, or using the account information on the Internet or over the telephone. Thieves even attempt to use stolen checking account numbers to pay off fraudulently obtained credit cards.
Elliott C. McEntee, President and Chief Executive Officer of NACHA, said, "It is fine to use your checking account information on the Web or over
the phone to pay bills or to pay companies you know and trust. But you should safeguard your checking account information, just as you would your address, phone number, Social Security number, and other
account numbers."
NACHA has compiled a list of steps consumers can take to prevent checking account number theft:
- Safeguard your checking account information, just as you would any other sensitive personal information.
- Never give your checking account information to telemarketers or to callers claiming to need to confirm or verify your checking account
information.
- Don't carry your checkbook around with you unnecessarily.
- Don't leave bill payments or other checks in your mailbox.
- Always review your monthly account statement, or go to your financial institution's web site to view your account activity more
frequently. Report any unauthorized transaction or suspicious activity to your financial institution immediately.
- Report lost or stolen checks and checkbooks immediately to your financial institution.
- Tear or shred any old checks or account statements before throwing them away.
- Consider using electronic alternatives to paying by check when making purchases or paying bills. This substantially reduces, or even
eliminates, the number of people that see the personal and account information that is printed on your checks, and provides better protection under Federal regulations.
- If you believe your checking account information has been stolen, contact your financial institution immediately.
McEntee also noted, "Consumers have better protection with electronic payments than they do when using paper checks. There are federal
regulations that provide consumers with substantial protection against unauthorized electronic debits to their checking accounts. There are no comparable federal regulations for checks."
Important Web Sites:
Federal Trade Commission's National Consumer Protection Week - http://www.consumer.gov/ncpw/
National Consumers League Alliance Against Fraud in Telemarketing and Electronic Commerce - http://fraud.org/aaft/aaftset.htm
About NACHA - The Electronic Payments Association
NACHA is the leading organization in developing electronic solutions to improve the payments system. NACHA represents more than 12,000
financial institutions through direct memberships and a network of regional payments associations. NACHA is a member of the National Consumers League Alliance Against Fraud in Telemarketing and Electronic
Commerce. Visit NACHA on the Internet at http://www.nacha.org.
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