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Investment Strategy

How to stay a step ahead of fraudsters

Take these simple steps to help protect you and your family, friends and organization.

At J.P. Morgan, protecting client information is a top priority. That’s why we apply controls and procedures that help shield your accounts from fraudulent activity.

But we can’t do this alone. It’s also important for you to stay vigilant—by understanding emerging trends and taking action to protect yourself against potential breaches and exposure. 

As the fraud landscape continues to evolve, we encourage all of our clients, as well as their children, parents, extended network of friends, employees and coworkers, to take the simple action steps below to protect their information, identities and financial profiles.

To start, whether with or outside of J.P. Morgan, one of the most important precautions you can take to prevent fraud is to verbally verify all payment instructions with your beneficiary, service provider or trusted contact when you receive payment request details via email.

Top 5 things to do with J.P. Morgan
 

1. Create unique, complex usernames—not just passwords

Take action:

Update your J.P. Morgan OnlineSM username and password by following these simple steps:

  • On a computer: 
    • Log in to your J.P. Morgan Online account. 
    • Click on the “person” icon at the top righthand corner. 
    • Select “Protect Info” under “Sign-in and Security.” 
    • Create a unique username that does not include your personal information or match your email accounts. 
    • Click on “Password” from the lefthand menu to create a strong password using a mix of upper- and lowercase letters, numbers and special characters.
  • Next, review your other online accounts to ensure those login credentials are strong and unique as well. Use multi-factor authentication on all accounts (including email accounts).
  • On a mobile device or tablet:
    • Log in to your J.P. Morgan Mobile® app. 
    • Click on the “person” icon at the top righthand corner. 
    • Select “Settings.” 
    • Select “Sign-in Preferences” and “Username & Password.” 
    • Create a unique username that does not include your personal information or match your email accounts. 
    • Create a strong password using a mix of upper- and lowercase letters, numbers and special characters.


2. Set up a secure token to further secure your online accounts

Preventing access to your online accounts is as simple as creating separate login credentials for each online platform you leverage. Remember to never save your login details into your web browser or online websites to protect against potential exposure.

As part of our multi-factor authentication, J.P. Morgan offers an RSA token—a real-time code that refreshes every minute and is only given to you. In addition to your username and password, an RSA token provides a second layer of validation when you log in to your account via J.P. Morgan Online and the J.P. Morgan Mobile app.

Contact your J.P. Morgan Client Service team to request a secure token for your online profile.


3. Enable online alerts

Turning on alerts allows you to be one step ahead of fraud. J.P. Morgan Online offers alerts that you can apply to your online profile and accounts. When enabled, these alerts notify you of potentially fraudulent transactions or account changes. For enhanced security, sign up to receive alerts both by text message and email in the event one is compromised.

Take action:

  • On a computer, enable alerts: 
    • Log in to your J.P. Morgan Online account. 
    • Click on the “person” icon at the top righthand corner. 
    • Select “Alerts.” 
    • Select “Alerts delivery” to set up your delivery profile. 
    • Select “Choose Alerts” from the lefthand menu to enable alerts for each account. 
    • For more information on available alerts, click here.
  • On a mobile device or tablet: 
    • Log in to your J.P. Morgan Mobile app. 
    • Click on the “person” icon at the top righthand corner. 
    • Select “Alerts.” 
    • Select “Alerts delivery” to set up your delivery profile.
    • Select “Choose Alerts” from the lefthand menu to enable alerts for each account.


4. Set up paperless statements to help prevent your account information from being lost or stolen in the mail

If a check or account statement is stolen or lost, a fraudster has access to your personal information—including your name, address, bank account number and signature. When you use online bill payment systems, J.P. Morgan sends a check or an electronic payment on your behalf without disclosing your personal account number to the beneficiary.

Take action:

Enroll in Paperless Statements by contacting your Client Service team. You can also update your preferences within J.P. Morgan Online via these steps:

  • On a computer: 
    • Log in to your J.P. Morgan Online account. 
    • Click on the “person” icon at the top righthand corner and select “Alerts.” 
    • Select “Account Settings > Paperless.” 
    • Review and save your options.
  • On a mobile device or tablet:
    • Log in to your J.P. Morgan Mobile® app. 
    • Click on the “person” icon at the top righthand corner and select “Alerts.” 
    • Select “Account Settings > Paperless.” 
    • Review and save your options.


5. Implement money movement controls

Protect your business and personal transactions by strengthening your operational process to protect against the risk of fraud. Consider implementing controls such as dual approvals for payments, especially those destined for high-risk jurisdictions where it can be more difficult to recover funds.

Take action:

  • Employ a callback process to verify payment details.
  • Leverage online bill pay systems instead of writing personal checks to protect your account details.
    • Contact your J.P. Morgan Client Service team to learn more about enrolling in J.P. Morgan Online. If you need assistance setting up your online bill payments, you will be connected to a dedicated Banking Personal Assistant.
  • Learn how to spot red flags indicating fraudulent payment instructions, such as blurred logos, grammatical issues and requests late in the day or before holidays.

Top 5 things to do outside of J.P. Morgan
 

1. Protect your identity: Freeze your credit, review your credit reports periodically, and enroll in a credit monitoring service

Freezing your credit is a proactive measure against identity theft. A credit freeze—also known as a security freeze—restricts access to your credit report, making it more difficult for identity thieves to open accounts in your name and/or abuse your credit.

Take action:


2. Choose a reputable email provider and enable its security offerings

Take action:

  • Maintain separate accounts for personal and business use, and don’t use them interchangeably.
  • Create complex and unique login credentials using a mix of upper- and lowercase letters, numbers, and special characters or a phrase. Change your passwords three or four times a year.
  • Enable multi-factor authentication to further secure email accounts.
  • Delete emails containing personal information—such as photos of IDs or documents saved in your email Inbox, Sent and Trash folders.


3. Contact your mobile service provider to proactively prevent phone porting and call forwarding


Fraudsters have begun hijacking phone numbers by tricking cell phone service providers into transferring (or porting) a victim’s phone number to a new device, or by hacking into an individual’s online account with the service provider. When this occurs, fraudsters gain access to the data ported from the original mobile device and are able to reset a victim’s passwords on every account that uses the phone number for auto recovery. They are also able to receive one-time verification codes sent to the mobile number by text, phone call or email. Equally concerning is the ease with which a phone number can be forwarded to another number.

Take action:

  • Log in to your online account or call your service provider to freeze phone porting and call forwarding capabilities, and add a verbal password to your account for additional security.


4. Install anti-virus and ad-blocking software on all of your devices, and keep it up-to-date

Take action:

  • Do your homework—not all software is created equal. You will want to consider software that includes multi-layered malware, spyware and adware protection. Some also offer firewall and spam filtering capabilities, as well as ransomware protection.


5. Protect your identity by limiting the amount of information shared online and on social media

Take action:

  • Review your and your family’s social media privacy settings and the information a person may have access to when viewing your accounts.
  • Remove personal information shared online that can be used by fraudsters in an attempt to defraud you.

Top 5 things you should never do


1. Do not assume a phone call, email or text message is genuine
Be wary of impersonators. Fraudsters use social engineering techniques to deceive you into divulging information or taking action on a financial account.

2. Do not share personal information with unknown individuals
Be mindful of the information you share with others, even in the normal course of business.

3. Do not use the same credentials and passwords for your online accounts
Consider using a password management tool.

4. Do not allow unknown individuals to access your computer remotely
Even if they claim to be from a reputable service or technology provider.

5. Do not use public Wi-Fi networks (such as those in hotels, airports and coffee shops)
If you must use public Wi-Fi, use it through a Virtual Private Network (VPN).

As the fraud landscape continues to evolve, we encourage all of our clients, to take the simple action steps below to protect their information, identities and financial profiles.

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Important Information

This article is provided for educational and informational purposes only and is not intended, nor should it be relied upon, to address every aspect of the subject discussed herein. The information provided in this article is intended to help clients protect themselves from cyber fraud. It does not provide a comprehensive listing of all types of cyber fraud activities and it does not identify all types of cybersecurity best practices. You, your company or organization is responsible for determining how to best protect itself against cyber fraud activities and for selecting the cybersecurity best practices that are most appropriate to your needs. Any reproduction, retransmission, dissemination or other unauthorized use of this article or the information contained herein by any person or entity is strictly prohibited.

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Any views, strategies or products discussed in this material may not be appropriate for all individuals and are subject to risks. Investors may get back less than they invested, and past performance is not a reliable indicator of future results. Asset allocation/diversification does not guarantee a profit or protect against loss. Nothing in this material should be relied upon in isolation for the purpose of making an investment decision. You are urged to consider carefully whether the services, products, asset classes (e.g., equities, fixed income, alternative investments, commodities, etc.) or strategies discussed are suitable to your needs. You must also consider the objectives, risks, charges, and expenses associated with an investment service, product or strategy prior to making an investment decision. For this and more complete information, including discussion of your goals/situation, contact your J.P. Morgan team.

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