I’m a JPMorgan Chase Advisor: 4 Costly Banking Mistakes Putting Your Money at Risk
Written by
Lydia Kibet
Edited by
Cory Dudak
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Managing your bank accounts should feel simple. However, small habits can quietly put your money and personal information at risk.
According to Darius Kingsley, bank advisor and head of fraud prevention at JPMorgan Chase, many of the biggest issues he sees are everyday banking mistakes people make without realizing their impact. Fortunately, each is easy to fix once you know what to look out for.
1. Using Weak Passwords and Skipping Two-Factor Authentication
One of the most common security mistakes people make with their bank accounts is using weak or repeated passwords. This can leave your bank accounts vulnerable, especially if you use the same password on multiple sites.
“It’s a best practice to update your passwords across accounts regularly, using a complex combination of letters, numbers, special characters and capitalization,” Kingsley said. “Avoid using the same login credentials on multiple accounts, especially on your banking and personal email accounts.”
He also recommended using a password manager to store all your passwords and turning on two-factor authentication whenever possible. This added layer of protection helps ensure only you can access your bank accounts.
2. Relying on Paper Checks
Paper checks are still a convenient payment method, but they’re unsafe if you’re not careful. “While once a popular form of payment, the use of paper checks has decreased significantly in recent years, while instances of check fraud have risen,” said Kingsley.
He suggested switching to digital options like Zelle or wire transfers, which provide better tracking and faster processing. “Remember, only use Zelle to send money to others you know and trust.”
3. Clicking on Suspicious Links Claiming To Be From Your Bank
Bank impersonation scams are on the rise. “Be very suspicious of any messages via text or email claiming to be your bank and requesting sensitive information, directing you to click a link, suggesting you call a phone number provided in the text or demanding urgent action,” Kingsley warned.
If you suspect an issue with your account, Kingsley recommended calling your bank using the phone number on the back of your debit or credit card.
4. Ignoring Free Monitoring and Security Tools
Most banks offer free tools that can help you protect your money and personal information. Not taking advantage of these resources can mean missing early signs of fraud or identity theft. Kingsley encouraged people to take advantage of such services.
“Digital tools, like Chase Credit Journey, can help you monitor your credit and identity, alerting you to unusual account activity and if your personal information has been leaked in a data breach or shows up on the dark web,” Kingsley noted.
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