The holiday season is a busy time for everyone—including fraudsters. While you're shopping for gifts and enjoying the festivities, it's important to stay alert. Scammers don’t take time off, and the rush of holiday spending can make it easier to miss suspicious activity.

The good news is that fraud protection may cover unauthorized transactions, so if something doesn’t look right, be sure to report anything unusual right away. Monitor your accounts regularly for suspicious transactions and contact your bank if you suspect fraud. Learn more about how banking regulations impact fraud protection:
  • Fraud protection for unauthorized transactions – Federal regulations, such as the Electronic Fund Transfer Act (EFTA), or Reg. E, limit your liability for unauthorized electronic transactions if you report them promptly. Notify your bank immediately if you suspect fraud. In general, according to the Consumer Financial Protection Bureau (CFPB), if unauthorized transfers are reported within 60 days of the date of the first statement which includes the unauthorized transfer, consumer liability is limited. However, delays in reporting may result in higher liability. Also, be sure to review bank statements and set up transaction alerts for early detection of suspicious activity.

Learn More:
For additional resources on consumer protections or to discuss your financial needs, contact your personal banker at Iowa State Bank.

This information is provided in partnership with the Iowa Bankers Association as a courtesy to the customers of Iowa State Bank.