DFCU Blog

In an age where accessibility and environmental mindfulness are the main reasons why consumers are going paperless, the greatest benefit to switching to e-Statements is often overlooked: enhanced security.

Recently, the Financial Crimes Enforcement Network (FinCEN) sounded the alarm on a concerning trend. In collaboration with the United States Postal Service, FinCEN sent out an alert on February 27, 2024, regarding mail theft-related check fraud schemes. Criminals are increasingly stealing mail such as bank statements to collect and use consumer account information to commit fraud.

If you have not made the switch to e-statements yet, this is a good reason to consider it.

Consumers are increasingly choosing electronic banking for their accounts. According to the Consumer Financial Protection Bureau, in 2020, 56% of credit card holders chose to receive e-statements. Also, according to Forbes, 78% of adults in the United States prefer online or mobile banking as of 2022.

What is an e-Statement and how does it work?

A bank statement details all the transactions that were processed in an account within a certain period of time, either monthly or quarterly. An e-statement has the same information as a paper statement does, except it is typically delivered to the consumers email address instead of their mailing address.

How does switching to e-Statement help keep my information secure?

Traditional paper statements present potential risks, such as mail theft and identity fraud. With e-statements you do not have to worry about information falling into the wrong hands. There are no physical documents significantly reducing the risk of fraudulent activities.

Additionally, our password protected secure online banking portal ensures that your e-statements are accessed with the utmost safety. DFCU implements multiple security measures, including advanced firewalls and intrusion detection systems, to safeguard against unauthorized access.

If you are ready to take advantage of the benefits of switching to e-statements, check out our interactive demo and video tutorial for step-by-step instructions in our online education center.
https://www.dfcu.net/services-tools/tools/education-center.html

To receive e-statements you simply need to enroll in the feature in your online banking account.
https://www.dfcu.net/services-tools/account-services/digital-banking.html