Posted On: May 14, 2025 by Prevail Bank in: Banking
For years, banks and credit unions have encouraged account holders to switch to e-statements by highlighting environmental benefits. While reducing environmental impact is important, it isn’t the game-changer. What truly is the motivating factor? Security!
A single stolen statement can give a fraudster everything they need to drain an account, open new credit lines, or take out loans in someone else’s name!
Fraud Is Getting Worse
Mail fraud, identity theft, and phishing attacks are at all-time highs. Together, identity theft and account fraud have cost consumers billions every year (a record $10.2 billion in 2023), and criminals are only getting more sophisticated.
Physical mail theft remains a serious threat. The Federal Bureau of Investigation (FBI) and United States Postal Inspection Service (USPIS) issued a joint announcement acknowledging this fact in January of 2025.
Paperless eStatements are a critical layer of protection!
eStatements aren’t just convenient; they actively protect you 24/7! No physical statements mean no opportunity for theft from your mailbox or trash, and it also means reduced phishing risks — Secure portals prevent scammers from intercepting sensitive documents.
We know many account holders understand that digital banking provides financial data protection, but switching to eStatements isn’t always top of mind. So, let’s rectify this today!
⮚⮚ If you already have online banking with Prevail Bank but you didn’t choose eStatements, you still can.
- Click Profile > Electronic Statements.
- Select desired account to enroll.
- Click eStatement.
- Click "electronic statements terms and conditions" link.
- Record confirmation code at end of document.
- Check box accepting terms and conditions.
- Enter confirmation code to confirm ability to view PDF files.
- Select Save to change status.
When you have successfully signed-up for eStatements, we’ll send you a monthly email letting you when your most current statement is ready for viewing.
⮚⮚ If you don’t have online banking established, you will need to do that. Click the link provided. OR! Let us help you get set-up; we’ll do it together! Call us to establish a meeting time.
During our get-together, we’ll show you how easy it is to view and print your current statement and past statements (This feature is especially handy at tax time because all of your important information can be easily printed to help document your deductible expenses.), in addition to other benefits.
Bottom line: We want you to feel confident in both the convenience and security that eStatements offer. They're a simple way to stay informed while adding an extra layer of protection between you and potential fraud. We're here to help you stay vigilant and secure every step of the way.
