When times already feel tough from a financial perspective, the last thing you want is for your money to be compromised in any way. That’s why you want to know that the banks and other financial institutions you use the services of are protecting your money as they should.
There are many steps that these institutions now take and knowing a bit more about them might but your mind at ease a little. Their tactics are increasing in sophistication and they aim to protect customers better and eal with the threats posed by modern realities.
Encryption
Encryption is when your data is scrambled during an online exchange. This means that any communication between your browser and the website you’re using will be secure and protected. No one can intercept that data and use it to steal your money.
Encryption is always used when financial transactions or any interactions with your bank or creditor take part online. This is common practice and it’s definitely the norm these days, but it remains vital protection nonetheless. Without it, those everyday online interactions would not be protected.
Fraud Protection Software and Alerts
Numerous banks have made fraud protection software available as a free download to their customers. This helps to protect your money by functioning in the same way in which a regular anti-virus software would work. It runs in the background and lets you know when there’s a problem that you should be aware of.
Banks also monitor your accounts and let you know if they see any signs of unusual activity. They then send an alert to see whether this activity was carried out by you or someone committing fraud against you.
Education
Another thing banks are currently doing is providing their customers with more information on steps they can take to avoid deception. Phishing scams are now very common and it’s easy for some people to fall for them if they don’t know about them or understand how they work. They can often take the form of fake emails from the bank, and people can respond with their details and have their money stolen. Banks are taking action to ensure customers know not to respond to those kinds of correspondences though.
New ID Verification Checks
ID verification is a known requirement thanks to Know Your Customer (KYC) regulations that have been introducing. They are doing things like leveraging biometrics for KYC compliance. This means that they can be sure that only the person whose account it is can access it.
It’s simply a way of making sure that each customer is who they say they are. It might seem like a small thing but these verification checks are very important nowadays.
Digital Certificates
Digital certificates help to authenticate a website. It’s something that’s done by third-party companies to ensure the system can’t be abused in any way. All websites that offer banking and other financial services will ensure they have these digital certificates.
You’ll be able to see evidence of them in the address bar of your browser when you visit these websites. If they don’t have digital certificates, you shouldn’t enter any financial information at all. It’s too much of a risk, but no legitimate financial company will be without them these days.
Secure Communication with Your Bank
Secure messaging is another important feature offered by modern banks and other financial institutions. It means that you can contact your bank directly when you need to and there’ll be no risk of messages being intercepted in any way or any chance of you being exposed to phishing scams either.
There are specific portals used for this secure messaging on the websites of banks. Sometimes the bank will provide a customer service link with a secure email service.
Limited Attempted Logins
Anyone who’s forgotten their password and tried to enter it incorrectly on a bank or finance company’s website before will know how tough it can be to regain entry. There are often limited login attempts, meaning that if you don’t get it right in a certain number of attempts, you will simply be locked out of the account and there’ll be nothing more you can do about it without calling directly. It might sometimes be frustrating, but it protects you.
As you can see, there are lots of active steps that are being taken to ensure your money is properly protected and that’s the way it should be. Banks and financial institutions are always aiming to do more to improve the levels of protection they offer. And they have to because the tactics of fraudsters are always advancing.