Consumer and Companies Working Together to Stay Safe from Cyber Fraud

Banks and other financial institutions are struggling to keep up with ever advancing technology while still protecting our money, in part because we want instant access wherever we are. But mobile banking comes with risks, especially that our information and account numbers are vulnerable without strong safeguards in place. And while the banks are continually increasing and assessing security measures, thieves are also working to learn ways around online security.

Today, millions of transactions are happening online or over mobile apps, and that brings an increase in the risk of cyber fraud, where skilled hackers can steal your information, your money and your identity.

One of the challenges banks face in protecting our accounts is that they have to keep us happy. That mean making sure we can access our own accounts with a minimum of fuss, yet we still expect the banks and other financial institutions to protect us from cyber fraud. Of course, it’s in the banks best interest to protect our money, or we might just take our business elsewhere, and they know that. It’s a fine balancing act they have, and it’s important that we play a bigger role in preventing cyber fraud.

Banks are realizing that a big part of getting consumers involved in the fight against cyber fraud is education. Effective customer education and communication is vital to being able to work together to fight back against internet fraud. Their goal is to help us recognize and prevent fraud, and inform us of our own responsibilities when it comes to protecting our banking information online.

One very important factor in keeping your money safe is being aware that thieves are lurking on the web, just waiting for access. Avoid them by using safe and trusted sites and not ignoring your computer system when it gives you a security warning. Keep a close eye on your accounts, and immediately contact your bank if you spot a suspicious charge.

Hackers can be incredibly clever at stealing from accounts, building programs that are designed to avoid setting off the banks security alarms, so it’s important to be aware of you accounts, but lucky for us, most cyber fraud schemes aren’t that sophisticated. Keep your banking passwords safe and update them regularly. Also, avoid using internet connections unless you know they’re trustworthy. Finally, keep your own computer protected by using an up to date antivirus and malware program to prevent software from stealing your information straight from your own computer.