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 Continue reading Consumer and Companies Working Together to Stay Safe from Cyber Fraud