How Secure Is Your Bank Account?

2:44:00 PM

Now that personal data breaches occur on a daily basis, hacking has become the crime that most concerns nearly 70% of consumers, according to a Gallup poll. It is a source of great fear, but the real responsibility consumers assume for bank fraud is generally zero, and stolen funds are usually returned to the victim's account within 48 hours as a result of consumer protections.

How Secure Is Your Bank Account?
But that does not mean that violations of personal data and cyber crimes have no consequences. After all, the cost of fraud is shared by everyone: every dollar translates into an increase in interest rates and fees on loans and deposit accounts. Also, data breaches frequently expose passwords, Social Security numbers, email addresses and addresses, and other account information.

There is no guaranteed safe area. If you thought banks were impenetrable, the JPMorgan Chase data breach probably destroyed that myth in 2014, when thieves entered the deepest servers of the nation's largest bank and stole data on accounts; Including the names and addresses of about 76 million customer households.

" Big banks are more likely to be targeted by scammers than community or mid-size banks," according to a 2012 Bank Fraud Survey of 2012, conducted by the American Bankers Association. But according to a 2015 study of banks, savings institutions and credit unions conducted by the Office of General Comptroller (GAO), the security systems of larger banks "are generally more sophisticated and harder to breach."

Larger banks and credit unions are also subject to more stringent security analysis and monitoring regimes than smaller ones. The GAO report also found concerns among smaller credit unions, many of which rely on other companies for the provision of essential data services. Security weaknesses in such services could be a source of cyber risk.

How to Protect Your Bank Account

A bank or credit union is not the only possible entry point for hackers. They can also access your accounts through your personal computer, tablet or smartphone, so be sure to follow these standard security protocols:

  • Regularly install and update anti-virus software on your devices.
  • Never click on hyperlinks (or respond to email messages) that appear to be from your financial institution if you suspect they are an identity phishing attempt to gain access to your account, your Social Security number, date of birth, or Other personal information.
  • Download applications for smartphones only from the official applications store on your phone.
  • They are usually reviewed by Amazon, Apple and Google to detect security flaws. Their measures are not infallible, but these companies do provide the first line of defense.
  • Check all the balances of your deposit accounts to detect errors and fraud at least once a month and report any problems detected within the established time limits.
  • Surf the web by entering only reliable pages and avoid links to pornographic pages, sexy celebrity photos, miracle potion announcements and other tempting content. Often they take you to websites that expose your computer to malware that is automatically downloaded.
  • Use the latest security applications. Cyber security is a perpetual arms race between banks and hackers. But you can try to overtake them by acquiring the most recent security technologies as soon as they appear, usually first in the larger financial institutions. Look for the following:

Debit and credit cards with encrypted EMV chips. 

The so-called "chip and PIN cards" have a personal identification number code that provides greater security. If your bank issues a "chip card and signature," it requires a PIN. 

One -time password (OTP) sent to your smartphone. 

You must enter the OTP to complete a retail transaction or online debit or credit card. As it is valid for a single login, it is unlikely that a hacker will get it. Fingerprint, voice and facial recognition, and other biometric methods to authenticate your identity before completing banking by mobile devices.

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