How To Protect Your Bank Account From Fraudsters

Quite a lot of persons have been defrauded by fraudsters after their bank account information was compromised and this happens when folks do not protect their details.

Since the advent of online banking, consumers often prefer online banking for its convenience, including the ability to access account information and make transactions with just a few taps of the mobile device from anywhere.

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Here are tips on how to protect your bank account from fraudsters;

• Avoid calls from persons claiming to be from your bank. Over the years, some people receive calls from fraudsters who claim to be calling from their banks and ask to know personal information about the customer. Avoid answering any questions from such, block the number and report same to the network as this will help protect your bank account from their evil deeds.

• Don’t make it easy for hackers to guess your PIN and password. “The biggest problem with passwords is that people tend to reuse passwords and choose weak passwords,” Korinchak says. “This is because weak passwords are easier to remember. Strong passwords are difficult to remember, especially if you have dozens of different strong passwords.” It’s best to use longer passwords with a combination of upper and lower case letters, numbers and symbols.

• Use two-factor or multifactor authentication to reduce your risk of exposure. This security measure offers greater protection by requiring you to provide at least two methods for verifying your identity. “There are three categories of authentication,”  Korinchak says. “One, something you know, like a password. Two, something you have, like your cellphone — this is validated when you receive the text code. And three, something you are — biometrics.”

• Set up alerts via email, text or your bank’s app to monitor fraudulent activity. “In the old days, customers often were unaware of fraud until they got their monthly bank statements,” he says. “Because of this delay, the fraudulent activity could continue for up to four weeks. With alerts, the customer is notified very quickly and can work with the bank to swiftly rectify the issue.”

• Avoid sending financial or sensitive information via email since it’s not encrypted and can be intercepted by hackers and used to raid your account.

• Use your device’s security functions to protect data. “Be sure to set up the ability to track your stolen device, disable it and wipe it remotely,” says Korinchak.

• Consider using a password manager app which helps you generate, store and manage your personal passwords. Korinchak says password manager software is recommended by most cyber security experts.

• Block your account if your suspect fishy withdrawals.

  Immediately you begin to receive debit alerts you have no idea of, block your bank account to protect what is left and stop further withdrawals by the fraudsters.

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