Banking today isn’t what it was a few years ago. Thanks to the increased, fast-paced digitalization, bank statements can be viewed on your laptop or smart screen and even cash can be transferred via the same process.
But here’s the glitch in this scenario; hacking into any database is a simple process for any person with the concerned background. And the number of hacks is slowly but steadily increasing since all banking systems went online. In fact, according to a recent survey by an internet security firm, more than 160,000 types of virus are being programmed each day.
Holes in your online security
How do these bugs work? They are programmed in such a way where they can find holes in your online security and identify crucial information related to your account, in order to siphon off the money in your account.
Therefore, banks are ordering their customers to take more precautions, because as a victim of online fraud, they will not receive a payout.
The innovative regulations include making customers destroy bank statements and have different pin codes for each card, prohibiting them from writing down their online banking details, banning the use of websites that store personal details and excepting some banking services for customers who have second-hand phones.
Online bank crime
The significant thing to remember about online bank crime is that it is just about unattainable for a hacker to attack your account if they don’t have any of your details.
To break in and take your cash, they need, at the very least, the full details on your bank card.
But frequently even this is not adequate as more personal information is needed. That could mean your full address or date of birth.
Banks know this. Their security is extremely tight and their computer systems are extraordinarily good at spotting suspicious transactions.
The law is on your side
Always remember, the law is on your side. If a bank can prove you’ve been careless — and has confirmation to back this up — it should refund you any losses.
But they are also anxious to curtail the flow of money heading into the hands of fraudsters. In most cases, where your account has been raided by hackers, you’ve probably been duped into giving away your details.
This may have been done furtively by gathering them from other information about you on the internet.
Their information can also be gathered from your Facebook page or even when you have filled out an online survey when you wished to buy something online.
Get hold of our bank details
You would think that with complicated technology continuously being developed it would make it even more difficult for the hackers to get hold of our bank details.
But, amazingly, the commence of more phones and the expansion in the number of customers banking on the move makes the internet banking system more vulnerable.
Always be on the lookout and if anything seems to look suspicious, then call the concerned authorities immediately and notify them. After all, it is always better to be safe than sorry.