Did you know that according to a recent report from Javelin there’s a one in ten chance that money will be fraudulently withdrawn from your bank account? Face it. That means you have a good chance of being next. It’s not just about the bank’s reputation,
but also yours.
So what can you do about it? Talk to your bank and find out what preventative measures are being taken. Find out how they’re protecting the money in your account and most importantly, ask questions.
- If money is withdrawn from your account fraudulently, how do you limit the damage?
- Just how much money can they remove?
- Should you link the card you use for online shopping to your bank account?
- What basic defences can you put in place to detect fraudulent withdrawals? e.g. SMS or email alerts
Lastly, find out where you stand when money is fraudulently removed from your account. Is the bank responsible, and will it reimburse any lost money?
Tackling financial crime is still a big challenge for many organizations and the technology arms race will continue against criminals. By taking preventative measures you stand a better chance of staying ahead in the race.