WHAT ARE SECURITY THREATS RELATED TO BANK ACCOUNTS?

There are many security threats related to bank accounts, and the best way to protect yourself from them is to be aware of what they are. In this article, we will discuss some of the most common security threats related to bank accounts, and we will provide tips on how to protect yourself from them.

It is true that services provided by banks such as bank accounts are widely helping people to keep their money in good hands. Different bank accounts provide different opportunities such as saving, protecting money, digital money, investment, etc.  Without bank accounts, things regarding keeping money safe and making good use of money will be difficult. The above discussion presents a nice picture, right? But there is a dark side as well; the security threats regarding bank accounts.

It is possible that the institution where you maintain your bank account could be targeted by criminals. The type of security threat they’re trying to enact could be one of many things, such as:

a) Send money to a fraudulent account: Criminals want to use your information and send your money to their own accounts. To protect yourself from this, make sure that you have the institution’s phone number stored in your phone so that if you ever send money to an incorrect account, you can quickly call them and stop the transfer.

b) Send money to a connected account: Criminals might send your money to another person’s bank account, with the intention of having their accomplice slowly drain all the money in the account. To protect yourself from this, make sure to limit the number of people you send money to at one time, and when sending money to someone for the first time, send a small amount first in case something goes wrong.

c) Intercept your wire transfer: Criminals will try to fool bank employees into thinking they are you and send your money to their own accounts. To protect yourself from this, never send wire transfers online, and only send them in person. Always check the account number and name you’re sending the money to, because it could be a scammer.

Different threats can be divided as:

  • Mobile banking risks: mobile banking comes with great security concerns. For example, weak smartphone security is challenging the services provided by banks with the usage of mobile apps.
  • Malware and viruses: banks and mobile banking apps use different software to make digitalized services work for clients. In case of any virus attack, the data of banks and customers can be infected in a disastrous way.
  • Hackers: with rising innovations, the number of hackers has also risen. Many evil minds seek to hack bank accounts to steal money.
  • Social media attacks: many hackers make fake profiles to gather information from people by the name of fundraising for charity activities.
  • ATM-malware: such viruses infect the ATMs and allow criminals to steal a large amount of money.

Identity Theft

One of the most common security threats related to bank accounts is identity theft. Identity theft occurs when someone steals your personal information and uses it to commit fraud. Some of the most common ways that thieves steal personal information include stealing wallets and purses, hacking into email and social media accounts, and stealing mail.

Credit Card Fraud

Another common security threat is credit card fraud. Credit card fraud occurs when someone uses your credit card to make unauthorized purchases. Thieves often use stolen credit card numbers to make online purchases or to buy items at retail stores.

ATM skimming

Another common security threat is ATM skimming. ATM skimming occurs when thieves install a device on an ATM that captures your debit or credit card information as you enter it into the machine. Thieves can then use this information to make fraudulent purchases.

In order to protect yourself from these security threats, you should regularly monitor your bank statements and credit reports. You should also file a fraud alert with the three major credit bureaus if your wallet or purse is stolen. In addition, you should always be careful when entering your pin number at an ATM.