Financial services are continually adopting online banking in the wave of rampant trust and safety issues of cybercrimes, identity theft and fraud. The financial industry is most vulnerable to cyber-attacks because it deals with sensitive information that scammers can use to commit fraud or steal money from customers.
A recent study by Verizon found that more than half (53 percent) of consumers have had their data compromised at some point in the past year. This means that your bank account number, credit card number, social security number, date of birth, mother’s maiden name, home address, phone number, email addresses, and other important details could fall into the wrong hands if you don’t take proper precautions.
Table of Contents
Five Tips to keep Finances Safe
The good news is that there are many things you can do to protect yourself against these threats. Here are five tips on how to keep your finances safe:
Keep an eye out for suspicious emails
If you receive emails asking you to click on links or download attachments, immediately delete them. If you think you might be dealing with a scammer, call your local police department or the Federal Trade Commission (FTC).
Use strong passwords
Use different passwords for every site where you use your personal information. Make sure they are long enough so no one can guess what they are. For example, “password123” is not very secure. Instead, try something like this: “myfirstnamelastname1234.”
Be careful when clicking on links
When you visit a website, know who owns it before entering personal information. Look up the company’s contact information on Google or Bing. If you see anything suspicious about the site, avoid entering your personal information until you find out more about it.
Use of a content moderation platform by Financial Institutions
Financial institutions are increasingly using content moderation platforms to help identify fraudulent activity. A content moderation platform allows banks and credit unions to review all incoming messages, including those sent via text message, email, chat, or social media. They also provide real-time alerts when suspicious activity occurs.
Know your rights as a consumer
You may have heard that the FTC recently announced new customer data collection rules. Under the new rules, companies must get consent from customers before collecting their personal information. Companies must disclose what information they collect and why they collect it. And they cannot share that information without permission unless required by law.
Benefits of Trust and Safety Software in the Finance Industry.
- Trust and Safety software helps organizations comply with regulations such as Sarbanes-Oxley Act, Gramm-Leach-Bliley Act, Fair Credit Reporting Act, Bank Secrecy Act, Anti-Money Laundering Regulations, etc. It provides a single view of all transactions across multiple channels, making detecting suspicious activities easier and preventing money laundering.
- It allows users to monitor transactions across multiple channels, such as web, mobile, ATM, POS, and eCommerce.
- It enables users to track suspicious transactions and report them to authorities.
- It provides user-friendly interfaces to facilitate reporting and investigation processes.
- It automates compliance processes and reduces manual effort.
- It ensures that the right people are notified of suspicious transactions.
- It provides audit trails and reports to support investigations.
- It facilitates the detection of fraud and money laundering.
- It prevents unauthorized access to sensitive data.
Advantages of Safe Online Financial Services
Safe online financial services provide several advantages, including:
- Security
Security is one of the most important aspects of safe online financial services. When you use these services, you need to know that your personal information will remain private.
- Accessibility
Online financial services are accessible 24 hours a day, seven days a week.
- Control
You can choose how much control you want over your finances. Some online financial services allow you to manage all of your banking activities from just one location.
- Convenience
Online financial services are convenient because you can access them at any time of day or night.
- Privacy
You have the option of choosing which companies you share your information with. These companies may be banks, credit card issuers, or insurance providers.
Final Thoughts on Why Should I Use Safe Online Financial Services?
We all value our money and data. Therefore, we must always strive to work or transact with the most convenient financial services. Fortunately, there’re multiple ways of ensuring online safety whenever dealing with internet banking services. Though it’s protecting personal data from unintended receivers, you need to consider the institutions you’re dealing with. Some could be unreliable and ‘scam friendly.’ It would be best if you avoided such to avoid falling victim to fraud and cybercrime.
The benefits of safe online financial services are numerous. Work with a bank that prioritizes cyber security in accounting and other banking functions whenever possible—use content moderation by banking/financial services. You can also use such platforms on your computer to enhance your online safety and protect your business and personal data!
