The pace of banking fraud is escalating.. How do you protect your data and money?

Fraud operations range from hacking accounts and stealing personal data, to deceiving users through electronic applications.

In this complex digital world, everyone needs increased awareness and effective security tools to ensure the safety of their money and personal information. How do we protect ourselves in the face of these increasing threats?

A study by J.D. Power reveals that 30 percent of bank customers experienced fraudulent activity in the past year, while 45 percent of those experienced more than one incident.

Fraudsters often rely on Technology and leaked data to carry out their operations.

Contrary to expectations, people under the age of forty are more vulnerable to fraud, even though they are “born in the digital age,” and the reason for this is their extensive use of payment applications, according to a report by “USA Today,” which was reviewed by the “Eqtisad Sky News Arabia” website.

Although banks spend billions of dollars annually on anti-fraud measures, customers do not always do enough to protect their accounts.

The previous study indicates that 46 percent of customers received instructions from banks to enhance security, but 25 percent of them did not take any action.

The report reviewed a number of key steps to protect your bank account, as follows:

1. Visit the Security Center: Most banks offer a “Security Center” option through their websites or apps. Through it you can review your security settings and take preventive steps.
2. Password management: Use strong and unexpected passwords. Do not depend on your date of birth, for example. Change them regularly and use password managers to store them securely.
3. Enable alerts: Set up text or email alerts for suspicious activity, such as a password change or large financial transactions.
4. Two-Factor Authentication: Use Two-Factor Authentication when logging in. This step involves receiving a confirmation code on your mobile phone to ensure additional protection.
5. Using biometric technology: Relying on a face or fingerprint adds an additional level of security, although it may require more time.
6. Updating apps: Make sure to use the latest version of the bank app on your smartphone, as updates usually include security improvements.
7. Stay away from papers: Switch to electronic correspondence instead of paper, as this step reduces the chances of your data being stolen through documents.
8. Protect your phone: Do not share your phone with others, and do not leave it unlocked. If you use payment apps, complete transactions yourself without handing over your phone to the other party.

The report stressed the importance of being wary of suspicious messages, adding: Be careful when receiving messages or calls claiming to be from the bank. Signs of fraud include:

• Unexpected links.
• Pushing or intimidating language.
• Request personal information such as password or PIN.
• Pressure to transfer money via applications.

In light of the increase in cybercrime, it is necessary to take preventive steps to protect bank accounts. Caution and staying informed are the keys to protection, along with taking advantage of the security tools provided by banks.

Indispensable steps

For his part, Bilal Shuaib, director of the Vision Center for Studies, advised in statements to the “Eqtisad Sky News Arabia” website, a number of steps that can be followed to avoid bank fraud, stressing the importance of awareness in dealing with bank cards and bank accounts.

Keeping bank cards in safe places: He pointed out the need to avoid leaving credit cards in unsafe places such as offices or pockets without protecting them, as they are easy to lose, steal, and exploit by others.

• Choose strong and complex passwords. It is important not to use personal information that is easy to guess, such as date of birth or names, in passwords. It is recommended to use long and complex passwords to avoid account hacking in the event of losing the card.
• Monitoring bank accounts regularly: It is necessary to constantly review bank accounts to monitor any unusual activity, which enables customers to immediately report them to the bank via the hotline to stop the card.
• Do not share personal information: Do not respond to phone calls or messages requesting sensitive information such as card numbers or date of birth. They may be hacking attempts.
• Avoid using public Internet networks: Using the Internet in public places may expose bank accounts to hacking. It is important to use the two-step verification feature provided by banks to add an additional layer of protection.
• Updating banking applications periodically: It is recommended to update banking applications to ensure protection from security vulnerabilities and electronic threats that may exploit old versions of applications.
• Beware of suspicious emails or responding to anonymous messages that may contain malicious software aimed at controlling devices and stealing information.

Shuaib concluded his speech by emphasizing that awareness and commitment to these procedures can significantly reduce the risks of banking fraud, calling on everyone to be careful and cautious in dealing with banking information.

Protection measures

In turn, financial markets expert, Hanan Ramses, in statements to the “Eqtisad Sky News Arabia” website, stressed the importance of taking personal protection measures to avoid falling into the trap of banking fraud, stressing the necessity of maintaining the confidentiality of banking data, and not sharing it with anyone under any circumstances. She also explained that the customer bears a great responsibility in this context, adding:

• “Under no circumstances can I give my ATM card to anyone or disclose its password…and the data that the bank warns against dealing with other people.”
• Most importantly, you should not respond to any messages requesting data updates or sending credit card numbers or any personal information.

She stressed the need to be wary of messages claiming to offer gifts in exchange for sending codes or information via ATMs, adding: “I should not trust or pay attention to such messages. If I am not proficient in using an ATM, I can ask for help from a trusted person from Family members only.”

She also stressed the importance of the role of banks in educating customers about ways to safely handle their bank accounts, by providing clear instructions when handing over credit cards. It also called on banks to continue awareness campaigns through television advertisements and other media.

Regarding the protection of personal data, Hanan Ramses stressed the necessity of:

• Do not keep confidential data on your personal phone.
• Use strong, unguessable passwords, and avoid using dates of birth or names of family members.

She concluded her speech by saying: “Banking data is a personal responsibility and everyone must take the utmost care to protect it from hacking or theft.”