How to Manage Customer Identity TheftBanker Resource
November 4, 2013 — 1,323 views
Today, there are a number of reports stating fraudulent identification and missing funds because people gain access to important details like credit card numbers, email ids, and passwords. Managing this is a tedious process. However, it must be done to protect the population from various cyber crimes. There are important roles to be played by both financial companies and individuals who are potential victims of such fraud.
Role of Financial Companies
Banks that issue credit and debit cards to their customers must focus on delivering such items privately. Internet banking has made it easy for people to gain access to vital information. Pin numbers and other important details should be given hand-to-hand regardless of the inconvenience that it causes.
Websites belonging to such financial institutions and online stores should not have the option of remembering passwords and storing data in cache memory. If an individual’s laptop is stolen, for instance, the thief will have access to such data and will be able to make transactions before authorities are alerted. Customers should have to input all personal information every time they wish to make a transaction online.
Sometimes, when an individual misplaces their wallets, companies can incorporate a password or messaging front which kills access to all bank accounts and freezes funds until the client makes an appearance at the bank to reverse the process. This could be done in the form of a special code which is sent via SMS to the bank directly. This hastens the process rather than the customer having to call the bank and request the blocking of cards. Saving time by cutting out the responsibilities of middle men makes things more secure.
Role of the Individual
Every individual in society has an obligation to be careful not to allow leakage of identity. The first step in the process is monitoring activity on the Internet. Applying stringent settings makes it more difficult for people to hack into email ids and other personal accounts. Most people do not understand the extent of the threat until it becomes a reality.
Another important measure that could be taken is putting passwords and lock codes on laptops and mobile phones to prevent unauthorized access to such devices. Most people save their passwords on their phones or on files on their laptops so that they are easily accessible in case they cannot remember such details. Take good care of the location of such details by installing security codes on the devices where this data is available.
Identity theft is commonly seen, and many victims have suffered large losses because of the same. Actively preventing it is worth the little extra work that must be done. Customers should request mobile and net banking updates. Getting regular mails and text messages about activity that takes place makes it easier for you to keep a check on what is going on with your accounts. If there are any discrepancies or strange transactions that you have not sanctioned, make sure you contact your bank hastily.