For many individuals, having their information lost or stolen would be a nightmare. For example, an individual might find himself or herself in this predicament if they lost their wallet, or responded to a phishing e-mail communication, or received communication that his bank had a data breach. Identity theft is a major concern for many organizations, businesses, banks, and enterprises. Identity theft can cause major damage to the customer, both personally and financially.
Cyber criminals have become increasingly sophisticated when it comes to obtaining funds by fraudulent wire transfers. The hackers use malware like key loggers and phishing emails to obtain the information needed for the fraudulent wire transfer. Unfortunately, unlike consumer accounts, business accounts have no insurance or government-backed protection against cyber criminals.
So how do banks protect themselves, thus protecting their clients, from identity theft? Banks are now implementing a protect, monitor and resolve strategy. The protect part involves the bank do their doing due diligence as far as employing a suite of fraud prevention to minimize fraud from occurring. It has to be the latest and greatest. Second, the bank monitors everything 24 hours a day, 7 days a week. This way, if anything happens, they know about it and fast. Last, the bank resolves any breaches quickly. In other words, the company takes responsibility with no liability for the customer.
Everything that we consider a hassle is one small step toward identity theft protection. Things like requiring social security numbers and using pin numbers are the first line of defense against identity theft. Banks are now training their employees more than ever on how to operate and how to see possible cases of identity theft. Identity theft is on the rise but banks are doing everything they can to protect themselves and their customers.