Fraud prevention is by far one of the biggest concerns on not only the government's minds but also you, as the consumer. Due to the amount of fraudulent activities there have been many changes in the way that we live our daily lives and how we handle our many. A good example of these changes is the movement from signed card receipts, of which could easily be signed by a fraudulent person to the new chip and pin system. However, no matter how hard you work if your bank is not taking the right fraud prevention precautions then you may find that all you do is in vein.
So what can your bank do in order to take the necessary fraud prevention precautions? Well aside from the chip and pin system, think about the online system your bank employs. Many banks have moved over now to the PinSentry system in order for you to receive a code, which in turn allows you to get into your banking. This may have at first seemed safe, however, after a few months there were already claims surfacing that the system used to generate the unique codes had been cracked by software allowing such things to be done without the insertion of the card and pin code.
This would mean that further fraud prevention techniques would need to be put in place and in response to this. Since then banks have changed their systems (although there are still rumours of software that can duplicate the codes around). This code change has incorporated strict time limits on how long you have until your code becomes invalid as well as how long you can stay stationary on one page before you are automatically logged out. These fraud prevention techniques used online may not seem like much when looked at individually as we are doing, but if you take all these techniques and merge them it becomes much harder for a person to steal your identity in order to access your money.
Fraud prevention does not stop at your online banking account as cards are being repeatedly used online where the security found in shops is no where to be seen online. Not only can your card be used online if they have stolen it but there is also software, again illegal, that can generate such information so that they don't even need to take your card details.
However, the difference is that some banks, such as Natwest, have put in an additional filter which means that you are taken to a Natwest security site which then makes you have to use, not only your password, but also your pin number before the money is taken out of your account when making a card purchase. By using this fraud prevention technique the majority of online fraud could be, and has been stopped, on the other hand if these tactics are not shared and used by all banks then your money might not be as secure as you think.
If anything in this article has worried you do talk to your bank to make sure they have put in place good business fraud prevention systems for both online shopping and online banking.
Article Source: http://EzineArticles.com/?Do-You-and-Your-Bank-Know-About-Fraud-Prevention?&id=3075480
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