Four Fraud Prevention Measures to Safeguard Your Bank

Whether you know it or not, banks are a huge target for cyber crime, leaving operations across the country open to criminal endeavors of all shapes and sizes. As such, fraud protection is now a key part of ensuring ongoing operations. These tips can help you safeguard your bank, keeping your customers protected today, tomorrow, and years into the future.

Give Customers Control

Your customers are at the center of your bank’s operations, and without them, you wouldn’t be in business. As such, offering customer-centered protection measures can help to elevate your fraud prevention tactics and provide a better user experience. By enhancing the security of customer portals, you can make it much harder for criminals to break into your systems using stolen information. Additional authorization checks, like a text to a mobile phone with a passcode or using security images, can help to increase your protection and make sure your customers feel as safe and secure as possible.

Keep Data Connected

It’s easy to see the internet in the same ways we see life in the real world, but cyber criminals operate on a whole other level. With so many different approaches to fraud and so many chances for disaster, IT teams should take a higher level view of security practices and protocols. Rather than seeing each point of vulnerability as a unique opportunity for an attack, it’s important to link fraud, anti-money laundering, and security data together to get a holistic view of the current stance of your system and identify areas for improvement. Fraud tactics are always evolving, so you need to do the same.

Focus on Mobile

The future of mobile security holds great potential for banks seeking extra protection. Due to the size and function of mobile phones, manufacturers are able to build in unique protective factors that are proving increasingly challenging to bypass. Devices that use biometrics, like fingerprint identification, face identification, and voice recognition, offer exciting opportunities that banks and financial institutions can embrace, adding an extra step in the verification process that usernames and passwords alone can’t rival. By working these kinds of protective measures into mobile access points, banks can beef up security while catering to biometrics that customers already use and appreciate.

Take a Layered Approach

One method of security is never enough. That’s why you have locks on your doors, cameras in your bank, and a security system with an alarm in place to notify the police as soon as danger arises. Your approach online should be much the same way, using a wide variety of tools to identify vulnerabilities, catch signs of fraudsters attempting to target your system, and predict future points of attack. Most IT professionals know that pattern recognition and behavioral tendency are critical factors in identifying issues, but adding identity detection and relationship analysis to the mix can cut down on false positives and increase odds of successfully stopping an attack before it’s too late.

When you want to be sure your assets and accounts are protected, contact Klein Hall CPAs. We are a local accounting firm in Naperville and are committed to serving your personal and business needs.