How Does a Bank Keep Your Finances Secure?

In some ways, online banking is becoming more risky as it grows more popular. Personal finances are under threat from scams and fraud in new ways because of new technologies. In order to best manage your finances, you should know the strategies banks use to keep your funds safe, and what steps you can take to keep your information secure.

Practicing Financial Security

Banks look for suspicious, frequent transactions — a sign that someone might be fraudulently using your information. Numerous transactions made at different branches during the same day can be the sign of a thief trying to hide their tracks. They also look for activity that deviates from the client’s regular banking habits, such as using the account from remote areas. Banks use these red flags and others to safeguard your information and your finances, getting ahead of scammers to stop them before they can do significant damage. Ask your bank about these security processes and what else they may offer.

How to Protect Your Finances

Experts at the FDIC and other government agencies recommend a number of steps you can personally take to protect your finances. You should sign up for credit and fraud alerts on your bank accounts and credit cards so you can be notified early in the event of suspicious activity. Ask your local bank for details on these services. In addition, notify your financial institution of any suspicious account activity, check your tax and social security statements, and use care when online to avoid phishing and other scams. In collaboration with your bank’s more sophisticated security measures, these personal steps can shore up your financial security online.

Benefits of Banking Locally

Banking locally at a branch can be more secure than banking online. Dealing with a representative in person about your finances mitigates these risks. If you are the kind of customer that enjoys a personal touch, your wisest move might be to start banking at your local branch.

The media has made a great fuss about recent data breaches and identity theft. These get a lot of headlines but are actually pretty uncommon. The Wall Street Journal claims this “hysteria” has been fueled by high-profile data breaches. In reality, these compromises are pretty rare. With the right care and trusted bank services, you can be sure your finances are safe. Small, local banks offer a number of advantages. Their personal touch ensures you understand your money, your representatives, and how you are protected. Furthermore, these institutions simply aren’t the target of high-profile data breaches.

Representatives like those at Citizens National Bank can talk through all your options when it comes to your financial security. A knowledgeable staff and a personal touch will have you feeling more confident in your financial health.