Banks and Consumers to Monitor their Online Banking

Fraudulent activities lead to theft. This is what authorities and banks are trying to monitor with what it seems to be a never-ending battle with cyber theft. Online banking pilfering has been prevalent not only in the biggest banks in the country but also small ones. In fact, 80% of banks around the country have experienced this dilemma.

There have been instances where bank accounts, checking and savings, have been sucked out dry by crooks just by posing as the customers, logging in to their accounts and making electronic transactions such as authorizing to transfer money from the account to another bank account. What they do is that robbers infect the customers’ access to their accounts with viruses, or Trojans that would enable them to collect personal information. If they have established valid accounts and have collected enough information to log in to their account themselves, then that is the start of the attack. They will be able to control the funds and direct them somewhere customers are not able to take back.

This is a big problem for the banks since they are held responsible for the safe keeping of their customers’ investments and money. They lose revenue just to build defenses against these cyber attacks not to mention that whatever was lost from the account that has been proven to be caused by cyber robbery would be reimbursed to the customer. Both customers and banks lose what they own whenever attacks like these come.

With banks’ initiatives and resources, authorities are able to develop defense systems whenever thieves try to hack customers’ accounts. Unfortunately, cyber thieves are also able to update their tool to counter attack these defenses. They continuously develop new ways to be successful in their wrong doing. More and more viruses are being generated for this purpose. So as a solution, banks are encouraging online bankers to monitor their accounts regularly for fraudulent activities or transactions that are unauthorized.

Whenever a customer sees a transaction which is not familiar to him or her, they should immediately contact their institutions to figure whether this is an attempt to hack the account. This would enable law enforcement agencies to monitor the account and eventually stop the attack. This requires constant observation from the customers because with the large number of online bank accounts that banks handle, it would be difficult to keep an eye on them individually on a daily basis, and it would make banks bankrupt if that is implemented. It would be very helpful if customers do not only manage their checking or savings accounts but supervise them every time.