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Sarah UKFast | Account Manager

How Does Your Bank Protect You?

18 April 2006 by Mother Superior

When you read statements like; “every day at least 400 credit card numbers are sold,” it’s easy to dismiss it off hand, that is until it happens. Then it feels like a real invasion of privacy, which of course, it is.

When looking for a new bank account or credit card provider, do you ask the provider what they are doing to counteract phishing and cyber crime? I’d imagine the majority of us don’t – but soon it will be an obvious question.

But shouldn’t it be the banks responsibility to inform us of how our information will be protected online?

There is an interesting post on Greg Hughes’ blog about cyber crime targeting banks and what can be done about it. Greg builds anti-phishing software and is also a firm believer in prevention as protection and thinks the banks should communicate better.

I’d certainly prefer a better solution than banks issuing card numbers which are valid for single transactions only, which is actually one muted option.

The problem is that banks see a double edged sword. They refund stolen money but don’t investigate, because the cost of investigation will often exceed the initial loss. They are also guarded about their security methods because they don’t want to give anything away to the wrong people.

None of this however, builds the confidence of the spender who is between a rock and a hard place when it comes to finding the safest place for their money.