How Private Is My Bank Account Information?
Identity theft is a concern when opening a bank account or completing bank transactions online or from an ATM. To combat identity theft and fraud, banking institutions implement security measures to ensure that your account information is secure and protected. Such security measures are set up to stop unauthorized third parties from making changes to your account or misusing your account information for fraudulent purposes.
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Features
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Password protecting your account restricts all access to your account information. All major and local banking institutions require you to select a personalized password -- which is hidden from banking personnel as well as third parties -- to lock your account. This password ensures that only you can access your account by phone, Internet or mail. If you suspect someone has gained access to your password, you can request a new password at any time.
Tools
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Banks employ a variety of verification tools to ensure that your account information is secure and private. For example, you must verify your identity before updating or making any changes to your account, including changing your mailing address or password. This measure is to prevent a thief from illegally making changes to your bank account for the purpose of perpetrating a crime such as identity theft or mail tampering.
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Prevention/Solution
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Account monitoring systems permit banks to systematically monitor your account for irregular account activity, including multiple check orders, heavy withdrawals over a short period of time, high-ticket items and out-of-state or international purchases. Detection of such activity will elicit a prompt phone call from a customer service agent at your banking center to confirm and obtain information about the activity in question. You must confirm your identity with the agent before the issue can be resolved.
Fraud Detection
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All checking and savings accounts are verified against known fraudulent addresses and phone numbers. Through a process known as fraud detection, banks systematically monitor your account information for changes and updates. This security measure prevents a thief from opening new accounts in your name. Fraud detection ensures that your account information is not used to pursue fraudulent activity.
ATM Account Protection
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A visit to a local ATM machine will not compromise the security of your account information. While your account balance is printed on an ATM receipt and may appear on-screen if requested, it does not provide any other identifying information about your account. If you lose your ATM receipt, you don't have to worry that your account may be compromised. Once you complete your ATM transaction, you can also be sure the next user can not access your account information on-screen either.
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References
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