Guarding your Deposits from Theft

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Credit Card Applications » Research » Guides » Cardholder Benefits » Guarding your Deposits from Theft

Guarding your Deposits from Theft


Updated: December 25, 2012

With many preferring to make online banking transactions, the risk to security are increasing steadily. The fears of identity forging were considerably lesser in the past, when all financial transactions were customarily made in person. With online banking, the only form of identification is the account details. If a person is armed with these paltry details, one can easily hack into any account and make transactions in the name of the account holder. Banking security is fast becoming the cause of real concern. The incidence of account theft also occurs because many people buy products online and pay for them using credit cards.

For a mildly determined person with average computer skills, hacking should be child`s play. Account details are freely available in any one of the many sites that a person uses to make online transactions. The only way to reduce the risk of online hacking and subsequent theft, financial advisors suggest keeping money in fixed accounts in banks. Also, one must double check the authenticity of the website selling items. Most of these online purchases require the buyer to submit account details and credit card details. If this account is hacked into it should be fairly simple to siphon money from any one of these accounts.

Keeping your money safe is not a complicated task. Most banking accounts are structure in such a way that theft is virtually impossible unless the bank is broken into. Banks are also insured for this reason. Another way of keeping large sums of money safe is to invest it in assets, such as movable or immovable property. However, one need not invest as there are several ways of protecting one`s money by availing the security provisions that banks offer.

Locate the safest bank. Some banks are known for the level of safety they provide their patrons. The common assumption is that widely networked, large capacity banks have lower risk of theft and break -in(s). This is true to an extent. It may take much muscle power to rob a large bank, but choosing a bank based on its size is not a fool proof method of protection. Another way to further eliminate risk of theft is by insuring your deposits. A popular insurance to use is the FDIC insurance. The FDIC insurance is government provided protection. According to the terms of the FDIC insurance, the government will guarantee protection through insurance for a certain amount of money.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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