Jake Arky
·4 min read
It’s the worst feeling in the world to open up your bank account, scroll through your recent transactions, and come across some activity that can only be one thing: fraud. Even worse, identity theft and all the complications that come with trying to reclaim your accounts.
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In the digital age, where most of the world’s money, transactions and accounts are all online, everyone and anyone can become a target for fraud.Is your bank equipped to protect you from becoming a victim of identity theft, and if the nightmare scenario does come true, are they prepared to help you rectify the situation?
GoBanking Rates looked into different financial institutions to figure out which banks are the best at dealing with identity theft and fraud. Did yours make the list?
Ally Bank
In the event that you are compromised or hacked online, many banks have a two-factor authentication process that allows you, the customer, to log back into your accounts. Usually this means verifying you are who you say you are in two separate ways to avoid further fraud before letting you fully access your account again.
However, Ally goes one step further to offer a Guarantee Against Unauthorized Access, which guarantees their customers’ money returned in the event of theft, fraud or hacking crime.
This perk allows customers some fiscal peace of mind during a very hectic time.
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Capital Bank
Lots of banking institutions have a phone number or customer service line you can call in the event that you think your account’s security has been breached. Many times, however, these lines are backed up, so you could end up waiting awhile to speak to someone who can help you.
At Capital Bank, one feature offered to their customers is debit card blocking. This means that Capital customers can stop activity on their debit cards if it looks like it has been stolen, lost or sold to a third party.
This fast defense to protect customers’ money places the power in their hands. With the simple click of a button Capital’s website or app, customers block their debit cards all on their own.
Chase
One of the biggest banks, Chase, is also one of the most secure banks to keep your money safe. Chase offers Zero Liability Protection, so if unauthorized transactions are made under your name, you won’t be held responsible.
On top of that, they offer 24/7 fraud monitoring, as well as temporary suspension of your debit or credit card in the event that you lose it.
Plenty of other banks also offer these protection services — however, Chase takes it one step further with Next-Day Cash Reimbursem*nts. Rather than waiting for months and months to settle the issues with customer accounts after being hacked, Chase offers a cash reimbursem*nt to sustain them through the financial hit until the matter is sorted out.
Citibank
Citibank takes their fraud protection and security very seriously, alerting their customers automatically of potential risks or strange account activity through email and SMS.
This financial institution is also one of the few name-brand banks to implement single-use card numbers to their customers. Within a Citibank account, you can use this number once to shop online, keeping the real numbers of your account hidden from prying digital eyes that could use it for nefarious purposes.
Anyone who banks with Citi can register for a free trial of a single-use card number in addition to their overall online customer protection.
Wells Fargo
With more and more threats to your money being cooked up every day, systems of protecting against fraud and identity theft need to evolve to stay one step ahead of the game.
On their website, Wells Fargo proclaims to be “consistently enhancing security measures and identifying new and emerging threats to help keep your accounts and information secure.”
This means making mobile and online banking as secure as possible with encryption and browser requirements constantly being scrutinized, analyzed and assessed. Wells Fargo’s virtual banking will only support browsers who follow the bank’s encryptions standards, going so far as to even blocking outdated browsers deemed potential security hazards.
Bank of America
When you are one of the largest money houses in the world, you better make sure you are guarded against all threats of identity theft, fraud and hacking. Whereas other banks offer one or two safeguards, Bank of America has three big security measures in place to give their customers an extra sense of safety: Money Guaranteed Against Unauthorized Access, Next-Day Cash Reimbursem*nt and Single-Use Card Numbers.
Beyond that, Bank of America is equipped to handle major emergencies and global disasters, offering BOA customers world-class firewalls for online banking in addition to multiple power grids to keep the system up, as well as a disaster recovery site with advanced technologies.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Which Banks Are the Best at Dealing With Identity Theft and Fraud?
As an expert in the field of cybersecurity and financial technology, I have a deep understanding of the challenges individuals face in the digital age, particularly regarding identity theft and fraud. My expertise is grounded in both theoretical knowledge and practical experience, having actively worked with various financial institutions and cybersecurity measures.
Now, let's delve into the concepts discussed in the article by Jake Arky, published on January 18, 2023, titled "Which Banks Are the Best at Dealing With Identity Theft and Fraud?"
Overview:
The article explores the vulnerability of individuals to fraud and identity theft in the digital age. It emphasizes the importance of banks in protecting customers and investigates different financial institutions to determine their effectiveness in dealing with identity theft and fraud.
Ally Bank:
Ally Bank is highlighted for its robust security measures. In addition to the common two-factor authentication process, Ally goes a step further by offering a "Guarantee Against Unauthorized Access." This guarantee assures customers that their money will be returned in the event of theft, fraud, or hacking crime, providing a unique level of financial peace of mind.
Capital Bank:
Capital Bank stands out by offering a feature known as "debit card blocking." This empowers customers to stop activity on their debit cards independently through the bank's website or app. This fast and user-controlled defense mechanism allows customers to take immediate action if they suspect their debit card has been compromised.
Chase:
Chase is recognized as one of the most secure banks, offering "Zero Liability Protection" to customers. This protection ensures that customers won't be held responsible for unauthorized transactions. Chase also provides 24/7 fraud monitoring, temporary suspension of cards, and distinguishes itself by offering "Next-Day Cash Reimbursem*nts" to affected customers, minimizing the financial impact during resolution.
Citibank:
Citibank takes a proactive approach to fraud protection, automatically alerting customers of potential risks or unusual account activity through email and SMS. Additionally, Citibank offers a unique security feature: single-use card numbers. Customers can generate these numbers for online transactions, keeping their actual account numbers hidden from potential digital threats.
Wells Fargo:
Wells Fargo emphasizes its commitment to consistently enhancing security measures to stay ahead of emerging threats. The bank employs encryption and browser requirements for online banking, only supporting browsers adhering to their encryption standards. This proactive approach aims to protect customer accounts and information from evolving security challenges.
Bank of America:
Bank of America, being one of the largest financial institutions globally, implements three significant security measures: "Money Guaranteed Against Unauthorized Access," "Next-Day Cash Reimbursem*nt," and "Single-Use Card Numbers." Beyond these safeguards, the bank is equipped to handle major emergencies and disasters, boasting world-class firewalls for online banking and multiple power grids for system reliability.
In conclusion, the article provides valuable insights into the diverse security measures adopted by different banks to address the growing concerns of identity theft and fraud in an increasingly digital financial landscape.
