We truly live in an online world, and as such many of our daily activities revolve around online activities. Everything from socialising to money management takes place online, with many of us managing multiple accounts to control our various assets.
While social media and online banking may seem starkly different, they aren’t too far apart in terms of how they affect our daily lives. They are both forms of organisation, though one is for cash and one is for friends, and both have faced criticism over security.
Recent breaking news about the fraudsters who managed to steal more than $45 million from cash machines globally has seen financial institutions criticised over security, much in the same way Facebook has in previous years.
The heist of a lifetime
Through accessing stolen account data and loading the information onto the magnetic strips used on credit and debit cards, the thieves were able to access individual accounts through ATMs and contactless payment.
The American system of payment was particularly criticised, as the PIN and chip service offered across most of Europe reduced the risk of this type of fraud being performed. The extra layer of security in the form of a PIN makes it that much more difficult to access accounts fraudulently.
Keeping your money safe
Despite the secure system, criminals are constantly finding new ways to manipulate technology to their advantage. There are certain precautions people can take with their money to add an extra layer of safety to any transaction.
Online transactions are safer with a credit card, though of course using one will incur surcharges, which can leave many feeling uncomfortable. However, credit cards are protected under Section 75 of the Consumer Credit Act, while debit cards are not.
A spokesperson from the Yorkshire Building Society advised: “If you haven’t authorised an online payment and claiming to be victims of fraud the banks should give customers the benefit of the doubt and while debit card protection offered isn’t a legal obligation it is possible for you to claim a refund is a card is proven to be used fraudulently.”
Social media and financial accounts seem to be taking the same approaches to online security in the form of a tiered password system. While keeping on top of various unique codes, numbers and passwords can feel a little overwhelming, these can add a much-needed extra level of security.
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