How To Protect Your Funds From Fraud

People have been losing money from their bank accounts and their credit cards. Here are some things to consider to protect your funds in the bank. Add your suggestions as comments to this blog. I would love to have a response from executives in the banking sector who need to communicate with the people more.

Protecting Your Funds

1. When you hand in your credit or debit card to pay a bill, you must be able to see what actions are being taken with your card.
2. Register with your financial institution to get text messages on your phone and/or emails when your card has been used.
3. Request daily balances from your financial institution.
4. Ensure that you have the following controls on your computer and also on your phone to do the following:
• Deny access to your card.
• Limit how much can be withdrawn from your account for the day and how much can be withdrawn each time.
• Be able to deny overseas transactions on your credit card.
5. Do not allow anyone to be close to you when paying for your cashed items using your debit or credit card, especially at the supermarket. If you leave your credit card, funds or phone by the cashier, customers will pick it up without you realizing it. Someone close to you can use a gadget to get information from your card. They can also capture your PIN number while being close to you.
6. Do not go into the ABM with not even your spouse.
7. Check to see if there is a cover over the ABM keys which can capture your PIN.
8. Ensure that a camera cannot capture your PIN by covering the area when you input your PIN.
9. No one should be allowed to use your bank card to do any transaction.
10. Do not transmit your PIN electronically.
11. Memorize your PIN and do not record it anywhere. If you must record your PIN or other sensitive information, save it in a Microsoft Word file with a password. You can email that password protected file.
12. Passwords should be difficult to guess. Use a combination of upper and lower case letters with numbers. If the system allows, add special characters such as the number sign or an asterisk.

Help me to lobby for the following:

1. Request your financial institution to allow customers at add at least two contact names on their accounts. 
2. Request that the bank system requires contact information to be updated or confirmed annually.
3. Dormant funds should be assigned to the estate of the deceased person. If the account holder is still alive then the bank should contact the persons on the account as contacts, for assistance.
4. Banks should install an emergency security assistance button in the ABM.
5. ABM to take a facial picture of the person doing the transaction. If the person's face is concealed the transaction should not be allowed.

Remember that you should only trust well-established companies with a good reputation for investing funds. Any action taken with your funds, you should be alerted by email or text messages to your phone. 

Share and discuss these ideas with your children. Prepare them for life! Share with your friends and your other relatives.

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