Is Your Social Media Account More Secure Than Your Bank Details?

Posted by Guest on December 5th, 2013

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With huge leaps forward in technology over the past decade or so, many of us enjoy the convenience of being able to access our bank accounts from the comfort of our own home whenever we like. But with that convenience there comes and a certain amount of risk.

When it comes to keeping our information safe from the prying eyes and malicious hackers looking to exploit security vulnerabilities, how secure are our details?

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Shopping online

With the popularity of ecommerce and online shopping being constantly on the rise, it presents hackers with more opportunity to intercept online transactions. With many people following Section 75 of the Consumer Credit Act, lots of consumers opt to using their credit card (rather than an ATM or debit card) for online purchases, as it offers some protection against fraudulent activity.

“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 if a card is proven to be used fraudulently,” said a spokesperson from Yorkshire Building Society.

Chip and Pin

Those who haven’t replaced their old-style magnetic-stripe cards with the new chip and pin options might be putting themselves at risk from thieves and other criminals. While most of Western Europe have migrated to the secure chip and pin card, there are still many people in the US using the magnetic stripe cards and, consequently, have been susceptible to ATM fraud.
One particular group of fraudsters have reaped $45m from stealing card data, by simply installing a small device on to ATMs which captures the data on the magnetic stripe allowing them to use it for their own financial gain.

There are steps to be taken to help secure ourselves against the fraudsters. Ecommerce site are now following suit of a number of social media sites to make sensitive information more secure. The introduction of a two-tier authentication process is being introduced, where customers might need to give a password and some other form of information to prove that they are who they claim to be.

Migrating to a chip and pin card is the sensible option for those still using magnetic stripe cards, as many banks consider it to be a much more secure way to process payments.

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