It’s true! Millennials are increasingly putting themselves at risk for bank fraud without realizing it. We’ll outline why you’re in danger of bank fraud and changes you can make to avoid it.
A bit ago we touched on why everyone is talking about identity theft and we had such a great response we wanted to further it by explaining the dangers of bank fraud.
Why you could be in danger of bank fraud:
1 | Debit Cards Instead of Credit CardsAs a group, we tend to use debit cards instead of credit cards. On the positive side, this means you can’t spend more than you have; however, debit cards are easier for hackers to steal from. The person who stole your debit card can take the money right out of your bank before you even realize your card is missing. In the best case scenario, you may get your money back eventually – but you may not. Check your bank account statements often and report any suspicious charges.
2 | Phone Purchases
We make purchases via our phones often. This is a risky habit because it opens up many more avenues for hackers to sneak through. Plus, most of us who use our smartphones for payments don’t download virus protection software. It would be safer to make a purchase from your computer at home using your own protected Wi-Fi.
3 | Oversharing Sensitive Information Online
Visa Canada found that 45 percent of young Canadians have taken risks with their cards such as sharing card information over text, social media, and email. Don’t share any personal information in a public forum and make your passwords challenging.
4 | Using Public Wi-Fi
If you’re ever at Starbucks, Tim Hortons, or McDonald's and use their complimentary Wi-Fi to check your bank accounts, you should know that it is completely unprotected. You should assume that everything you do on public Wi-Fi is visible to a stranger, so never do online banking on a public network.