TAMPA, Fla – Online banking and e-commerce are integral to how we live our lives.
It’s often how we buy food, gas, clothes and pay our bills. But the CEO of online banking platform One, Brian Hamilton, says convenience comes at a cost.
Fraudsters are always one and always watchful,” he said.
It is estimated that in 2021 alone, the amount of money people lost in online banking scams was in the billions. And repeatedly, Hamilton says the scams are linked to a form of identity fraud where crooks will set up real bank accounts under your name.
“They actually open an account that has an ACH or bank-to-bank connection, and then they use that to connect to your real funds and withdraw money,” he said.
So how do you protect yourself and your money?
Well, Hamilton says it all comes down to things like regularly changing your passwords and using online tools to verify that it’s really you when you log into your account.
So, enable two-factor authentication, right? So that you would receive a text message on your phone if someone tried to access your account,” he said.
And he adds that some online banking groups, like his company, also let you “lock in” some of your money. So, if crooks have access to it, they can’t steal everything.
“So that would actually prohibit anyone from accessing that pocket [of money] remotely from this account,” he said.