Cheating, swindling, deceit, deception, duplicity, treachery, imposture and embezzlement all are a synonym to Fraud. Con artists and swindlers are present everywhere in different forms. Ever since the banking sector shifted to the digital era and started transferring money via net banking and through other digital methods, many people have become a target to bank fraud through voice phishing, account hacking and through other methods.
In the past 5 years the growth of bank fraud has been increasing continuously at an alarming rate and does not only cost heavy loss for the customers it also causes loss to the bank as they have to investigate through and through to check what exactly happened and make sure that no other client from their bank goes through similar stuff.
IT companies and in-built software developers in the bank are trying to come up with various tools and software which will help the clients or customers in knowing when they are being approached by fraudulent people and how to avoid these cases. The software will also help in monitoring the money in case the hacker is able to transfer money and will be able to track the hacker easily. There are some hi-tech banks which are able to detect the behavior of the client or cardholder and is able to alert the customer when an unusual transaction occurs, then the customer will be able to block the card immediately without any major damage.
Big Data, AI (Artificial Intelligence), metadata and through other data recruiting centers the upcoming fraud detection software or monitors will be able to authenticate the customer not only based on the pin code and passwords as biometric sensors for a payment system is being introduced in many countries.
Card fraud is the most common fraud which occurs across the globe. In some cases, a person uses false name and address to acquire a card and uses it to the max before discarding it. The name might be authentic and might belong to someone else and this causes great damage to the person as now he or she is demanded to pay the amount. Similarly, when the credit card gets stolen or takes over someone’s bank account, they can transfer the entire money in the bank account without a trace. Therefore, one should choose a bank account not only based on the FD rates or the services provided, but they should also check the bank’s history and security for the customers before applying for opening an account.