Bank of America Shares Tips to Prevent Financial Fraud During October, the Cybersecurity Awareness Month

Bank of America or BoA (NYSE: BAC), one of the largest US banks in terms of total assets and scope of operations, has noted that the month of October is Cybersecurity Awareness Month.

The BoA, which recently reported that around 97% of its transactions are being processed via digital platforms (a significant number), has said that it’s proud to support the National Cyber Security Alliance and the U.S. Department of Homeland Security, as they work toward helping US residents “stay safer and more secure online.”

The BoA confirms that ensuring security on its platforms remains a top priority for the institution. The bank’s official website points out that the the most common types of online scams are usually carried out by sending fake emails, text messages, voice calls, and letters. In some cases, there might even be someone who can show up at people’s homes, unexpectedly.

The BoA notes that there are many different scamming techniques that fraudsters may use. The bank goes on to list some of these techniques (which may have been used before), For instance, the scammer may tell the victim that they should not trust Bank of America, “or to respond to questions in untruthful ways.” In many cases, the fraudsters may also put a lot of pressure on people to send them money.

Scammers can also issue threats that the victim could get in trouble with law enforcement if they don’t make a payment (which actually they don’t even owe). Online criminals can also put pressure on people or try to convince them to buy fake gift cards and even offer them bogus codes as a form of payment.

(Note: for more details on how scammers are targeting people who use digital financial services, check here.)

Companies across the globe are taking measures to prevent online fraud, which has become one of the most pervasive problems in the digital age.

As reported recently, Mastercard is now asking businesses to upload company logos to Ethoca, a fraud prevention platform, to improve the dispute resolution process.

Meanwhile, in other parts of the world, the Reserve Bank of India recently released a new cybersecurity report which outlines the technology vision for local banks.

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