Todayâ€™s banks arenâ€™t your â€œDadsâ€™â€ bank. Having been around for hundreds of years, banks are a significant part of our everyday lives. Traditionally, banks havenâ€™t been known for their â€œthought leadershipâ€ in technology, but todayâ€™s banks have to be cutting edge to compete, and stay secure.
All the conveniences of digital banking have its set of risks which requires upgrades in card technologies and authentication. In response banks have provided numerous methods for protecting your personal information and also making your banking experience more secure domestically and internationally.
Multifactor authentication: This is generallyÂ something the user knowsÂ like a password plusÂ something the user hasÂ like a smart card and/orÂ something the user isÂ like a fingerprint. In its simplest form, it is when a website asks for a four digit credit card security code from a credit card, or if our bank requires us to add a second password for our account.
Key chain fobs: Some institutions offer or require a key fob that provides a changing second password (one-time password) in order to access accounts, or reply to a text message to approve a transaction.
Travel credit cards: AmericansÂ who travel abroad are finding thatÂ many smaller merchants and mostÂ unattendedÂ kiosks overseas wonâ€™t takeÂ theirÂ American based credit card leaving them high and dryÂ and making cash a necessity and credit cards useless in these situations. Travelers can use theirÂ oldÂ magnetic stripe cards, but will often find resistance or outright refusal of acceptance.
In response big banks are issuingÂ newÂ EMV cards also known as â€œChip and Pinâ€ or smartcards.
SMS Banking: Banks know you are going mobile and have built secure infrastructure to accommodate banking on the go. One option might include receiving notifications of various banking transactions for security purposes. SMS banking is also handy when the consumer wants to check an account balance before heading to an ATM.
Ask your bank what they offer to keep you safe and secure. Youâ€™d probably be surprised at how much they have evolved with technology.