How bank fraud is prevented

When we call our bank or visit one of its branches, we expect a certain level of service. Keeping our money in the bank is a sign of trust on our part, and the bank has to do whatever it should, and can, to protect that money. It’s also supposed to manage the account or products that we have with them, and we need to exercise a certain degree of management ourselves. So, when the bank is put under threat by fraudsters, what do they do to protect themselves and us? What measures do the banks have in place to stop this from happening to them?

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First and foremost, banks have security procedures so they can be sure that they are speaking to the right person every time there is an interaction. When this was done in a purely branch-based world, this was easier to achieve. Most interactions were face to face, and staff and customers would strike up a relationship.

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However, in the modern world of telephone and online banking, this is not so easy to establish. Therefore robust KYC programs, like those from, so that the bank staff can be sure that they are dealing with the correct person and they are who they say they are.

Firewalls and protocols for the sending of emails and good online maintenance are also set up as the highest priority. Staff are regularly trained as a regulatory requirement to recognise possible fraudulent efforts.


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