Consumer Watch: Americans' financial overshare
OKLAHOMA CITY (KOKH) —
Technology is changing personal safety practices when it comes to sharing financial information.
“Our message in the past has always been-- never share your account information,” says Elaine Dodd, EVP Fraud Division, Oklahoma Banker’s Association
Online shopping does make things a lot easier, but every time we plug our financial information into the web, we run a risk. It seems like gone are the days when we kept out financial information under lock and key.
“You want to be very, very cautious about where you share your account information,” says Dodd, who adds that consumers need to take their financial security seriously.
Dodd says she sees the allure of keeping things easy, and even getting a handle on your budget using apps, but she doesn't want people to forget to stay safe in this new landscape.
“If you do, if you do choose to do it, then you need to monitor your accounts, so that if some fraudster does get a hold of your account, and start pulling money out, you will see it immediately. Partner with your bank. Get it shut down,” recommends Dodd.
If your bank account is regularly used to make purchases online, consider daily checks to your accounts.
That too is easier than ever because most banks have now developed their own apps for customers.
Be suspicious of even small charges you do not recognize. This could be a fraudster slowly trying to drain accounts, or checking in before they make a large purchase. It’s important to know that there is a time limit to disputing a charge. That time limit is usually 60 days. If you lost money, you could get all or part of it back, but it can take 90 days.