London, United Kingdom – The shift of banking to digital channels is creating a revolution in banking fraud. Until a few years ago, this was the preserve of small-scale criminals attempting to steal relatively modest sums. But today, digital banking fraud is a major international industry in which sophisticated criminal groups employ increasingly sophisticated tools and most times collude with corrupt bank staff to steal very large sums. This in turn has pushed up the liabilities that banks must absorb to cover the losses their customers suffer due to fraud.
Most of us use the internet every day. We shop online, bank online, network and apply for jobs online. Each of those activities leaves behind a trail of our information. It may not matter if some of that data falls into the wrong hands but it’s clearly critical to protect anything related to our financial affairs.
At Digital life bank keeping your funds, data and digital assets safe is a key priority and we encourage all our customers to be aware of potential dangers. Everyone who uses the internet and other digital platforms are at risk of falling victim to online criminals and needs to be alert to the threat they pose.
You should always stop and think before parting with any information or money online. Online criminals are constantly changing the way they go about their business so the best way to tackle them is to be cautious and alert to their scams.
It’s important to remember that Digital Life Bank will never reach out to you through phone, text, or email to request your password, secure access code, debit card information, or any other personal information that could compromise your account. Please do not respond to these requests.
Below you will find some useful information to help protect yourself online.
Be vigilant about communications received
Always be vigilant if you receive a communication asking you to confirm your personal details (especially User ID, passwords or login details) via email, text, direct messaging on social media or a phone call. If you feel you are being pressured into giving your personal details, immediately cut yourself off from whoever has contacted you.
Digital life bank will never send you a communication aiming to rush you or request a quick unexpected payment to be made – only fraudsters will do this.
Pay attention to subtle differences in website or email addresses. Fraudsters will impersonate financial institutions by creating a website with a similar domain name or using an email address that nearly matches a company’s own.
Security of your credentials
When you apply to use our services online, we will set up security credentials for you. Your credentials give you access to Digital Life Bank Online services, and you should take adequate steps to make sure that this online information remains secret. To safeguard these details you should:
- Ensure that you do not tell anyone your passcode or memorable word, and ensure that they are kept secret by taking appropriate steps to prevent disclosure to a third party
- Avoid using the same passcode or memorable word on other websites.
Be cautious on public Wi-Fi
Avoid logging into your online banking platform on a public Wi-Fi hotspot. These networks are often not secure, so other people may be able to access the information you send across them. To make sure you don’t expose your data without meaning to, make sure your device isn’t set up to automatically connect to nearby Wi-Fi. If you must use public Wi-Fi:
- Confirm that the Wi-Fi network is valid with someone who works at the location before you connect.
- Look for the lock symbol on the website or https in front of website addresses – it’s more secure than standard http.
- Pay attention to warnings from your web browser about fraudulent websites and malware.
- Use a virtual private network (VPN) to access accounts on public Wi-Fi; available from VPN service providers, virtual private networks encrypt traffic even on networks that aren’t secure.
“The security of your computer, mobile phones and all the personal information it contains is only as good as the security software on your machine, so install updates and patches as soon as they are available.”
At Digital Life bank the security of your personal and financial information is one of our top priorities and we invest in high levels of encryption to protect you – but what you choose to do online is important too.