With identity theft in the news and on our minds these days, it is not hard to see why some of us wonder if we’re better off with paper-based banking and paper statements. But evidence shows that going paperless can actually protect your personal information, for a few reasons.
Greater Awareness of Account Activity
People who access their accounts online check their account 4 times more often than those who use paper-based banking, according to Tricerion, a company that specializes in secure authentication and login services. That means if someone does steal your identity or your banking information, you’ll find out about it more quickly and remedy the problem earlier, translating to potentially fewer losses.
Personal Information Less Vulnerable to Theft
Online systems are more secure than your mailbox and trash bin, as they’re much harder to access than intercepting the mail. Electronic statements really can’t be accessed by anyone who doesn’t have access to your service. And then they’ll need your password to access any information.
Reduced Opportunity for Data Manipulation
You can’t easily alter an online transaction at a financial company. Manipulating paper statement registrations and committing check fraud via “check washing” (where payees and amounts on checks are altered) both occur today. In addition, electronic payments cannot easily be altered. They go where they’re meant to go, when they’re scheduled to go. Clients may also want to consider establishing a link between their managed Cabot accounts to their outside bank account for withdrawals.
Electronic statements contain the very same information as paper statements. What it boils down to is you need to choose a strong password that you can remember, and do not write it down. Keep your information to yourself, and don’t fall prey to scams inviting you to “Click Here” to verify your information or login credentials. You bank doesn’t need you to verify your information, and if they do, they can find a more secure way to contact you than sending an email. And finally, keep your email and contact information current with Cabot and other financial institutions. We need to be able to reach you to best serve you. As always, we are here to help.