Fraud prevention is by far one of the biggest concerns on not only the government's minds but also you, as the consumer. Due to the amount of fraudulent activities there have been many changes in the way that we live our daily lives and how we handle our many. A good example of these changes is the movement from signed card receipts, of which could easily be signed by a fraudulent person to the new chip and pin system. However, no matter how hard you work if your bank is not taking the right fraud prevention precautions then you may find that all you do is in vein.? ?
So what can your bank do in order to take the necessary fraud prevention precautions? Well aside from the chip and pin system, think about the online system your bank employs. Many banks have moved over now to the PinSentry system in order for you to receive a code, which in turn allows you to get into your banking. This may have at first seemed safe, however, after a few months there were already claims surfacing that the system used to generate the unique codes had been cracked by software allowing such things to be done without the insertion of the card and pin code.
This would mean that further fraud prevention techniques would need to be put in place and in response to this. Since then banks have changed their
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