Bank fraud has been on the increase for quite some time, with the 2019 report showing a 24% increase in existing accounts, 19% increase for debit cards/electronic funds transfers/ACHs, and 2% increase for new accounts. Criminals have always preferred financial institutions as a method of theft, however, in a time when a majority of people use their bank accounts for most transactions, they have configured a myriad of ways to steal both money and personal information.
One must never doubt that criminals won’t go to any extent to accomplish a breach, and this can include everything from going through poorly shredded or non-shredded paper documents all the way to accessing old technology that a bank is giving away, selling, or sending out to the trash. Banks are the financial stability for both individuals and companies and must have some of the highest strategies to protect personal and proprietary data. One of these strategies is to work with a professional and licensed data destruction company such as SHREDDRS to ensure that all information is destroyed.
Banks typically have all of their data stored on their networks, which also involve multiple location/multiple time backups. However, banks also make use of third parties that they share data with as well as having some information on other technology devices such as laptops, tablets, thumb drives or other portable technologies. Criminals know that smaller bank environments may not have the budget for the high end protection and security protocols and they will patiently follow their activities to see if they can find a weak area that exposes customer information.
The smaller bank breaches never receive the kind of international notoriety as the large banks. This is mainly due to both name recognition and the sheer volume of account information that is stolen. After reading about some of the breaches in the nation’s largest banks, the general public is becoming more insecure about sharing their data, even with the financial institutions that they are supposed to trust.
While customers may not want to hear about how much money banks lose due to a breach, the banking industry is very concerned, because the money just keeps increasing. In an SQN Banking article they stated:
“Businesses in the financial industry face an average cost of $210 per breached record. This is the second highest amount of any industry besides healthcare. These costs include discovering the breach, stopping it, and cleaning up the aftermath. However, the biggest costs come from the loss of customers.”
The last sentence may be the most important of all, because banks depend upon the trust of their customers and when that trust is lost, the bank has lost all hope of continuing.
Banks continue to increase their internal security strategies to protect proprietary data, however, part of those plans need to include hiring a secure document and data destruction company. Professionals, such as SHREDDRS ensure that all paper and digital technology devices of any sort are completely and totally destroyed so that no information can ever be gleaned from them. Certificates of completion are supplied to clients so that they can demonstrate their focus on security protocols.
Join thousands of other practices working with US.
"The only company you will ever need."