A guide to safekeeping bank accounts in digital age

Banking has never been more convenient. From high street branches to mobile apps, money management now takes place at our fingertips. But this digital revolution comes with vulnerabilities-cyber-criminals are constantly seeking ways to exploit them. Fraud is no longer a distant possibility, it is a growing global problem. Protecting your accounts requires both awareness and consistent vigilance.l
The scale of cyber-heist threat is worrisome. The numbers tell a sobering story. Globally, payment fraud already costs tens of billions of dollars each year, with losses projected to rise further. A 2023/24 global survey by PwC found cybercrime among the most disruptive forms of fraud, and phishing remains the entry point for more than 80 per cent of reported incidents.
The United Kingdom illustrates the challenge well. UK Finance reported that in 2023 criminals stole over £1.0 billion through both unauthorised and authorised fraud. Authorised Push Payment (APP) fraud alone accounted for hundreds of millions, showing how persuasive social engineering can be. Victims are tricked into believing they are acting to protect themselves, when in fact they are handing money directly to criminals.

Bangladesh is also grappling with rising risks. Mobile financial services (MFS) such as bKash, Nagad, and Rocket have transformed access to money, processing billions of taka daily. Yet, alongside financial inclusion has come a surge in fraud. The Bangladesh Telecommunications Regulatory Commission and law enforcement receive thousands of cybercrime complaints each month. A common tactic is MFS fraud: imposters posing as officials or inventing prize-winning schemes to coax users into revealing PINs or sending money.
Wherever you are, the risk is real. The best protection lies in combining the tools provided by banks with your own informed caution.
Core principles of account security necessitate illustration for awareness raising. The fundamentals of financial security apply whether you are using a cash machine or banking on your smartphone. Strong passwords and PINs are your first line of defence. Avoid predictable choices such as birthdays or family names. Instead, create long and unique passwords-at least 12 characters including a mix of letters, numbers,
and symbols-and never reuse them across
different services.
Two-factor authentication (2FA) provides an extra barrier. It requires a second check, such as a code sent to your phone or generated by an authenticator app, meaning that even if your password is stolen, criminals cannot easily access your account.
Regular monitoring is equally important. By reviewing your statements weekly and setting up transaction alerts, you can spot suspicious activity early and prevent more serious losses. Caution is also essential when connecting online: avoid banking over public Wi-Fi, which is often insecure and vulnerable to interception. If you must use it, connect through a trusted Virtual Private Network (VPN) to encrypt your activity.
How to navigate the digital frontier is a pivotal question. Online and mobile banking offers speed and convenience but demands careful habits. Always use official channels. Download apps only from the Google Play Store or Apple App Store, and type website addresses yourself rather than clicking links in unexpected messages. A genuine banking site should begin with "https://" and display a padlock symbol, confirming a secure connection.
Phishing (via email) and smishing (via text) remain the most common ways criminals try to steal your data. These messages typically create urgency-claiming that your account has been locked or compromised-and direct you to click a link. Warning signs include generic greetings such as "Dear Customer", spelling mistakes, or unfamiliar website addresses. Remember: your bank will never ask for your full password, PIN, or for you to move money into a so-called safe account.
Equally, your devices themselves must be secure. Keep your computer, tablet, and phone updated, as updates often contain vital security fixes. Use reputable anti-virus and anti-malware software, and ensure that your phone is protected with a strong lock screen-whether a PIN, fingerprint, or facial recognition.
Fraud in action: Real-world examples show how
easy it is to be caught off guard.

One common smishing scam begins with a text: "SECURITY ALERT: A suspicious login was detected on your account. Secure it immediately at [link]." The link leads to a fake site that looks identical to your bank's. Entering your login details hands them straight to criminals, who drain the account within minutes. In APP impersonation fraud, a caller pretends to be from your bank's fraud team, warning that your account is under threat. They instruct you to transfer your funds to a "safe account", which in reality belongs to the fraudsters. Many people, convinced by the professional tone and urgency, comply.
SIM-swap fraud is even more insidious. Criminals collect personal details-sometimes from social media or data breaches-and use them to persuade your mobile provider to transfer your number to a new SIM card. Once they control your phone, they intercept security codes and gain access to your bank account. Victims often realise too late, after discovering that their accounts have been emptied. These are the dos if fraud is suspected. Here, speed is vital. If you think your account has been compromised, immediately contact your bank using the official phone number listed on their website or card-not one
provided in a suspicious message. They can freeze your account and prevent further losses. Change your passwords straight away, especially if you have reused them elsewhere.
Reporting fraud is also essential. In the UK, incidents should be reported to Action Fraud. In Bangladesh, victims can contact the Cyber Crime Investigation Division of Dhaka Metropolitan Police, the CID, or the national emergency helpline. Reporting helps authorities track patterns and pursue offenders. Finally, monitor your credit report where possible to check for accounts or loans fraudulently opened in your name.
How to stay one step ahead in navigating digital frauds and safekeeping finances is a moot question.
Digital banking offers immense benefits, but safety depends on how carefully you manage your information. By combining strong passwords, two-factor authentication, regular monitoring, and cautious online behaviour, you can protect yourself against most threats.
Treat your financial details with the same care you would your house keys. With vigilance and good habits, you can navigate the digital age with confidence, keeping your hard-earned money secure.