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A Secure Digital Future for Financial Firms

From old-fashioned bank vaults to modern blockchain technology, banks have always invested heavily in security measures to keep customers’ money and data safe.

That won’t change as banking moves steadily away from physical branches and onto mobile phones, but the tactics will update continuously to keep up with the demands of an ever-changing digital landscape. As a First Bankcard customer, you can rest assured that cutting edge technology is being used to keep your business data secure.

Data-security pros at financial institutions design and implement the systems that keep your information safe. Not only do they need to stay up on all of the best security practices available today, but they need to prevent the nefarious ploys that savvy criminals might try tomorrow. Furthermore, the right processes need to be in place to minimize the damage if sensitive information is jeopardized.

What exactly are financial institutions like First Bankcard doing to keep your money safe? The answer can be divided into a number of buckets:

  • Tools: Financial institutions invest heavily in hardware, software, and processes. Security protocols involve encryption technology and virus protection, while back-end measures such as firewalls, data storage, patching, and reporting systems help keep sensitive data from falling into the wrong hands. Finally, investment in the right emergency plans help improve response time and limit the risk of human error, potentially mitigating the effect of a breach that’s already in progress.
  • Compliance: Data-security and privacy standards for companies in the financial sector are generally well-settled, at least in theory. Companies must maintain reasonable procedures, as dictated by law, to protect sensitive information. Of course, the specific measures they employ depend heavily on factors such as the nature and size of the business, the types of data at risk, and the tools available at the time. In addition to this catchall, certain types of businesses may need to comply with various legally required obligations.
  • Manpower: Data security experts are in high demand at financial institutions, and boast the hefty salaries to match. They’re certainly worth the money: a top-notch Chief Technology Officer or senior IT executive can prevent catastrophic losses and damage to the brand. At First Bankcard, one of the 10 largest Visa issuers in the country, a dedicated team of 60 employees monitor and prevent fraudulent card transactions whenever and wherever they may occur.
  • Educating customers: While security is generally considered the firm’s responsibility, there are a number of steps that consumers and businesses of all sizes can take to help protect themselves. Some measures include using strong passwords and changing them regularly, and knowing how to recognize a scam. Other common-sense ideas include protecting personal information such as Social Security and credit card numbers and avoiding public wi-fi networks for online banking. Ultimately, the system works best when customers and companies work together: banks should keep their customers up-to-date on developments and recommended measures, and customers should always alert banks to any questionable activity.

As a truly global company, First National Bank takes security very seriously. Read more about how First Bankcard keeps customers protected.

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