In 2024 cybercrime is at an all-time high, with an attack happening every 39 seconds here are a few thoughts:

Think about setting-up automatic withdrawals and transfers via online banking for monthly norms such as bills, self-payment, other critical deductibles. The key here is to develop a routine. The less you need to interact with your funds, the less temptation you will have to spend, and the easier it will be to spot any irregularities; with the right systems and notifications in place, this increases your chances of being aware of what’s happening in your account well before your cash is moved.

But let’s say for some strange reason you receive e-mail notifications and app notifications that your card has been compromised, another war tactic is to ask your bank if their app has the ability to turn on and turn off your credit/debit card. If your banking app doesn’t allow this, please ensure to request it. It saves time, money (to replace a compromised card) and the headache of going in branch to block and or replace your card.

The third precautionary move is to lower and manage your daily spending limits. This benefit gives you control to manage unauthorised transactions or overuse by yourself of your cards. Again, if you go over your limit, simply visit your banking app and change this, ensuring that you have notifications set up should you ever go over the limit as the transaction may not have been done by you.

One more thing to note is if your bank allows two-factor authentication (2FA) please also add this to your war chest. This will give you a layer of protection before any transaction is complete. The downside is your phone will need to be both charged and have the ability to accept this SMS wherever you are globally, so consider roaming. That aside, thieves will need to work harder to get your cash.

As you diversify your funds, continuously seek to educate yourself. Yes, banks and the Bank of Jamaica (BOJ) will have campaigns to assist you with this, but there are also free courses online which you can use to boost your money mindset.

Ask yourself, what you do actually know about your cards and your banking services? How do they stack up in relation to another bank or financial institution? Do you know the laws surrounding you and your money? Do your cards have benefits? If your cards are compromised, what is the reporting process like, and how easy is it to claim back stolen funds? All these are questions you need to ask as you align with your bank in managing your financial relationships.

The challenge of managing your money can get better with time.

As this notion of a hybrid society becomes the norm, I believe you should utilise both digital and traditional means to ensure that you’re ahead of all types of skulduggery in relations to your cash.

While it won’t be a one-size-fits-all solution, each can work depending on what your current issues are. As always, I believe it’s best to challenge your financial institutions to think deeper, get more creative, and upgrade the provided technology.

When banks and financial institutions know what you want and can provide it, we all will win.

Until next time, think digital-first.

Shane G Bennett is a martech and marcomms professional specialising in digital transformation, corporate communications, social media solutions, and brand management for SMEs, non-profits, and multi-national companies. You may contact him via e-mail at sgbjamaica@gmail.com.