TAMPA, Fla – Online banking and e-commerce are an integral part of our way of life.

This is often how we buy food, gas, clothes and pay our bills. But online banking platform One CEO Brian Hamilton says convenience comes at a cost.

Fraudsters are always one and always attentive, ”he said.

It is estimated that by 2021 alone, the amount of money people lost in online banking scams was in the billions. And repeatedly, Hamilton says the scams are linked to a form of identity fraud where crooks will set up real bank accounts under your name.

“They actually then open an account that has an ACH or bank-to-bank connection and then they use that to connect to your real funds and withdraw money,” he said. .

So how do you protect yourself and your money?

Well, Hamilton says it all comes down to things like regularly changing your passwords and using online tools to verify that it is you when you log into your account.

Enable two-factor authentication, right? So that you receive an SMS on your phone if someone tries to access your account, ”he said.

And he adds that some online banking groups, like his company, also allow you to “lock in” some of your money. So if the crooks get access to it, they can’t steal everything.

“This would therefore prevent anyone from accessing this pocket [of money] remote from this account, ”he said.