Q:

Why are security verification checks necessary?

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Quick Answer

Security verification checks by banks are necessary to confirm the identity of the person or entity with whom they are dealing. A genuine online presence is very hard to fake for the simple reason that a genuine persona does not act the same as a fake one, according to IAmReal.com. By confirming the identity of the person or entity, the bank not only protects itself from the risk of fraud or wrongdoing, but also protects its clients.

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Full Answer

Security verification checks are a smart move for those who do a lot of business online, including banks, as fake accounts are easily discovered by an effective online verification platform, explains IAmReal.com. A customer also needs to have his own security verification methods to protect himself. When a bank calls, it is important to verify that it is actually the bank. The customer should not disclose any information before confirming identity.

One way for a customer to confirm if a call is actually coming from his bank is to offer to call the bank back using the number listed on his ATM card or on the bank's website, according to TroyHunt.com. If the caller offers a different number to call other than these sources, there's a good chance that the caller is a scammer, and it's best to end the call immediately. Other scam signals to watch out for include calls from an unlisted number, establishing a sense of urgency, and asking for personal information without establishing identity.

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