You’ve already shared your address, date of birth, Social Security number, and your mother’s maiden name with your bank. Now, they want your voice data.
Banks claim that voice recognition adds an extra layer of protection against fraud and cybercrime. However, with hackers increasingly targeting voice data for deepfakes, is the risk really worth it?
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The Identity Arms Race
Regardless of your account balance, hackers and scammers are always on the lookout for new ways to access your money. If you’re wary about your bank storing your voice data, your caution is well-placed. A voice can be cloned using AI with just 10 seconds of audio and a small investment.
To protect yourself, call your bank’s customer service and opt out of voice authentication. It only takes a couple of minutes. If you can’t do it now, set a reminder—this is crucial.
Pro Tip: Scammers sometimes plant fake phone numbers in search results. Don’t just search for your bank online—call the number on the back of your debit or credit card or visit your bank’s official website.
Go a Step Further
Since you’re already smart about using strong passwords, enabling two-factor authentication, avoiding public Wi-Fi, and monitoring your accounts, consider adding extra security measures. Check if your bank offers:
- Secure Keys: Physical or digital devices that generate one-time passcodes valid for a short period.
- Banking Alerts: Notifications via text or email for real-time account activity, which can help you spot unauthorized transactions.
- Account Lockout Features: Automatic account locks after several failed login attempts.
- Advanced Access: Additional verification steps for certain activities, such as logging in from a new location.
Banking Resources
- How to open a bank account
- The 7 best budgeting apps of July 2024
- Best compound interest accounts
- Best bank bonuses & promotions of July 2024
Boost Your Banking Security
If you need to get the basics in order, it’s not too late. Here are a few steps to enhance your security:
- Enable Two-Factor Authentication (2FA): This adds an extra verification step beyond your username and password. It could be a temporary code sent to your device, a fingerprint, or a facial scan.
- Avoid Public Wi-Fi for Banking: Public networks are risky. Cybercriminals exploit these to steal login credentials. If you must use public Wi-Fi, always use a Virtual Private Network (VPN) to encrypt your data and protect your privacy. I use ExpressVPN, a sponsor of my national radio show.
Help spread the word by sharing this information with friends and family to protect them from the rising threat of voice-cloning scams. Stay vigilant—these scams are on the horizon!
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