How to Protect Your Personal Information on Bank of America

After a big security failure, several Bank of America customers were on the verge of identity fraud and financial scams. Knowing how to Protect Your Personal Information on Bank of America

A security incident at Infosys McCamish Systems (IMS), a third-party service provider used by Bank of America, has resulted in a massive data breach impacting 57,000+ customers. 

And in response to this data breach, IMS offered all 57,028 victimes a free 2-year identity theft protection and advised Bank of America to update all passwords. 

But the damage has been done.  

This is not the first time a big financial institution was hit by a data breach attack.

How Does Bank of America Collect Your Data?

Bank of America obtains your personal information mainly through interactions with the bank. This covers the data you submit while using your debit or credit cards, opening accounts, applying for loans, and accessing Internet banking. 

The bank also gathers information from outside sources, including public records and credit bureaus. This information is used to meet regulatory requirements, offer individualized services, and evaluate risk.

Types of Information Bank of America Gathers

Bank of America collects customer-specific data to offer services, manage risk, and adhere to regulations.

This data may consist of:

Personal Information

They ask for your name, address, birth date, social security number, and contact details to register for your account.

Financial Data

They also hold records of your current account balances, past transactions, credit history, earnings, and job details.

Account Information 

The banks must collect data about your account activity, including security questions, passwords, and account numbers.

Online Activity

The Bank of America website and mobile app gather data, including browsing preferences and device details.

Why is it Important to Understand Bank of America's Privacy Policy?

Reading Bank of America's privacy policy can help ensure your personal information is handled properly. This is important for several reasons.

Protection of Personal Information

• This policy describes how the bank gathers, uses, and shares personal information.
• You can take precautions and become more aware of any threats if you have them with this knowledge.

Transparency and Trust

• A clear and transparent privacy policy can build trust between you and the bank. 
• It proves their dedication to maintaining your privacy and openness in their business dealings.

Regulation Compliance

Many privacy rules and regulations apply to banks. Knowing the policy guarantees that Bank of America complies with these legal obligations.

Making Informed Decisions

• Awareness of the privacy statement enables you to make well-informed choices regarding your banking partnership. 
• You can evaluate if the bank's privacy policies align with your expectations and values.

Using Your Legal Rights

• Your rights about your personal information, such as the ability to access, edit, or remove your data, may be outlined in the policy. 
• Gaining knowledge of these rights gives you the ability to defend your privacy.

How to Protect Your Personal Information on Bank of America

Bank of America is particularly concerned about data security. The following actions can be taken to safeguard your personal data:

Use Strong Passwords

Use robust passwords to ensure the security of your mobile banking accounts: 

• Make use of both capital and lowercase characters, digits, and symbols.

• Don't use information that can be guessed, such as pet names or birthdays.

• To create and securely store strong passwords, use a password manager.

Set up Two-Factor Authentication

Here’s how you can set two-factor authentication while using an online banking app:

1. In the settings of your Bank of America account, enable 2FA.

2. Select your preferred method, such as an authenticator app, email, or SMS.

3. Each time you log in, you must enter a code from your selected method and your password.

Track Your Accounts

• Check your account statements frequently for any unusual activity. 

• Inform Bank of America right once if you see any unusual activity.

Watch Out for Phishing Attempts

• Never open attachments or click links in unsolicited calls, texts, or emails.

• Use the official Bank of America website or contact center to immediately confirm the sender's identity if you receive a questionable communication.

Protect Your Information from Cyberattackers With PurePrivacy 

You can browse the internet without worrying about data breaches or invasive tracking when you use PurePrivacy:

• Use Dark Web Monitoring to get notified when your data is found on the dark web.
• Use the Tracker Blocker to stop invasive tracking and targeted advertising.
• Use Remove My Data to lessen the possibility of illegal access to your private information and to clean up your internet record.
• Use Social Privacy Manager to manage your online identity and stop unwanted access to your personal data.

Scan the Dark Web 24/7

Using PurePrivacy, you can look for signs that your personal information may have been hacked on the dark web. If we detect a threat, we will instantly alert you.

Remove Information from Data Brokers

Deleting your personal data from over 200 websites and online databases can lower the chance of unauthorized access and identity theft.

Secure Your Social Media 

PurePrivacy allows you to adjust privacy settings to control who can see or access your posts and interactions.

Avoid Unwanted Tracking 

Use the Tracker Blocker to avoid leaving breadcrumbs or online footprints for internet trackers who are following your online activities and browsing history. 

Wrapping Up!

Securing personal information on Bank of America is essential for maintaining financial security and avoiding identity theft. 

Use PurePrivacy with a VPN to protect your online browsing and data from illegal access.