How to actually protect yourself from credit card fraud

With rising concerns about online fraud and data breaches, protecting personal financial information is more important than ever. John Woods, vice chair & CFO at Citizens Financial Group, joined TheStreet to debate the way you may perhaps be able to supply yourself with protection and your money against these growing risks.

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CONWAY GITTENS: So sticking with the patron, we've seen a lot of bank fraud, credit card fraud, identity theft. Can you consult with me about where the industry, how can the industry do an improved job at protecting banking consumers and their data?

JOHN WOODS: Yeah, I feel it truly is a giant issue. And we must have customers should believe that their financial institutions are going to supply protection to their data. And which is a giant investment that we're making. Now we have gotten been investing in our fraud capabilities for a lot of of years, and we feel like we've a really effective capability in preventing fraud. One one amongst of the ways that we do it truly is through alerts where we reach out. And one amongst of some of the most simple ways is to claim, hey, became this. And if that seriously won't ever be, then we're able to quickly have the facility to keep away from a transaction from going down. And which is often one of the ideal thanks to administer it. But when a transaction fraudulently gets through, then because we're the sort of enormous financial institution, we've the resources to make you whole. And to substantiate that you just're not going to be out when an argument that most likely we will have prevented but didn't. We're able to substantiate that this may not finally end up being a financial loss for you. And which that you just may most likely are trying this with a giant institution that you just believe like Citizens.

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CONWAY GITTENS: So someone within the industry - when your members of the family come to you and say, what should I do to supply protection to myself, what do you tell them?

JOHN WOODS: It be in actuality to be cautious along with your individual data and make sure you just're not sharing your data in an inappropriate fashion. And the things like phishing attacks that you just see on emails do not ever give out your individual information when someone reaches out to you. If you happen to get a phone call and so they say, hey, is this you. Is that this John woods. And I may perhaps be able to claim, hold on a 2d. Who are you. Well, I'm your bank and you give me your information. You never are trying this. And citizens won't ever ask to your information by reaching out to you. And so the advice is never give out your individual information bank with a giant, reputable financial institution who shall be there for you when the rare mistake comes through. And which that you just may most likely believe that your data shall be protected. And within the not really event that something untoward happens, we may perhaps be there to compensate you.

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