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Why Millennials Need Banking Security and Compliance

Technology and networking apps have made my life easier than ever. I love that I can accomplish so many things from my phone. Seriously, like everything. The problem is, I trust it way too much.

I just planned my vacation on my phone. This included setting up an Uber driver to take me to the airport, making lodging reservations on Airbnb and having someone take care of my dog through Rover. At first, it was amazing to me that I could do all this from my phone and all these services cost half as much as a taxi, hotel and dog kennel. Score, right?

Then it hit me, I just placed an extreme amount of personal trust on strangers that I selected based on their online profiles. I am trusting individuals that I don’t know to take care of me all because they have five-star reviews. This is why Millennials and Gen X-ers like me are some of the highest people at risk for financial theft and fraud. Our phones and those online reviews can give us a false sense of security. We are constantly sharing personal and financial information everywhere online as we bask in the convenience of online shopping and services. Some of us don’t even think twice about sharing personal information. I was nearly scammed on Airbnb before…but I keep using it.

This false sense of digital security that so many consumers have is exactly the reason that financial institutions have an obligation to maintain a consistent presence on social media. Your presence on social media helps digitally trusting consumers know what to expect from your organization. You can use your social footprint to help protect your tech trusting customers as well your brand.

So, how can your financial organization protect your customers though social networking?

  1. Let them know what to expect. And then remind them, and repeat.
    Regularly share with your social followers that you will never ask them for personal information through social media or over email. Scammers can easily create phantom email addresses or social pages and copy and paste your logo. Regularly communicate this with your customers.
  2. Share tips on how they can protect themselves
    All banking organizations are in the business of money and they want to protect it like it is their own. Share regular tips, not only from a banking perspective, on how consumers can protect themselves against different kinds of social and email scams.
  3. Keep tabs on phishing schemes and raise awareness
    Part of protecting your customers is staying on top of the latest scams that are taking place. As technology advances and new apps and resources are available, bad people come up with new ways to scam unsuspecting consumers. Make it a priority to stay on top of these scams and share them through social media.
  4. Monitor for copycat pages and mentions
    Mimicking a brand by creating a Facebook page, a website with a similar URL or phantom email address is easy. Like really easy. Protect your customers by implementing a web and social monitoring tool that will alert you to any mock social or web pages. Report any attempted scammers and alert your customers on social or through email as necessary.

Join Social Assurance as we host our first Reach conference as we bring together a wide range of marketing experts to discuss several topics including tech dependent millennials. Reach will be held on August 31, 2017 in Lincoln, NE. Check out all the details at www.reachconf.com.

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