This is part 2 of a 3-part series about BankShield. Read part 1 for context.
Introduction
In part 1, we explored the vulnerability in our old-fashioned payment system that enables criminals to make unauthorized withdrawals from your accounts via checks, wires, EFTs, and credit cards.
In this article, we'll explore how BankShield protects your accounts from such unauthorized withdrawals.
BankShield is a unique service to help you protect your bank account from unauthorized checks, wires, and EFTs.
How it works
When you open an account with BankShield, we set it up so that you can receive money into the account, but getting money out can only be done with your explicit authorization via the BankShield app.
You can use the BankShield app to authorize:
- Advance authorization for routine payments such as bill pay, so we don't alert you for each one
- Transfer money to any a regular bank account that you own
- Checks, EFT, ACH, and wire transfer payments
BankShield automatically blocks any checks, EFT, ACH, and wire transfers that were not authorized by you.
Your other account
You probably already have a checking account that you've use to make payments in the past. You like your bank and you want to keep using it, but you also want to keep your money safe with BankShield.
We recommend creating a new checking or savings account at your bank that you would use with BankShield, and closing your old checking account because that number has been exposed to other people numerous times and it's vulnerable.
Do not get a checkbook for your new account, or use it directly in any ACH, EFT, or wire transfers, because that will expose it directly to the outside world. Use BankShield for all these instead.
The future
We are currently developing BankShield, a unique service to help you protect your bank account from unauthorized checks, wires, and EFTs that works with the banking system that exists today.
But we're not stopping there. Our mission is to modernize payments for everyone. If you want to learn more, continue to the future of payments.
This is part 2 of a 3-part series about BankShield. Continue to part 3 to learn about the future of payments.