ABA Campaigns Offer Tools for Credit Card Issuers to Fight Fraud as Cybersecurity Awareness Month Opens

The American Bankers Association (ABA) has announced a relaunch of two campaigns that intend to help businesses and consumers spot fraud and scams so they can steer clear of them. 

The campaigns, known as #BanksNeverAskThat and #PracticeSafeChecks, provide credit card issuers with information they can bring to the attention of their customers to help them avoid scams and fraud.

The ABA campaigns relaunch just as Cybersecurity Awareness Month kicks off in the U.S. While it’s never a good time for cardholders to ease up on their financial security practices, now may be an especially opportune time for issuers to reach out to them to help ensure they’re doing their part to prevent fraud.

Though October is the time of year when many organizations turn their sights toward cybersecurity awareness, the ABA campaigns run for a full year. A consistent effort to combat fraud and scams is necessary when only one wrong move can bring financial headaches to cardholders.

In the U.S., 62 million people saw fraudulent charges hit their credit or debit card accounts last year, according to findings from Security.org. The company’s report also reveals that 80% of cardholders admit to having at least one habit that makes their accounts more vulnerable to fraud.

Those findings suggest that cardholders may be able to prevent fraud in many instances.

Rob Nichols, the President and CEO of the American Bankers Association, said in a press release announcing the relaunches that the group’s campaigns have helped millions of people shield themselves from the schemes of bad actors.

“With the help of banks across the country, we’re confident this year’s campaigns will be even more successful,” Nichols added.

Reducing fraud is never too far from the minds of employees at credit card issuers. The tools from the ABA provide a cost-effective way for issuers to remind cardholders of proven methods to help keep their financial information secure.

The ABA has packed its website for #BanksNeverAskThat with tips that cardholders can follow to safeguard their accounts. 

Credit card issuers that register for the ABA’s free campaigns can access advice that they can share with cardholders on social media posts. 

Of course, issuers can also develop their own materials for use in educating their customer base and employees about favored security practices.

The American Bankers Association offers credit card issuers resources they can use to share security tips with cardholders.

The Cybersecurity and Infrastructure Security Agency (CISA) is the federal group that heads Cybersecurity Awareness Month. 

According to an American Banker report, the CISA recommends key steps companies can follow to fortify organizational security, including avoiding phishing attempts, using strong passwords, requiring multifactor authentication, and installing security updates and patches on software.

Regardless of which resources a credit card issuer employs to mitigate scams and fraud, it’s important that they keep their customers engaged in the effort.

“Banks remain committed to winning the fight against fraud, and the best way to do that is to help bank customers spot scams before they can do any damage,” Nichols said.