How Banks Can Make Checking Accounts More Secure
By
Staten Island, NY Posted: 9/4/2016 1:00:00 AM
Checking accounts are NOT secure. Here's how they can fix it.
As I've mentioned in an earlier post, paying bills by writing a check is NOT secure, because every time you give somebody a paper check, you are also giving them everything they need to access your checking account, including your account number and even the bank's routing number.
Meanwhile, people go out of their way to shred bank statements, deposit slips, and anything that shows their account number, but they hand out checks that contain exactly that.
The solution is to have the banks issue checks WITHOUT your account number on them. Each check would have a unique one time use code that is different on each check that is linked back to your account. Since each check would have a unique code, the recipient of any given check would not be able to create additional checks or initiate ACH transfers.
Creating a unique code for each check is a bit more complicated than printing traditional checks, but a system like this would be worth the effort because it would make it much more difficult for a thief to access your accounts.
Joe Crescenzi, Founder
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