Personal finance and banking have changed completely in the last 40 years. The days of a branch closing for the weekend are now unheard of. However, finding a branch is also very difficult to achieve. This is because of the internet. Computing and the Internet have opened up the ability for us to access our accounts 24 hours a day, 365 days a year. This has become even more open with the introduction of the mobile phone. With Mobile apps and telephone banking, someone who can help us is never far away.
However, whilst it’s never been easier to use all of the banking facilities available, you can make applications for loans and mortgages all online. For example, it also opens the banks and us up to the prospect of fraud and criminal activities.
One of the most common is money laundering. This is where monies or income that has come from criminal activities can be “cleaned” by being used for a deposit for a house or as a way to start a savings account. It can also be cleaned by using it to open a bank account. It’s why banks check us all, and an AML ID CHECK from www.w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks is perfect.
We need to be protected from the many nefarious agencies that are ranged against us. You have to be very careful to watch for scammers on the phone and online, and for the bank, this is exactly the same.