Educating Consumers on Banking & Fraud

Financial services companies and their partners are realizing the benefits of consumers informed both in the basics of banking and how to avoid fraud. A company that provides technology tools for financial institutions has developed a program for teaching consumers good checking account practices and ways to avoid falling victim to fraud.

EFunds, which provides tools for payment and risk management, is offering this education through a Web site and a community outreach program.

The site, www.aboutchecking.com, teaches consumers how to manage personal finances. It has an interactive training tool that teaches the basics of balancing a checkbook, how to properly endorse checks, and how to keep good records. It also gives tips on selecting financial institutions, using other banking services, and avoiding check fraud.

The community program is a partnership with the National Foundation for Credit Counseling, available through participating financial services firms, that teaches basic banking skills and financial principles to people who have been denied a checking account because of poor account management in the past.

Meanwhile, Bank of America and Consumer Action have partnered for a similar program. The bank has produced fact sheets published on Consumer Action's Web site and offered through the group's network of community-based organizations. The sheets address home equity fraud, credit repair scams, identity theft and credit card fraud. Later this year, a second set of fact sheets will address basic banking topics.

Copyright © 2001 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 11, No. 7, 7/01