Security: A layered approach
"Anybody who has suffered identity theft knows it's a colossal hassle -- inconvenient and not a one-day fix," Whaley says.
He says the risk of identity theft creates the incentive for consumers to take responsibility for the safety and security of their personal financial information.
Whether that means a password-protected cellphone or one with virus protection, consumers have to be smart users of technology, Whaley says.
That doesn't mean banks aren't doing their part, too.
One trend is stricter authentication systems that require more than a simple username and uncomplicated password to access a bank account.
But banks today don't stop with authentication. Indeed, they take what Whaley refers to as "a layered approach" that begins with authentication and adds plenty of other security bells and whistles behind the scenes.
"It's like securing a house," he says. "You want strong locks, but you shouldn't stop at the locks."