4 Ways Credit Unions Protect You & Your Finances

AdobeStock_16472899If there is one expectation that you have when you decide where to entrust your finances, it is that your money is safe and secure. Today, being able to trust the institution that you choose is more important than ever. Much of the world has conformed to the online world we live in, from shopping or subscription services to – you guessed it – banking. What does that mean for you? It means you are going to want to know for sure that the institution handling your money has exceptional security measures in place to ensure that you can rest easy knowing that your money is in safe hands. So, what are credit unions doing to live up to these security standards? Let’s dive in.

Multi-Factor Authentication

Have you ever had your phone stolen? It is nerve-wracking enough, so you should not have to worry about a stolen phone meaning stolen financial information as well. That’s why multi-factor authentication was created. Using a three-step authentication means that a stolen phone (or just a stolen password, for that matter) doesn’t mean your bank account or financial information is compromised, and has this has become an industry standard. How does it work?

Essentially, 3 different modes of identity confirmation are put into place:

  1. Traditional protections, like a personal password and pin.
  2. Device authentication, with a security code being sent to your phone via text or call when a new device is logging into an online account.
  3. Touch-id or Face-id, to ensure that the person logging in as actually you. An identity thief is going to have a hard time stealing your fingerprint.

 

Fraud Detection

Another common security measure protects from possible identity theft by tracking customer spending habits and behaviors.  It builds a profile of typical spending habits. Why? If a credit union has an understanding of how you typically spend, they will be able to trigger alerts for unusual spending. If you usually spend money in the Capital Region, but are suddenly buying things in Eastern Europe, that’s becomes a red flag. This will notify us to verify with you on whether the transaction was authentic or not. It might be a little irritating when your credit union calls you to make sure that a purchase is one that you actually made, but there’s a reason for it: safety!

 

Encryption 

Securely encrypting all personal and private information that you supply to a credit union is an absolutely vital part of keeping that information private. Make sure sensitive information is in a series of unrecognizable characters before submission over the internet as good encryption takes the danger of transmitting information through the web out of the equation. This is just another assurance that you can rest easy.

 

IP Monitoring

While you might deem a vendor reliable and safe, scams and schemes to steal your financial information have only become more convincing. That’s why your credit union should be carefully monitoring a whole range of IP addresses. Having the IP information on possible fraudulent sites trying to scam consumers is an integral part of keeping personal finances safe. Knowing that a site has reportedly suspicious or blatantly fraudulent activity associated with it is a measure that many institutions take. Anyone can become a victim of a convincing scam, so your credit union should be your safety backup – just in case.

HRCCU offers all of these security protections (and more), and we have the organizational philosophy and experience that proves we aren’t just keeping up with industry standards: we live by them. While some banks will actually defraud you themselves, as a credit union that functions as a proud member of a local community, we respect your money, and pride ourselves on protecting it. Looking for some tips on protecting yourself from identity theft? Check out our blog, “How To Avoid Identity Theft”. We’re looking out for you.