The convenience of online banking has become an integral part of our lives. While digital banking offers numerous advantages, it also comes with its fair share of security risks. Cybercriminals are constantly evolving their tactics to steal sensitive information and scam unsuspecting users. At HRCCU, we are committed to ensuring the safety of your financial transactions. Let’s go over some essential tips for how to protect yourself from theft and scams in the world of digital banking.
Digital Banking Security: Keeping Your Information Safe
The conveniences of digital and mobile banking are almost too numerous to count. With the help of the internet, it is possible to pay bills, transfer funds, deposit checks, and conduct various other financial transactions from anywhere in the world. However, it is important to take a few simple steps to ensure that when you do these things, the information you provide is safe and shared only between you and your financial institution.
Secure Passwords
The first line of defense in protecting your financial information online is by creating strong passwords. Choosing a strong and unique password or pass-phrase is a good way to ensure that no one will be able to guess their way into your accounts. Some general rules of thumb when it comes to choosing a strong password include:
- Mix upper- and lower-case letters.
- Use punctuation and other numerical or alphabetical characters.
- Avoid common or easily guessed number sequences, such as “1234” or significant dates.
- Don’t use personal details, such as the names of pets or children
In addition, make sure that you do not store your banking password on your computer or mobile device. When you do need to write it down, place it in a secure, preferably locked location, such as a desk drawer or safe.
Enable MFA (Multi-Factor Authentication)
Multi-factor authentication, also called two-factor authentication, is another powerful tool for protecting your information online. As the name suggests, two-factor authentication requires users to use two separate tools or pieces of identification to access an online portal. In most cases, this may include your computer and your cell phone where you enter your password into an online portal and then access a separate code via an app on your phone. Alternatively, MFA may require a password and a biometric code such as a facial scan or fingerprint.
The point of two-factor authentication is to require both something you know (your password) along with something only you can access, such as a code or your fingerprint.
Use a Secure Network
In addition to your login information, how and where you log into your online banking accounts matters. Unsecured networks, including public Wi-Fi, present a security risk that is not worth taking. Indeed, because literally anyone can use it, public Wi-Fi networks are among the most common spaces where individuals experience financial information attacks.
Therefore, the best practice is to avoid using public Wi-Fi for sensitive information, such as online banking, at all. However, if you must use it, take some basic precautions, such as disabling file sharing, only using secure (i.e., https) sites, and accessing sites through a virtual private network (VPN), if available.
Regularly Monitor Your Accounts
Keeping careful track of your accounts is another important step in digital banking security. Luckily, digital banking actually sets up systems to make this tracking easy through automatic alerts and other types of account monitoring. Account alerts can help you keep track of potentially suspicious activities related to your online banking, such as:
- Low balances
- New credit/debit card transactions, especially those over a certain dollar amount
- New external accounts
- Failed attempts to log in
- Password changes
- Updates to personal information
Keep Your Devices Secure
A final step in digital banking security is making sure to keep the devices you use to access your accounts in secure locations. This includes computers, smartphones, and tablets that may have information about your mobile banking. These devices should never be left unattended in public, and if you lose them, you should take steps immediately to shut down and secure any accounts associated with them. Also, make sure that you use passwords and/or biometric locks with these devices, as well.
Bank Scam Prevention: Avoiding Attacks
In addition to simply securing your accounts, it is also important to be aware of banking scams and to take steps to ensure that you are paying attention to signs of a potential attack. Bank scam prevention is as much about planning ahead as it is reacting in the moment. Let’s look at some steps you can take to ensure that you are ready for the latter.
Beware of Phishing Attempts and Impersonators
Phishing is a common technique used by people who try to steal your identity. It is a specific type of scam that uses social engineering to deceive victims. Phishing scammers will pose as a trusted authority, such as your bank or financial institution, and use that trust to get you to reveal personal information that they can then use to steal your identity and compromise your accounts. Sometimes phishers will contact you via email, but they may also reach out to you on the phone.
To avoid falling victim to online phishing scams, make sure to keep track of who sends you requests, verify email addresses and links, and keep personal details to yourself. Note that Hudson River Community Credit Union (HRCCU) will never ask for your password via email or on the phone; we will only ask you to input the password yourself into our secure online portal.
Report Suspicious Activity Immediately
In addition to protecting yourself and remaining alert and aware of any phishing activities, you also want to make sure that you report anything suspicious to HRCCU or any other financial institution you do business with immediately. Even if the attempts to contact you turn out to be legitimate, it is always better to be safe than sorry. Please note: Hudson River Community Credit Union (HRCCU) will never ask for your password via email or over the phone. If you receive such a request, contact us at (518) 866-3400 before responding to ensure the request is real and not from a fraudster.
Digital Banking Security with HRCCU
The benefits of digital and mobile banking are hard to deny. Whether you are paying bills, shopping, or looking for a loan, the convenience and instant answers provided by online and mobile banking are numerous. However, with every rose, there is also a thorn, and that’s why you need to take steps to secure your online banking information and protect your personal information when shopping online.
At HRCCU, our experienced financial advisors and clerks can help you set up your accounts for both convenience and safety. Contact us today to learn more about how our online and mobile banking solutions can help you maintain a secure online banking experience.
