Online Banking Fraud Prevention Tips
Federal financial regulators are reporting that Internet threats have changed significantly over the past several years. Sophisticated hacking techniques and growing organized cyber-criminal groups are increasingly targeting financial institutions, compromising security controls, and engaging in online account takeovers and fraudulent electronic funds transfers.
As a rule Pavillion Bank will not email, call, or otherwise ask you for your user name, password or other electronic banking credentials! Never hesitate to call the Bank to confirm correspondence you receive is in fact coming from the Bank.
Take measures to protect yourself from Internet Crime by following these safety tips:
- Choose a strong user name and password with a minimum of eight characters, with at least one upper and one lower case letter, at least one number, and one special character.
- Periodically change your password (e.g., at least every 90 days)
- Safeguard your user name and password information
- Make sure you have a firewall in place when conducting your financial transactions
- Log off the system when you've finished conducting business (don't just close the page using "X")
- Monitor your account activity on a regular basis
- Make sure you have the latest anti-virus/anti-spyware installed on your computer and up to date
- Run a full system scan at least weekly
- Make sure that your firewall is turned on
In addition, owners of commercial accounts should perform their own risk assessments and controls evaluations. Make a list of the risks related to online transactions that your business faces including:
- Passwords being written down and left out in the open
- The use of old or inadequate passwords
- The possibility of internal fraud or theft
- Delays in terminating the rights of former employees
- The lack of dual control or other checks and balances over individual access to online transaction capabilities
An evaluation of controls your business uses may include:
- Using password protected software to house passwords in
- Conducting employee background checks
- Initiating a policy and process to terminate access for former employees
- Segregating duties among two or more people so no one person has too much access or control
- Conducting internal or third party audits of controls
- Using firewalls to protect from outside intrusion or hackers
Federal regulations provide consumers with some protections for electronic fund transfers. These regulations generally apply to accounts with Internet access. For example, these federal laws establish limits on the account holder's liability for unauthorized electronic fund transfers. They also provide specific steps you need to take to help resolve an error with your account. Note, however, that in order to take advantage of these protections, you must act in a timely manner.
Make sure you notify us immediately if you believe your access information has been stolen or compromised. Also, review your account activity and periodic statement and promptly report any errors or unauthorized transactions. See the Electronic Fund Transfer disclosures that were provided at account opening for more information on these types of protections.
If you become aware of suspicious account activity, you should immediately contact the authorities and contact us at the number listed below.
You can obtain a free copy of your credit report once a year by calling 877-322-8228.
|Place a fraud alert:||1-888-766-0008||1-888-397-3742||1-800-680-7289|
|Order a credit report:||1-800-685-1111||1-888-397-3742||1-800-888-4213|