Look for These Protections from Your Bank

According to a recent study by Fiserv, 80 percent of U.S. households now bank online.

Online bankers are irresistible to cybercriminals because a breach gives them direct access to money without the need for a ransom. That’s probably why more than 25 percent of malicious activity online is aimed at financial institutions.

The most common threat to online banking is thieves posing as banks. They may approach using a spear phishing email that copies the logos of your financial institution or spoofs your mobile banking app. Smishing, or sending malicious text messages, is another strategy for luring customers into entering login credentials.

With so many vulnerabilities, online bankers must choose a financial institution that offers high-level protections, and they must take personal initiative to keep their accounts secure.

In this issue, we’ll share tips from malwarebytes.com about protections your bank can offer. In the next Shortliner, we’ll focus on the steps you can take.

Among protections banks offer are:

• Two-factor authentication: A strong password is not enough. The safest banks offer multiple-step login processes that require both something you know (a password and/or security questions) and something you have (your phone, which will receive a text message of a second code you’ll need to enter to gain access).

• SSL secured websites: On any website where financial transactions take place, secure communication is key. Look for the padlock icon to the left of the URL. If it’s there, that means the information passed between your bank’s server and your browser remains private. In addition, the URL should read “https” and not just “http.”

• Automatic timeout sessions: Banks that close out your session after a few minutes of inactivity protect you from prying eyes and human error.

• Fraud monitoring: Banks should have continuous, real-time monitoring for fraudulent activity such as large withdrawals or purchases made in new locations.

• Mobile password protection (fingerprint scanning): Many mobile banking apps offer fingerprint scanning as an additional method of verification. The safest banking apps also require that phones be password protected if fingerprint scanning is to be used.

Source: malwarebytes.com