Data Security & Fraud Prevention
Some surveys indicate that the majority of people now prefer online banking over more traditional banking methods. This has led banks and their customers to increase safety and security measures in order to protect data and prevent fraud. But even with such defenses, cyber-criminals are always looking for new ways to beat the system and get to your money.
CFG Follows Federally-Mandated Security Standards
To maintain the safety of online banking, our lawmakers, regulators and the banking industry have partnered to develop standard procedures and restrictions that help safeguard your personal information.
In order to enforce these standards, bank examiners make regular visits to banks to monitor how they are implementing various security procedures and programs. Security requirements vary from bank to bank depending on the services and products they offer, but regulators look at the following areas:
- Access Controls
These controls are put in place so only authorized customers can access information. When necessary, these controls include multi-factor authentication.
- Physical Restrictions
Restrictions are in place to prevent unauthorized persons from accessing computer facilities.
- Data Encryption
Encryption transforms customer information into unreadable text, so when it’s transmitted it cannot be read by cyber-criminals.
- Modification Procedures
This ensures that any changes are consistent and compatible with the security program.
- Dual Control Procedures
This is a technique that helps prevent internal fraud by ensuring that bank employees are engaging in segregation of duties and have received background checks.
- Monitoring Procedures
Certain procedures can be put in place to look for evidence that cyber-criminals have accessed, or attempted to access, customer information.
- Response Programs
Protocols outline who at the institution should take what action when unauthorized access is suspected.
- Environmental Hazard Protections
If required, such protections guard against technology failures or actual physical damage that could leave customer information vulnerable.
Understanding Cyber-Fraud Tactics
Cyber-criminals often target individuals who are less likely to understand the technical aspects of a security threat, like young adults or senior citizens. However, anyone can be a target so everyone should educate themselves on how to defend their personal and financial information. The first step is to understand what types of criminal tactics you could be subjected to:
- Card Skimming
This approach uses a device to capture PINs and account numbers from your ATM card. Always look closely at the machine before you use it, and report any evidence of tampering. It’s also best to frequent ATMs that you know and trust.
This is software that criminals create to collect your information. It’s usually installed on a computer without the victim’s knowledge, either because it’s disguised as something else or included in the download of another software. Security software can help detect the presence of spyware on your computer.
This is when criminals try to get you to willingly give up your personal information. Phishing scams, which can come via emails or text messages that appear to be coming from a bank, ask the recipient to verify details like account numbers and SSNs. Sometimes these messages even appear to come from the victim’s employer. You should know that CFG will never send an electronic request for your personal information. When you opened the account you already provided it.
Tips to Protecting Your Money
Though CFG Community Bank has implemented extensive security measures to protect your accounts, it’s important that you also take some precautions to help safeguard your personal information:
- Strong Passwords
Use a combination of letters and numbers, and avoid passwords made up of easy-to-guess information like birthdays or your address.
- Anti-Virus Software
Use a current anti-virus software that scans all incoming emails.
- Email Safety
Since it’s not typically encrypted, try to avoid emails that contain personal details like account or social security numbers.
- Log Off
Be sure you sign out of your account using our (or any website’s) secure log-out procedure.
- Avoid Phishing Scams
Don’t reply to unusual emails that ask you for personal information. If you aren’t sure whether an email is official, ask us.
- Check Your Accounts
Monitor all of your accounts on a regular basis, and if you see something odd, report it right away.
- Monitor Your Credit Report
One of the best defenses against cyber-fraud is your credit report, which security experts advise you check every year and before applying for loans or credit cards. All consumers are entitled to three free reports annually.
Additional Resources for Online Safety and Security
- Stay Safe Online (National Cyber Security Alliance)
- President’s Task Force on Identity Theft
- Internet Crime Complaint Center
- Consumer Fraud (Department of Justice Homepage)
- Federal Trade Commission (FTC) Consumer Response Center
- Consumer Guides and Protection
- Financial Fraud Enforcement Task Force
- On Guard Online