CONDUCTING YOUR TRANSACTIONS ONLINE
Regulators are reporting that online threats have significantly changed over the past several years. Hacking techniques and growing organized cyber-criminal groups are targeting financial institutions, compromising security controls, and engaging in fraudulent electronic funds transfers and online account takeovers.
To ensure the security of your online transactions, here are some things we would like for you to know:
We will never call, email, or otherwise ask you for your user name, password or other credentials related to your electronic banking account.
You can implement some alternative risk control processes as follows:
Monitor your account activity regularly
Safeguard your user name and password
Change your password periodically
Make sure a firewall is in place when conducting your transactions
Completely log off the system when you are done with your online banking session (do not just close the page or “X” out of the system)
When choosing a username and password, mix upper case letters, small case letters and numbers.
Owners of commercial accounts can perform their own risk assessments and control evaluations. For example:
An evaluation of controls your business uses may include:
Using firewalls to protect from hackers or potential intrusion
Conduct employee background checks
Use password protected software to house your passwords
Segregate duties among more than one employee, so that no one person has too much access or control
Conduct internal audits of controls
Initiate a policy to terminate access of former employees
Make a list of online transaction related risks that your business face, including:
Lack of dual control or other checks and balances over individual access to online transaction capabilities
Use of old or inadequate passwords
The possibility of internal theft and/or fraud
Delays in termination of rights of former employees
Passwords being left out in the open
Federal regulations provide consumers with some protections for electronic funds transfer. Regulations generally apply to accounts with online access. For example, these federal laws establish limits on a consumer’s liability for unauthorized electronic fund transfers. They provide very specific steps to take to resolve and error with your account. In order to take advantage of these protections, you must act in a timely manner. Notify us immediately if you believe your account information has been compromised. Review your account activity and statements, and immediately report any errors or suspicious transactions.
If you become aware of suspicious account activity, contact the authorities immediately and contact us at the 309/543-3361.