Keeping Your Account and Credit Cyber-Smart: Tips to Share with Your Members
Financial institutions and hacking go hand-in-hand these days, and keeping your bank account and credit from being the next victim is more important than ever. The safest approach, although the least favorite, is assuming that if your data hasn't yet been hacked, at some point, it will be. Hacking financial institutions and their account holders is the most direct cash infusion a hacker can get…and they know it. According to Kaspersky Lab, attacks on ATMs alone hit an all-time high in 2017 with malware-as-a-service (MAAS) opportunities. With this service, even hacking "hacks" with no cybercrime experience can watch an instructional "how to" video on successfully targeting an ATM. With all the relentless email phishing attacks and step-by-step advice on hacking, guarding our finances with common sense protection is something we all need to do. Here are some tips you can use for yourself and share with your members:
Password Security
It's time to put passion into passwords! Assuming your account will, at some point, be breached, there's no reason to make it easier for hackers to break your passwords. Every account deserves a unique password that is eight characters or longer and combines numbers, upper and lowercase letters, and symbols. Try to create a sequence with meaning to make it easier to remember, though not easy to guess, or dictionary words. If necessary, write the passwords down. Remember not to leave your written passwords somewhere they are easily found by others.
Always Use Two-Factor Authentication
In the wake of massive financial hacking, most FIs and social media provide 2FA as a second security step, which can be easily set up with accounts. When logging into an account, the FI sends a security code to your phone. The code is needed as the second verification to complete the login process. It's a great and easily added security layer, with the idea being that even if a hacker cracks your password, they'll never get the 2FA needed to log in unless they have your phone.
Check Your Accounts Often
No more waiting for your monthly statements. With easy online access, keeping tabs on the financial comings and goings is an easy way to spot suspicious transactions. Should anything look questionable, immediately alerting your FI or provider is much more effective. Taking fast, proactive steps can prevent further damage to your account should it be breached.
Be On the Lookout for Phishing Scams
These are still common and frequent and are becoming more challenging to detect. If you are not expecting a link or attachment, just don't click it, regardless of the sender.
Check Your ATM's
When using ATMs, take a quick look to ensure no skimming device is attached to it. If there is, don't use it and report it to the financial institution. Also, make sure you use ATMs in well-lit areas and where there is plenty of traffic. Hidden ones or those in dark areas are easier targets for ATM scammers.
Keep Tabs on Your Credit Reports
The three big credit bureaus–TransUnion, Equifax, and Experian- allow a free credit report annually, so take advantage of getting one free every four months. Doing so allows you to see what's going on in the background with your credit, and quickly report any nefarious credit-oriented movement.
Don't Be Afraid to Freeze Your Credit
By law, the big three credit bureaus now must offer free credit freezing and un-freezing. If you spot something suspicious with your credit, a quick freeze can prevent financial heartache by keeping hackers from doing further damage. Remember that frozen credit prevents anyone from accessing your reports, including you.
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Source: https://www.millenniumcorporate.org/Resource-Center/Cyber-Education
