Identity theft and cybercrime have become a fact of life in the 21st century at a cost of $600 billion per year. Hackers are becoming more active, more aggressive, and more cunning, but they tend to go after easy marks: those consumers who are careless about securing their bank accounts and who make it easier to steal their money. You don’t have to be an easy mark! Using simple security protocols and common sense, you can keep your bank account safe online.
Part of the reason that cybercrime is so prevalent is because it is lucrative. For example, the price of a Social Security number on the dark web is $1, a driver’s license is $20, online payment system logins can go for as much as $200 each, and passport numbers get up to $2,000 each. Since most cyberattacks are automated, it becomes a numbers game for criminals; they send as many malware messages as they can, knowing a percentage will reply, so they are sure to find new people to take advantage of.
Your best defense against a cyberattack is being well-informed and being proactive about securing your bank account and iQ is here to make sure your bases are covered. Here are just a few basic online safety tips:
In the age of internet communications and e-commerce, your computer has become the tool that handles most of your personal financial activity and money management. It has become routine to do your banking online; make online payments for your mortgage and household expenses; and, of course, shop online. As a result, your computer holds a lot of personal and financial information that could be valuable to cybercriminals. To protect yourself, here are some tips:
Keep your software up to date. Even the best software protection won’t help you if the software is out of date. Be sure to keep all your computer software up to date, including the operating system and anti-malware software. Most updates include security measures to deal with emerging threats.
Watch for email phishing attacks. According to the Verizon report, human error accounts for 90 percent of data breaches, and 96 percent of those threats come via email. Be suspicious. Hackers are clever, and they are good at making phishing messages look like legitimate email. A few basic rules to remember:
Never click on a link in an email message. If you think a message is legitimate, open your web browser and log in to your account manually, bypassing the link.
Look for errors or suspicious text. While an email may have the right images and look legitimate, phishing messages often have misspellings or awkward grammar.
Check the email address. Often, you can tell if a message is fraudulent by looking at the sender’s address. If it doesn’t match the body of the message, it is probably fraudulent.
See if there are group recipients. Often, spammers copy a list of “undisclosed recipients” on the same message. Legitimate email messages don’t use mass addresses.
Mobile banking is gaining in popularity with consumers, banks, and credit unions. In fact, a Javelin Research report shows that 62 percent of millennials and 34 percent of baby boomers currently use mobile banking. While most of the security concerns are unwarranted, there are a few steps you should take:
Now that we have talked about ways to protect your computer and mobile devices, let’s consider some best practices to keep your bank account safe when shopping, paying bills, or doing any kind of online banking:
Even though cybercriminals are becoming more aggressive, you don’t have to be a victim. Using simple security protocols and common sense, you can keep your bank account safe online. Of course, you also want to make sure that you have your money with a reputable institution that understands the dangers of online fraud and will help you protect your money. Here at iQ Credit Union, we care about keeping your money secure. Contact us to learn how we can make your life simpler with online banking and still keep your money safe.
Phishing attacks are still prevalent. While Verizon reports that 78 percent of recipients do not fall for most phishing attacks, 4 percent do. And phishing attacks are becoming more sophisticated. They often appear as legitimate correspondence from a bank or credit union with a link to a malware site.
Criminal pretexting is increasing. Pretexting is a clever strategy to steal and sell your identity. A pretexter may contact you by email, text, or phone, posing as a survey firm, hotel, or someone who wants to ask you a few questions. Once they have the basic information, they use it to gather more information about you, such as your social security information from organizations you do business by posing as you. Once they have your profile they can sell it on the dark web. There has been a five-fold increase in pretexting over the last year.
Password attacks are very common. Criminals can “sniff” the network connection looking for passwords (which is why you should never access your bank account from a public wi-fi network). Brute force attacks use random terms to guess a password, but those words are often tied to a job title, hobby, or other personal information. Dictionary attacks use commonly used passwords to try to hack the account.
Malware attacks are very common and insidious. Malware such as ransomware, viruses, Trojans, worms, and others infect your computer or phone system without your knowledge, often providing access to sensitive data such as your bank login. You can pick up malware by opening the wrong email attachment or even visiting the wrong website.