Mobile Banking Safety Tips
Mobile Banking has become an increasingly popular way to conduct banking transactions, and with good reason. Virtually everyone carries a mobile device everywhere they go. With free apps that allow you to check balances, pay bills and deposit checks using a built-in camera, mobile banking makes your old mundane errands fast and convenient. At the same time, many people wonder if mobile banking is secure and what they can do to protect their information.
The good news is that (for now) mobile devices are actually less likely to be compromised than computers. Unfortunately, they’re still vulnerable to being hacked, stolen or lost. It’s important to use common sense and know what steps to take to minimize the risk of your financial information getting into the wrong hands. Learn what you can do to stay safe with these 5 mobile banking security tips.
If you haven’t done so yet, sign up for AeroAccess Home Banking and add Mobile Access under the Account Services tab. Then you can search for “Aerospace Federal Credit Union” in App StoreSM or Google PlayTM to download our free mobile banking app to your mobile device. Make sure to be safe and secure when you use it!
Identity Protection Tips
According to the Identify Theft Resource Center, there were 980 reported data breaches that affected over 35 million individuals in 2016. The institutions breached represent a wide range of disciplines: government, health care, internet service providers, and financial institutions. Many members have been affected by one or more breaches in recent years, as these incidents have become more commonplace.
Aerospace Federal Credit Union (AFCU) has learned of a small number of recent attempts to compromise the security of Credit Union accounts by unauthorized individuals. The Credit Union has implemented additional security controls to help minimize the likelihood of future unauthorized account access. We recommend that you exercise a heightened sense of security when dealing with your Aerospace Federal Credit Union accounts, as well as other account relationships where your personal identifiable information is used.
Here are some ways that you can help to safeguard your accounts from unauthorized access:
- Create unique passwords for each account that you use online. Make sure to change your passwords periodically to minimize the risk that compromised credentials might lead to unauthorized access to your account. Consider the use of personal password safe software, which can make the creation, use and storage of your passwords easier to manage.
- Monitor your AFCU account regularly to check for unauthorized activity. Use the AeroAccess online home and mobile banking tools to view your account history often. In addition, whether you choose to receive your account statements electronically or by mail, be sure to check your monthly statements for accuracy.
- Use the Alerts feature in AeroAccess home banking (Services -> Alerts) to receive notification of high-risk events, such as email or address changes, high dollar transfers, etc.
- Utilize the Security Code feature of AeroAccess home banking (User Options -> Change Security Log On Options) to send a one-time password to your cell phone or email address when logging into the system.
- Establish an account password for in-person and telephone-initiated account access. An AFCU member service representative will ask you to verify the password before performing any transactions or maintenance on your account.
Aerospace Federal Credit Union will continue to monitor our systems for suspicious activity and ask that you remain proactive in protecting your personal information. Should you detect any suspicious activity on your account, please report it to the Credit Union immediately. You can reach the Credit Union at 800-795-2325 or by email at infosecurity@aerofcu.org.
What To Do if Your Visa Credit or Debit Card is Potentially Compromised
First and foremost, AFCU would like to remind all members that you are not liable for fraudulent charges on your AFCU Visa Debit or Credit Card. Additionally, we have several systems in place that regularly monitor our cards for fraudulent activity and reissue new cards to prevent future losses.
If you think your card data might be at risk as part of an incident, or a breach, we encourage you to always follow these steps:
- Don’t panic! Closing your card, obtaining a new card, and switching all of your automatic payments can be a huge hassle and very time consuming. Your card data might not even be at risk. AFCU monitors cardholder accounts on a regular basis and promptly notifies members when a new card account is necessary.
- Monitor your credit card or checking account (debit) statements online for early detection of fraudulent transactions.
- If you identify transactions that do not belong to you or anyone else authorized to use your card, contact AFCU immediately using the numbers found on our Contact Us page.
Security of AFCU member data is one of our top priorities. Rest assured knowing that we take great care in protecting your information on a daily basis and all of our cards come with zero liability fraud protection.
How to Avoid Debit Card Fraud
For many people, debit cards are the perfect plastic. They offer most of the conveniences of credit cards with no risk of accumulating debt. But like credit cards, debit cards are vulnerable to rip-off artists. And debit card fraud is particularly scary because thieves can withdraw money directly from your checking account.
Here’s how debit fraud happens and how to protect yourself.
How identity thieves operate
Debit card fraud can be sophisticated or old-school. Thieves use techniques including:
Hacking
When you bank or shop on public Wi-Fi networks, hackers can use keylogging software to capture everything you type, including your name, debit card account number and PIN.
Phishing
Be wary of messages soliciting your account information. Emails can look like they’re from legitimate sources but actually be from scammers. If you click on an embedded link and enter your personal information, that data can go straight to criminals.
Skimming
Identity thieves can retrieve account data from your card’s magnetic strip using a device called a skimmer, which they can stash in ATMs and store card readers. They can then use that data to produce counterfeit cards. EMV chip cards, which are replacing magnetic strip cards, are expected to eliminate this risk.
Spying
Plain old spying is still going strong. Criminals can plant cameras near ATMs or simply look over your shoulder as you take out your card and enter your PIN. They can also pretend to be good Samaritans, offering to help you remove a stuck card from an ATM slot.
Smart ways to protect yourself
Adopt these simple habits to greatly reduce your odds of falling victim to debit card fraud:
- Be careful online: Shop and bank on secure websites with private Wi-Fi. If you must shop or bank in public, download a virtual private network to protect your privacy.
- Monitor your accounts: Review your statements and sign up for text or email alerts so you can catch debit card fraud attempts early.
- Don’t ignore data breach notifications: The majority of identity theft victims received warnings that their accounts might have been breached but did nothing. If you get one of these messages, change your PIN and ask your provider to change your debit card number. You can also ask one of the major credit card bureaus to place a fraud alert on your file.
- Inspect card readers and ATMs: Don’t use card slots that look dirty or show evidence of tampering, such as scratches, glue or debris. And steer clear of machines with strange instructions, such as “Enter PIN twice.”
- Cover your card: When using your debit card or typing your PIN at an ATM, block the view with your other hand. Go to a different location entirely if suspicious people are hanging around the ATM, and if your card gets stuck, notify the bank directly rather than accepting “help” from strangers.
Even if you’ve taken precautions, debit card fraud can still happen. If your card gets hacked, don’t panic. Tell your bank or credit union right away so you won’t be held responsible for unauthorized charges, and file a complaint with the Federal Trade Commission.
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