What is identity theft?

Coined in the 1960s, the term “identity theft” refers to the unauthorized use of someone’s personal information such as your name, social security number, bank account number, or credit/debit card. Fraudsters can buy this data on the dark web, hack into your computer or accounts to steal it, and more.

This personal data can be used to apply for a new loan or credit card in your name, transfer money out of your checking account, make purchases with your credit or debit card, or apply for fraudulent benefits in your name such as unemployment or Social Security.

Now that you understand what identity fraud is and how it works, here are the best ways to integrate fraud prevention into your everyday life and habits.

How To Create Strong and Unique Passwords

One of your first lines of defense against identity fraud is protecting your online accounts with strong login credentials. But, how is a strong password created? Follow these tips:

• Use a different password for each important (contains sensitive information) account such as email, banking, and other bills.
• When you reuse passwords, a hacker who obtains your login credentials for one account could also access additional accounts with the same username and password.
• If you can’t remember multiple passwords, try using a password manager to securely store all your account logins. Password managers can also create strong, unique passwords for you.
• Longer is stronger: aim for at least 12 characters when creating a password.
• To create a long, unique password, try using a lyric, quote, or saying that you find meaningful and will remember.
• Abbreviate the first letter of each word in a sentence you can remember (see above) to create a unique password.
• Steer clear of personal information such as your nickname, the name of a pet or family member, your birthday, your street name, or your house number. Remember that hackers can glean some of this information from your public social media profiles.
• Avoid common words, phrases, and passwords such as “password,” “abcd,” “1234,” or “qwerty.”
• If you do need to write your passwords down to remember them, don’t leave the list on your desk or otherwise accessible. Keep it in a locked drawer, for example.

Yes, you still need to use Antivirus Software (and keep it updated)

Every day, new virus threats surface such as ransomware and malware. That’s why it’s important to continue using antivirus software, which scans your device for cyber threats and then quarantines and removes any malicious files.

In addition to protecting your devices from cyber attacks, antivirus software may include any or all of the following extra features:

• Parental controls: Protect your kids and enforce screen time limits.
• Firewall: Offers network protection.
• Secure browser: Encrypt your web activity
• Password manager: As mentioned earlier, a password manager safely stores your login credentials for all accounts.
• Encrypted cloud storage: Great protection for sensitive files.
• System optimization: Improve your system’s performance in terms of speed by deleting files and downloads, among other tactics.
• Identity Theft Protection: Monitors your personally identifiable information so you will be notified if your data is compromised or found in a breach.
• VPN: A Virtual Private Network encrypts your web browsing activity and IP address. This provides more privacy and can also protect you from hackers, especially if you tend to use public or open WiFi networks.

Enable Two Factor Authentication (2FA)

Also known as multi-factor authentication, 2FA adds an extra layer of protection to your online accounts. With 2FA, you enter your regular login credentials and then are prompted to provide an additional personal token such as an one-time passcode sent to your phone or email. Some accounts now automatically require 2FA, but you should also enable it where optional.

Use Secure Wifi

Protect your home network with a password and don’t use public wifi to check banking, email, or other sensitive accounts. If you do use public WiFi frequently, it’s best to get a VPN.

Shred Sensitive Personal Documents

Don’t assume that throwing out or recycling financial statements and other sensitive documents is safe. People can go through your curbside trash and steal paperwork with personally identifying information on it. That’s why you should set aside personal papers for shredding. You can purchase a home shredder, attend a community shredding event, or take your papers to a shipping or office supply store for secure shredding.

Review Your Credit Report

Annual Credit Report.com is the only federally authorized website for obtaining your free credit reports from Equifax, Experian, and TransUnion. Typically, there is a limit to the number of reports you can access each year, but currently, you can receive free weekly online credit reports. It’s a good idea to check your credit report regularly, such as once a quarter or more often if you have reason to be concerned about potential identity fraud.

If your identity does get stolen, you can put a freeze on your credit to prevent any new accounts from being opened. Once you’ve recovered and are ready to use your credit again, you can lift the freeze.

Look out for Credit/Debit Card Skimmers

A skimmer is a device scammers add to ATMs and gas pumps to secretly copy your card number so they can use it fraudulently. We recommend only using bank ATMs, such as the ones at our First Exchange Bank locations. When paying for gas at the pump or using a non-bank ATM, take a quick look for any signs of damage that could indicate a card skimmer.

Be alert to Phishing Scams

Phishing scams are when someone impersonates a legitimate institution, such as your bank, utility provider, or a major retailer. They try to create a sense of urgency to get you to provide your login credentials or payment information. Remember that legitimate companies will never ask for your social security number, account number, login credentials, or immediate payment via gift card or wire transfer. Phishing scams can play out over email or by phone or text message. Hover your cursor over the link before clicking to see the real URL destination. When in doubt, call the company through their public customer service number to see if there is really an account issue you need to resolve.

Check Your Mail Daily

In addition to going through your trash, scammers may also go through your mail to steal pre-approved credit card offers or bank statements. So make sure to bring in your mail every day, especially if you live in an apartment building or townhouse complex. If you receive account statements or bills for loans or credit cards you didn’t open, check your credit report and contact the lender immediately.

Monitor Financial Statements

One of the best ways to protect yourself from identity theft is to consistently monitor your financial accounts. At First Exchange Bank, we offer a wide range of digital banking tools that put you in charge of finances. From online banking, our mobile banking app, and e-statements to automatic text message alerts and telephone banking, firstLink Banking from First Exchange Bank allows you to monitor your accounts 24/7 to help you catch any unauthorized transactions. And, if you’re enrolled in Medicare, regularly review your statements to make sure your Medicare ID isn’t being used for fraudulent purposes.

First Exchange Bank is here to help you with identity theft prevention!

As your community bank in White Hall, Mannington, Fairmont, Fairview, Hundred, and Morgantown, we are here to help make your banking safe and secure. First Exchange Bank offers identity theft protection as a perk for our firstPlus checking and firstPlatinum checking accounts. You can also check out our additional safety and security tips and learn the warning signs of identity theft to better protect yourself from bank fraud and other financial losses. If you own a small business, check out our cybersecurity tips for small business owners.

The post 10 Identity Theft Prevention Tips appeared first on First Exchange Bank.

A recent survey found that small businesses account for nearly half of the data breaches occurring in the United States, while 61% of small to medium businesses have experienced a cyber-attack in the last 12 months.

The problems caused by cyber threats continue to increase. Many colleges and universities now offering programs specifically in cybersecurity to help meet the need for experts in this field including California University and Fairmont State University.

But, in the meantime, what can businesses do to keep data safe? We’re sharing our top cybersecurity tips that you can start implementing in your small business straight away.

What Cybersecurity Threats Does Your Business Face?

Before we take a look at some cybersecurity tips for small businesses, it’s important to understand the types of threats that your business may be up against.

Malware is often the biggest threat to a business of any size. Spyware, viruses, or computer “bugs” can easily be installed on a network and spread malicious code throughout your IT system. Once there, the malware can read your most sensitive data and files, and even stop you from being able to access that information yourself.

Phishing attacks are also prevalent in the business world. This is where hackers or scammers try to access your data via emails and links that look as if they’re genuine. Because these sources look legitimate, users will often click on them and malware is installed on their computer as a result of this.

Phishing can also happen when users are lured into sharing personal details, like login information, with scammers via social networks or text. These kinds of password attacks are very common and can even happen when a scammer is able to guess the login details that you’re using. That’s why having secure passwords is a crucial part of having good cybersecurity.

Ways To Protect Your Business From Cybersecurity Threats

1. Educate Your Employees

Your first line of defense against cyber threats should always be educating your team members. Since phishing can target anyone, particularly those employees with a business email address, it’s vital that they’re aware of what to look out for and how to report any suspicious activity.

All staff should be provided with regular training to keep their skills up-to-date and give you the opportunity to share new threats that they should be aware of.

Any team members with access to sensitive customer data should be given additional training that’s relevant to their role on how to protect this information. Scammers will often use this information to commit identity theft, so it’s vital that everyone with access to these details are fully informed about possible threats and how to avoid them.

2. Install Antivirus Software

Every piece of technology that’s used within your business should have antivirus software installed. This regularly scans your devices and network for malware and provides a layer of protection against potential cyber threats.

After you make any large-scale updates to your devices, you should always run a full scan through your antivirus software to ensure that – nothing malicious has been installed during that update.

3. Keep Computer Software Up To Date

You shouldn’t only rely on your antivirus software to keep you protected. Any devices and software that you use in your small business should be running on the most recent version. That includes operating systems, web browsers, or any apps that you use.

Software companies release updates frequently that include important upgrades like bug patches or enhanced security features. If you’re still using an older version, you won’t be benefiting from the additional protections that the software’s teams have developed.

4. Use A Firewall

Firewalls should be installed as a secondary layer of defense after your antivirus software. While antivirus software scans for existing malicious code and can help to prevent new issues, a firewall is a much stronger software that provides protection between your internal networks and external networks, like the web.

With a firewall, you can block access to certain websites on a company-wide scale or add exceptions for anything that may be needed for your team to carry out their job duties. You should frequently review the settings that you have enabled on your firewall to ensure that you’re adequately protected.

5. Be Careful What You Click On

Malware is often installed on company computers through targeted phishing attacks on employees. In most cases, this is via an email or message that appears to be from a legitimate source, like the government or shopping sites like Amazon. In reality, these emails are sent by scammers with links that install malware once clicked on.

Any cybersecurity training that you provide for your team should include information about this type of threat. Employees must be aware of what to look for in a phishing email and how to identify if clickable links are genuine or scams.

6. Backup Your Data

No one expects the worst to happen. But more than a third of small businesses have experienced critical data loss as a result of a cyberattack. That’s important information that you can’t get back and may open up your team and customers to a confidential data breach.

That’s why it’s so important to create backups of your files and data, and to save these on a separate network to the one that you’re using everyday. Systems and files should be backed up on at least a weekly basis. Setting up programs to do this automatically can save you time and, ultimately, money if your devices are attacked.

7. Use Strong Passwords

Implement a policy across your business to ensure that all passwords are updated at least once per quarter and set minimum requirements to help prevent scammers from guessing any employee passwords that may be in place.

Multi-factor authentication is also another great way to protect login details. This is where additional information is needed for someone to login to an account–a code is usually sent to a mobile device that the user will need to input in order to complete the login.

8. Avoid Using Public Wi-Fi

Public Wi-Fi is notoriously unsecure, so it’s best to avoid using this wherever possible. Sticking to secure, hidden, or even encrypted networks can help to prevent anyone from outside your business accessing your computer via the Wi-Fi network.

If you’re not able to avoid public Wi-Fi at certain times, you should make use of a VPN system. These allow you to stay anonymous while you’re online and hide your location and private data from anyone else on that Wi-Fi network. While they can’t prevent you from downloading malware, VPNs can protect your business from web-based attacks.

9. Ask Your Vendors About Their Cybersecurity Practices

If you’re working with vendors outside of your business like banks or customer relationship manager (CRM) firms, you should always find out what their cyber security practices are.

For anyone handling your sensitive files and information, there should be clearly outlined guidelines and procedures in place that cover how they protect your data from being accessed and what measures would take place should a cyberattack happen.

10. Limit Access To Sensitive Data

Accidentally installing malware or providing access to confidential information is much easier to avoid when you have practices in place that limit which members of the team deal with this information to begin with.

Set up access on an individual basis for any critical files or customer data to ensure that no unauthorized people can see this information. Admin rights should be allocated to a select few within the business and these employees should be trained on cybersecurity threats more frequently.

Develop A Cybersecurity Response Plan

Having a dedicated cybersecurity plan in place can help you to act quickly and efficiently in the event that a security breach does occur. This document should be created in collaboration with your IT team and any cybersecurity professionals that you may be working with.

There are generally four phases that should be covered in a response plan, including:

1. Preparation
2.  Detection and analysis
3. Containment, eradication and recovery
4. Post-incident response

The plan should outline all of the employees and any external vendors who are the points of contact for a cyberattack, along with what their roles are in the event of a security threat. All incident prevention measures should be listed in the plan (that’s things like the antivirus or firewall software you’re using, scheduled training etc.), along with details about how any attacks are detected.

From there, your plan should also note what information you’ll need to record if an attack takes place. This could include the potential damage and outcomes, what type of resources will be needed to contain the threat, and how effective any solutions might be. You’ll also need to include information about who needs to be notified during or immediately after an attack. If your customer data has been breached, it’s up to you to let them know and what you’re doing to fix the situation.

You should also report any cyberattacks to the government via the FBI cyber investigation site or the Cybersecurity and Infrastructure Security Agency (CISA). Their experts can help support you as you recover from a cyber threat and provide guidance on protecting your small business in the future.

The post 10 Cybersecuirty Tips For Your Small Business appeared first on First Exchange Bank.

1. Online Shopping Deals

Be on the lookout for “too good to be true” deals on popular items such as mobile devices, video game systems, toys, and more. You may receive these offers via email, text message, or on social media. Searching for a specific item may also return ads for suspiciously low prices.

If you click on a link to buy one of these supposed deals, you could end up with malware installed on your device, your personal information stolen, or your money lost when the item you ordered and paid for never arrives.

How To Avoid Online Shopping Scams

When shopping online, it’s best to patronize well-known retailers and websites. A too good to be true offer from an unfamiliar website is a red flag. Also, look for spelling and grammatical errors on a website or in an email.

• Does the website have a street address, phone number, and email for the business?
• Do they have an established social media presence? Check the Better Business Bureau (BBB) directory to see if an online retailer has been accredited and rated by the BBB.

Hover your mouse over URLs to view the full link before clicking. Don’t pay by gift card or wire transfer. Look for a padlock symbol before the URL in your web browser, as well as “https” at the beginning of the web address. These are signs of a secure website.

2. Fake Delivery

This is a common phishing scam. Scammers send you an email or text message that looks like it’s from Fedex, UPS, the USPS, or another shipping company with a link for your package’s tracking number and delivery information.

Wait, did you order anything with a tracking number recently? Didn’t the retailer already send you that information via email? During the holidays, someone may have sent you a gift with a tracking number, but if something seems off, it probably is.

How To Avoid Fake Delivery Scams

If the message arrives by email, you can hover on the URL to see the complete web address. If you receive this message via text, don’t click on the link. Instead, review your recent purchases and log in to your retail accounts to check for shipping and delivery information. You can also call the carrier in question to see if you have any active shipments with them.

3. Gift Card Scams

Beware of phone calls, emails, or text messages that ask you to purchase gift cards for a personal or business event. Scammers may ask you to mail them the gift cards or share the card number and pin. Someone asking you to mail a gift card or share gift card information is almost always a scam. This is popular because gift cards can be used like cash but are not traceable. So, you end up losing however much money you spent to buy the cards.

How To Avoid Gift Card Scams

It’s best to just delete these messages or hang up the phone. Responding to ask questions only verifies that you are a real person attached to the phone number or email address. If you’re wondering if the message really is from your boss, grandmother, etc., contact the person directly to check.

4. Charity Scams

Unfortunately, scammers capitalize on your generous holiday spirit to try and divert your charitable giving into their own pockets instead of the organizations that need it. Charity scam solicitations can arrive over the phone or via email, social media, or web search.

How To Avoid Charity Scams

Look for red flags such as pressure tactics, a sense of urgency, vague descriptions of what the money will be used for, and requests for untraditional donation methods such as gift card or wire transfer.

It’s better to research and decide which charities you want to contribute to in advance instead of responding to random requests for donations. Before giving to any charity or cause, look up the organization first to make sure it’s legitimate and that you feel good about where your money is going.

5. Vacation Scams

As with online shopping deals that seem too good to be true, scammers will set up phony travel sites promising low prices on travel and vacation packages.

How To Avoid Charity Scams

As always, research the website to check for legitimacy before you enter any personal or payment information.

6. Hotel WiFi Hacking

While all public WiFi networks pose some risk, hotel networks have become a top target of hackers. When using an open-access WiFi network, avoid logging in to your online banking account, making purchases, or potentially exposing other sensitive information.

How To Avoid Hotel WiFi Hacking

If you travel frequently or just want to protect yourself when using hotel and other public WiFi networks, consider purchasing a Virtual Private Network (VPN) to use for safer and encrypted browsing.

7. Reshipping scams

In this scam, victims inadvertently become money mules by accepting the delivery of items purchased with stolen credit cards and then reshipping them to a different destination, often overseas. Reshipping scams are often framed as a work-from-home job.

How To Avoid Reshipping Scams

Acting as a money mule is illegal. Never accept packages at your address for people you don’t know. Hang up on any callers who ask you to reship mail. Report suspected reshipping scams by calling Postal Inspectors at 1-877-876-2455.

8. Letter from Santa Scams

Fraudulent websites offer to send a custom letter from Santa to the child(ren) in your life. There is usually a charge for this service so, at a minimum, you will lose the money you paid. More seriously, you could also have your identity or payment information stolen.

How To Avoid Letter from Santa Scams

Don’t let yourself be rushed into purchasing a letter from Santa. As always, hover over links before clicking to view the real destination. Research the website on BBB and check for contact information.

9. Work From Home Scams

Remote work has become more in-demand since the start of the pandemic. It’s also convenient for parents and anyone else who wants to pick up extra work during the holidays to help pay for gifts and other expenses. However, not all job postings are legitimate.

How To Avoid Work from Home Scams

Do your research before responding to a job posting. See if the company has a profile on LinkedIn, GlassDoor, and other business sites. Never pay money for training or other expenses associated with starting a job–legitimate businesses will not ask you for money in exchange for a job.

10. Pickpocketing

Finally, remember that scamming still takes place in person. When you’re shopping at malls or attending crowded holiday events, pay attention to your surroundings and where you keep your money and credit cards.

Learn more about protecting yourself from holiday scams!

First Exchange Bank is an independent, locally owned and operated community bank serving North Central California with offices in White Hall, Mannington, Fairmont, Fairview, Hundred, and Morgantown. Open a firstPlatinum checking account to enjoy ID Theft Protection as an added benefit. You can also select ID Theft Protection as one of two additional free perks with a firstPlus checking account. Questions about a First Exchange Bank checking account? Contact us!

The post 10 Dangerous Holiday Scams To Avoid appeared first on First Exchange Bank.

Sign Your Debit Card

While it may seem antiquated in the age of chip cards and contactless payment, signing your debit card is still a requirement. In fact, it means you agree to the terms and conditions set by your card issuer. So, sign the back of your debt card every time you receive a new one; otherwise, it’s technically invalid.

If you’re worried about fraud, the good news is that signatures are now electronically verified instead of comparing the signature on the receipt with the one on the back of your card. In many instances, signatures are not even required for purchases anymore. So, you don’t need to worry about your signature exposing you to the risk of fraud. And by signing your card, you’ll stay on the right side of rules and requirements, especially for those individual merchants who still require a signature.

Memorize Your Personal Identification Number (PIN)

This four-digit number should be safeguarded as carefully as the other important numbers in your life (social security, bank account, etc.). Don’t share your debit card PIN with anyone and keep it memorized so you don’t need to write it down anywhere. If you do want to write it down, keep it in a safe, secure place–not on the card itself or elsewhere in your wallet. Consider writing down a hint instead to help jog your memory.

When creating a debit card PIN, avoid using numbers that are easy to guess like birthdays or addresses. At ATMs, make sure no one is standing close enough to you to see the numbers you enter. Use your body to block the view of the keypad.

If you think your debit card PIN has been compromised, contact us immediately at any First Exchange Bank location during business hours or 800-236-2442 after hours.

Keep Your Debit Card Safe and Secure

While we hear a lot about cybersecurity, the physical security of your debit card is also important. That’s why you should:

• Leave it at home unless you intend to use it.
• Don’t carry multiple debit cards with you at the same time.
• When running errands, never leave your debit card visible in your vehicle.
• If your debit card is your primary payment method for everyday purchases, don’t keep too high of a balance in case your card is lost or stolen
• Keep extra money in savings instead of checking.
• Consider linking your debit card to the digital wallet app on your phone. Then you can pay with your debit card at checkout without actually needing to use the physical card.

If you want to keep a higher balance in your checking account, consider opening a separate account just for debit card use where you only hold as much as you need to spend on bills and everyday purchases.

In addition to following these debit card safety tips, review your monthly checking account statements:

• Keep receipts of all your transactions so you can reconcile them with your statement.
• If you see any questionable transactions, contact your bank immediately.
• Report any suspicious or fraudulent charges immediately.

Use Bank ATMs Only

Limiting your ATM usage to bank-issued ATMs will help you avoid card skimmers. Skimming is when scanners or other devices are added illegally to ATMs and POS terminals such as at gas pumps. Scammers use skimming to steal card information so they can make unauthorized purchases using your debit card.

Follow these tips to avoid skimming:

• Examine the card reader for signs of tampering.
• Look for ripped security tape.
• Pay for gas inside with the cashier instead of at the pump.
• If your card gets “stuck” inside the ATM, call to cancel it immediately–it could be a scam instead of a genuine mistake.

Shop Online With Merchants You Trust

When shopping online, stick to national retailers and other merchants you know and trust. Go directly to a merchant’s website to start shopping. If you do a web search for a certain item, be wary of sponsored search results, especially if the price seems too good to be true. This could be a scam to draw you to a fake website and steal your personal and payment information.

Before shopping with a new e-commerce site, look for a padlock symbol next to the web address–this means the site is secure. It’s also a good idea to check for a “Contact Us” page with a valid address and phone number.

As an alternative to using your debit card for online shopping, you can use a designated credit card instead. Earn reward points for merchandise and travel while using your Visa® Rewards Platinum credit card from First Exchange Bank.

Whether you’re using a credit or debit card, only make online purchases and log into online banking and financial accounts when connected to a private, password-protected WiFi network. Avoid transmitting sensitive information over a public WiFi network, such as at the library, coffee shop, or hotel.

Watch out for Targeted Scams

Scammers will also try to trick you into sharing your debit card information. Protect yourself from phishing scams:

• Don’t give your debit card information to anyone who calls, texts, or emails you claiming to be from your bank or another organization you’re familiar with.
• Before clicking on links someone sent you, hover your cursor over the link for a few seconds to see what the true URL is.
• Instead of responding to a message that something is wrong with your account, call the retailer or financial institution directly to check if there is really a problem.

Use Secure Passwords

Protect your online and mobile banking apps, as well as any other accounts in which your financial information is stored, by practicing good password habits. This includes Amazon, Walmart, Target, and other retailers you shop with.

To create a strong password, use a combination of letters, numbers, and symbols. Avoid common letter or number sequences, as well as easily available personal information such as your hometown, spouse’s name, etc. Try a passphrase instead of a password. Use a unique password for every account, so that if one is compromised, the others are still protected. And change your passwords regularly–every six months or a year.

Finally, you may want to avoid storing your payment information altogether. Although it can be convenient, your debit card will be more secure if you have to re-enter your payment information with each purchase. As a bonus, this may also keep you from making impulse purchases you will later regret.

Report Lost or Stolen Cards or Fraud Incidents Immediately

If your debit card is lost or stolen, call to report it immediately to any First Exchange Bank location during business hours or 800-236-2442 after hours.

First Exchange Bank is committed to your security!

As your community bank in North Central California, we are here to help you with debit card safety and security. Learn more about our debit and credit cards and check out our recent blog articles on cybersecurity tips and identity theft prevention. Have questions about your bank account, debit card, or credit card? Contact us or visit one of our seven offices located in Mannington, Fairmont, Morgantown, Hundred, Fairview, and White Hall.

The post Debit Card Security Tips To Keep Your Information Safe appeared first on First Exchange Bank.

There will always be individuals who exploit financial systems for quick gain, and as with traditional banking, there are some risks associated with online and mobile banking. However, there are also some simple-to-follow guidelines and measures you can take to drastically reduce these risks, protecting your hard-earned money. In this post, we’ll discuss steps we take to keep your accounts safe, as well as easy things you can do to help ensure the security of your accounts.

What is mobile banking?

Mobile banking is banking done using an app or website that you access with a mobile device, like a phone or a tablet. Any time that you utilize a bank service through a mobile device, whether it’s logging into your account or responding to a text message fraud alert, you are conducting mobile banking. However, the most common form of mobile banking is when you use a bank’s mobile banking app on your smartphone to facilitate account management.

Most banks allow you to conduct many routine transactions and services online. These often include:

• Checking account balances
• Seeing a record of account transactions
• Reviewing eStatements
• Depositing checks
• Transferring funds between accounts
• Sending checks and paying bills

What are the benefits of mobile banking?

The main benefits of mobile banking include convenience, efficiency, and safety. Let’s take a look at each of these.

Convenience: Accessible and Easy Money Management

With mobile banking, you can conduct routine banking actions anywhere, any time. These feature is especially useful if:

• You’re traveling away from your bank’s branches
• You need to check a balance or other account detail quickly
• Your schedule makes it difficult to get to a branch during regular business hours
• You need to deposit a check as quickly as possible

Efficiency: Saving You Time

Even if you are able to make it into a branch or visit an ATM, sometimes it’s hard to fit a trip into the day. Many of the tasks that used to require a trip to the bank can now be done at home, whenever you have the time, in a matter of seconds. Whether it’s depositing a check, transferring funds, or referencing an old bank statement, mobile banking can let you conduct your banking quickly and easily.

Additionally, mobile apps can also assist with our financial management activities, like paying bills. At First Exchange Bank, all online and mobile app users can set up  Bill Pay  With Bill Pay, you can pay businesses or people, anywhere, anytime, all from one place. You can also set up automatic payments so you never forget to pay a bill again. It’s flexible, powerful, simple, and best of all, it’s FREE.

Safe: Enhanced Features to Keep Your Money Secure

While cyber fraud is on the rise, as Harvard Business Review points out, most cyber fraud is caused by human error—not the technology itself. And technology is always improving to be more secure and resilient to fraud, and less susceptible to innocent mistakes. With two-factor authentication to verify users and data encryption protecting all of your sensitive financial information, mobile banking is a safe way to conduct your transactions. And as always, your accounts are federally insured by the FDIC for up to $250,000 per account.

Additionally, you can be proactive in keeping your account extra secure, by following the tips below.

Mobile Banking Safety Tips

One of the best things to do to keep your money safe is to follow simple steps to strengthen security measures already in place.

Set up a secure login.

Use strong, secure passwords and don’t reuse passwords or share them with others.

Only store your password on your phone if your phone has strong security features, including a lock screen with a hard-to-guess passcode and facial recognition or other biometric authentication. Otherwise, don’t store the password on your phone. Consider using a passphrase instead.

Finally, enable facial recognition and multifactor authentication (MFA) for all sensitive accounts. Multi-factor authentication is simply the authentication of a login using an additional method—often by sending a text message or email with a special code. While entering codes may seem like a hassle, it can prevent someone who doesn’t have access to your phone or email account from logging into an account, even if they have a password. However, if a hacker has access to your email account or your phone, this could enable them to log in, regardless. That’s why despite MFA or 2FA (two-factor authentication), you still need to have secure passwords and passcodes.

Close the app when you’re done.

Leaving apps open means that the next person who uses your phone may be able to access a sensitive account without logging in—if they’re quick enough. Whether it’s a stranger on the street who nabs your phone or a member of your household, someone with access to your account, even briefly, can cause a lot of trouble. Always close banking apps after use to be extra sure your account is protected.

Delete text messages related to mobile banking.

While security codes do expire quickly, criminals who gain access to your phone can see which sites and apps use your phone for two-factor or multi-factor authentication, potentially gaining access to important accounts.

Avoid unsecure Wi-Fi.

Most websites and apps use encryption to protect accounts—even on public Wi-Fi. However, devices with outdated software may not have the proper protections against newer forms of hacking, and data transferred via unencrypted channels can put you at risk. To be extra safe, don’t check your account on public, unsecure Wi-Fi or, better yet, stick to private, trusted networks—like the hotspot from your smartphone.

Keep software up-to-date.

As we mentioned above, outdated software without current security patches can leave your devices susceptible to hacking. Always download the latest software version of your phone and your mobile banking app, and any updates from your cell phone provider.

You can always check to see if your software is up-to-date in the “Settings” app of your phone.

Download the Mobile Banking App directly from our website.

Searching for specific apps in your app store may bring up imposter apps that can include spyware, adware, or other malevolent software. The safest thing to do is to go directly to the source. To download ours, visit our Mobile App page for direct links to app store downloads.

Follow Online Safety Tips to Avoid Scams and Identity Theft

In addition to taking measures to shore up existing safety features, one of the best ways to protect your accounts is to be aware of the schemes that hackers often rely on to manipulate their victims into providing access to accounts. Follow these tips to help keep your banking information secure.

Be careful what you click.

Phishing scams—where hackers use nefarious methods to get you to give up your account information or grant them access to your accounts or devices—is one of the top forms of identity fraud.

Always check links before clicking on them (hover your mouse over them to verify html address), and analyze communications for typos, grammatical errors, and unprofessional graphics. Avoid responding quickly to urgent claims—hackers often use fear as a manipulative tactic. For more information about how to avoid these scams, check out these posts:

• 10 Identity Theft Prevention Tips
• 10 Dangerous Holiday Scams to Avoid 
• 10 Cybersecurity Tips for Your Small Business
• Debit Card Security Tips to Keep Your Information Safe 

Be careful what you download.

As we discussed earlier, it may be easy to accidentally download an imposter app when you search for a specific app in app stores. But there are other ways to download malware that can give hackers access to accounts. These include:

• Downloading games or apps where you aren’t familiar with the developer.
• Clicking on links in phishing emails that start downloading a file.
• Downloading email or text message attachments—even from senders who you are familiar with. Remember, friends can get hacked, too, and hackers are pros at spoofing emails and masquerading as legitimate organizations or companies.
• Downloading videos, apps, or pictures from unregulated or suspicious websites.

Monitor account activity.

With mobile banking, you have the benefit of accessing your account anytime, anywhere. This means that frequently monitoring your account for suspicious activity is all the more easy. Get into the habit of checking your account and its transactions regularly—at least once per week—whether you use mobile banking, online banking, text message banking, or telephone banking.

Additionally, be sure to set up account or security alerts with an up-to-date email address and phone number.

Know what your bank will never ask.

Users of popular payment apps such as Zelle are often targeted by scammers pretending to be from their banks, and asking them to verify account information or provide security codes. Scammers know exactly what information they need to access accounts, and will use emotionally-manipulative tactics to trick users into providing these details.

Zelle is not the only platform that cyber criminals target—any financial industry app could be at risk. That’s why it’s so important to know not only how to spot a scam, but also what your bank will never ask you to provide. At First Exchange Bank, we will never contact you to ask you to provide any of the following information:

• Your social security number.
• Your account numbers.
• Your email address.
• Security codes sent to your email or phone number.
• Any other personal information.

We will also never ask you to send money to yourself, or anyone else. If you are contacted by someone who asks for any of the above items, hang up or do not respond to the message and contact us immediately at 304-534-7200.

Keep your phone safe and secure.

Facial recognition, biometric identification, and strong passcodes are crucial in ensuring your phone and its contents remain secure, even if your phone is lost. But because our phones are the hub of so much of our activities, take steps to protect it, just as you would protect your wallet:

• Never leave your phone unattended in a public place. Avoid setting it down on your table at restaurants, on the bench beside you, or in a bag that isn’t secured.
• When traveling, take extra precautions to keep your phone safe, especially in crowded areas. Skip the photo op or say no to kind strangers who ask if you want your picture taken.
• In crowded places, avoid keeping your phone in your pocket or another easily accessible location.
• If you have the habit of leaving your phone in places, find a secure way to carry it so it’s always on your person.

Safely Bank Mobile with First Exchange Bank

Mobile banking has brought great benefits to banking customers, saving time, money, and allowing individuals to keep better track of their finances. But as with any new technologies, hackers do look for ways to exploit systems for weaknesses.

Fortunately, our online and mobile banking comes with robust security measures to help keep your accounts safe. And when you pair our security features with your own knowhow and safety measures, you can enjoy all the perks of mobile banking—without the fear of falling victim to cybercrime.

Download our Mobile Banking App for Apple or Android for your personal or business accounts, or reach out to us at one of our local branches in North Central California—we’re happy to answer any of your questions about mobile banking!

The post Mobile Banking Safety appeared first on First Exchange Bank.