– by Rainer Kastens, Manager, Brentwood branch of Island Savings, a division of First West Credit Union –
Paying bills without leaving the house or transferring funds to a relative from the comfort of your couch makes banking online very attractive – and there really is no need to worry about the security of these transactions.
Financial institutions take their responsibility to protect your account information incredibly seriously, making any business conducted through a credit union’s website or mobile app completely safe. As a result, the most common way for you to accidentally compromise the security of your banking information starts with an unsolicited or sudden information request via email or telephone. Be very wary of any such requests and remember that a financial institution would never ask you to provide or confirm sensitive information such as your name, password, account number or social insurance number via email or the telephone.
One type of email scam known as phishing attempts to trick you into divulging this information by using fake emails or text messages and “lookalike” websites. The information you provide is used to gain access to your online accounts. Cyber criminals target companies with a large member base and send thousands of phishing emails to reach as many potential fraud victims as possible.
These types of scams have become increasingly sophisticated and phishing emails can look very authentic and appear to come from a well-known company or financial institution that you do business with. If you are unsure whether or not a message is legitimate and want to investigate further, get in touch with the sending organization using contact information from their website (not from the suspicious email).
The best defense against phishing attacks is awareness. Be very suspicious of (or just delete) emails from unknown sources and avoid suspicious looking ads or websites. In terms of your personal computer, make sure to keep your anti-virus protection up to date. Using an unsecured network is asking for trouble and you should never access your online banking from a Wi-Fi hotspot. You can add another layer of protection by signing up for notifications of suspicious activity through your online banking system (Island Savings and most other financial institutions offer this service free of charge). The automated system will send an alert via email or text message if anyone tries to change your online password or add new bill payment vendors.
The bottom line? Although fraudsters will always come up with new ways to get to data, your financial institution will continue working to stay two steps ahead of them. Remember to be careful what you click for, trust banking emails only from your account manager and never give your account or other personal information out over the phone – your bank will never ask you to. For more information on common scams, identity theft, phishing and protecting your online transactions wherever you bank, visit www.islandsavings.ca/Personal/Policies/Security.
