March is Fraud Prevention Month: Protect Yourself When Banking Online!
March 18, 2014
With advancements in technology, the fraud environment is rapidly changing! Every day cybercriminals come up with new ways to steal funds from innocent people. Although online banking technology offers faster and more convenient services that are accessible anytime, anywhere, it has also increased the complexity of how financial fraud is committed. Libro Credit Union has extensive security measures in place to ensure that your money is safe when banking online. Setting up and properly utilizing enhanced security with online banking is one of the best ways you can protect yourself.
Enhanced Security with Online Banking: Enhanced security protects your personal financial information in two ways:
Additional Security Questions: When setting up Enhanced Security for online banking you are required to choose three additional security questions that will be saved to your profile. When logging in you have the option to set your computer as “secure” or “trusted”. This will allow you to skip over answering the additional questions at each login by linking your computer to your owner number. However, it is very important only to register a computer as secure if it is your own (e.g. your home or personal work computer). Do not register shared or public computers.
Having your computer (home or personal work computer) set as “secure” or “trusted” will not only save you time at each login, but it will also protect you against online banking fraud. If a cybercriminal has infected your computer with a virus that copies your keystrokes and steals your information, they will not have the answers to these questions because you have not been entering them in on a regular basis. This is how enhanced security helps ensure that you are the only one accessing your accounts! When there is a logon attempt from a computer that has not been registered as “secure” or “trusted” (for example if a fraudster is trying to login), the system will require them to confirm their identity by answering one of the additional questions you created.
Personal Picture and Phrase: When you initially set up enhanced security you will be prompted to select a picture and phrase that will appear every time you logon. This security feature allows you to be sure that you are accessing Libro’s secure website. For example, if a fraudster sends you a phishing email with a link directing you to a false site in hopes of capturing your account number and password – you will know that it is a scam when you don’t see your picture and phrase on the logon screen.
Other Important Tips:
Always check over your accounts: It is very important to look over your account statements as often as possible. If there is fraudulent activity the earlier you discover it, the better. Notify your Libro representative immediately to freeze your online banking and take the best course of action.
Never click on a link you receive in an email: Fraudsters are known to impersonate legitimate organizations. They create similar looking websites and then prompt you to confirm your account information for security purposes. If you have enhanced security set up – you will know if you have been directed to a falsified “Libro” site when you do not see your personal picture or phrase.
Change your password every three months: If you believe your personal or financial information has been compromised ensure that you immediately change all of your passwords on a secure computer! If you believe a fraudster has hacked into your online banking or email – they have probably done so by infecting the computer on which you most often access these accounts with a virus.
Update your computer with anti-virus software
By staying aware and educated you can learn to recognize and avoid fraud.
Do you know a Community Builder?
Starting on March 24th, applications will be made available for Libro’s Community Builder Scholarship program. Applications can be submitted through our scholarship section