More Cyber Attacks Have Financial Institutes Protecting Online Banking

News

The financial consequences of cyber attacks across the globe are worsening according to a new study.

The Center for Strategic and International Studies reports the costs topped 600-billion dollars last year, up 20% from three years earlier.

In 2016, 62% of Americans say that online banking was their primary way of banking according to creditcards.com.

As the numbers continue to rise – financial institutions are taking steps to keep your data safe, but there are things that you can do to insure your own safety.

“I kind of trust my banks I guess. I’ve never really had an issue with online banking,” said Brandon Tapp, North Star Community Credit Union Customer.

About 70% of online bank users are from the ages 35-50 and about 68% percent of users are people 18-34. With the increased popularity your financial institutions are doing what they can to protect your information.

“The online banking system that we use has a multi-factor authentication program,” said Susan Bergman, North Star Community Credit Union Branch Manager.

So, in order to access this bank account online it takes three steps. First, you would need member ID, you’ll be asked to answer security questions, and then you’ll need a password.

“It’s not just anybody that can get in,” said Bergman.

Susan Bergman says that if there are issues logging into your account you can call and verify the account with the bank or credit union.

“We verify by using their static information they’ve given us. Their address, their name, possibly a birth date, some form of social security,” said Bergman.

She adds if you get a call from someone claiming to be a bank employee and asking for account information, hang up.

“Be very cautious of who you’re giving your information too,” said Tapp.

“Hackers will use whatever tactics they can to get your information,” said Bergman.

“You got to be careful,” said Clinton Dessenko, North Star Community Credit Union Customer.

There are 3 common methods that hackers use.

The first is called man in the middle attacks and the hacker and this is used through public Wi-Fi and apps on your phone.

There is Key Logger software which records a person’s actions as they are using the device.

And phishing which is when a fraudster pretend to be a bank employee.

More information: https://www.nerdwallet.com/blog/banking/banking-apps-security/ 

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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