10 ways to help keep your bank account secure from fraud.
The rise in mobile banking, particularly due to the coronavirus pandemic, has given hackers plenty of opportunity to hone their skills. According to Forbes, since the beginning of 2020, the FBI reported a 50% rise in this form of banking, which is very convenient for consumers.1
But the challenge is to know which mobile sites are trustworthy and which ones might be masquerading as the real thing. Inadvertently downloading fake banking apps and app-based banking malware could lead to the theft of your valuable account information and disrupt your financial security.
Here are 10 tips to help you keep your bank account secure from fraud:
1. Make sure you’re on the right website or app.
Ensure that you’re really on your bank or financial institution’s website or app, not an imposter site, when you’re checking balances or making deposits and transfers. You can find Popular Bank’s website address on the back of your debit card or bank statement. Only conduct online transactions through that website to protect your financial security.
2. Make sure apps are verified.
Only download verified apps from reputable websites, such as the App Store or Google Play.
3. Be certain that any link is real.
As mentioned, links to banking/financial institutions are often phishing scams. Instead of clicking, a better option is to go directly to the Popular Bank website, or use the authorized Popular Bank mobile app.
4. Do not send financial or sensitive information via email.
Since your message is not securely encrypted, it can easily be intercepted by hackers and then used to access your account.
5. Do not lend your debit or credit card to anyone.
It’s tempting to hand off your card to your partner if they’re just going to the grocery store or to your kid for a night out with friends – and it’s just as easy for them to misplace it. The best way to keep your financial information secure is to be the only person in charge of it.
6. Protect your passwords.
Make your username, PIN, and passwords difficult to guess. If your PIN is “1234” and your password is “Password,” you’re inviting hackers to rip you off – don’t make it easy for them. Passwords should be difficult to remember with a combination of upper- and lower-case letters, numbers, and symbols. And remember to regularly change your passwords every 90 days.
7. Use two-factor authentication.
Consider two-factor or multifactor authentication to reduce your risk of being hacked. This security measure involves having you provide at least two different factors to verify your identity, such as a special code sent to your phone, or, with some financial institutions,
you can also use voice-print technology.
8. Turn on account alerts.
Sign up foralerts to receive real-time text message notifications with each transaction’s location, as well as the purchase amount and the time it was made. This way, you can immediately report a potential fraud.
9. Use your device’s built-in security features.
Setup your phone’s built-in security functions that are a feature of your device’s software to protect data. If your phone is lost or stolen, you can track your device, disable it and wipe it remotely to keep all your information protected.
10. Regularly update your devices and systems.
It can be a bit annoying to change your passwords every three months, or to run software and virus updates on your phone or computer. But they’re available for a reason – and scammers are counting on you to put this important chore off for “another time.”
Additional ways to protect your financial security and help keep your bank account secure.
Popular Bank has implemented several other ways to help keep your accounts password protected and help keep your bank account secure 24/7.
Fraud alerts by phone or text.
Our fraud alerts inform you by text or call of unusual credit card activity. Set up fraud alerts now. Secure Socket Layer (SSL) encryption.
When you sign into Online Banking, your information sent is encrypted via SSL (Secure Socket Layer). This way, the information can only be read by Popular Bank.
Continuous security updates.
Popular Bank specialists continuously test to detect potential vulnerabilities, to help us ensure no unauthorized person or robot can access your private information.
Lost or stolen card reporting.
If your card has been misplaced or stolen, or you identify an unauthorized transaction, notify us immediately by calling 1-800-377-0800.
Cancel all inactive credit card accounts.
1 Source: https://www.forbes.com/sites/advisor/2020/06/16/mobile-and-online-banking-security-during-covid-19-what-you-need-to-know/
App Store is a trademark of Apple, Inc. Google Play is a trademark of Google LLC.