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Tips to Avoid Security Threats While Banking on Mobile Device

Filed in Articles by on August 20, 2020

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Tips to Avoid Security Threats While Banking on Mobile Device.

How to Avoid Security Threats While Banking on Mobile Device – With the invention of internet banking where you can perform simple transactions with your phone, there has also been an increase in cybercrime where some hackers threaten you during this process. Thus, this fight isn’t yours alone as I have put in place simple measures to secure your account from these multi hackers.

How to Avoid Security Threats While Banking on Mobile Device

Online Security Threats

  1. Click jacking: These attacks use maliciously created pages where the true function of a button is concealed beneath an opaque layer showing something entirely different. Typical to Facebook users, often sharing or “liking” the content in question sends the attack out to contacts through news feeds and status updates, propagating the scam.
  2. Phishing:  The act of sending an e-mail to a user falsely claiming to be an established legitimate enterprise in an attempt to scam the user into surrendering private information that will be used for identity theft. The e-mail directs the user to visit a Web site where they are asked to update personal information, such as passwords and credit card, social security, and bank account numbers, that the legitimate organization already has. The Website, however, is bogus and set up only to steal the user’s information.
  3. Spear phishing: This is more likely to occur via regular e-mail, but you may also be hit by a spear through a Facebook or Twitter message. Spear phishing works through an e-mail or message that seems quite personal, it may appear to be from a person or company with whom you normally communicate; however, it will lead you to a poisoned site. It is similar to “phishing” scams but rather than just getting a message from your e-mail provider saying your inbox is full or you have to verify your identity and so on it takes it a step further by adding personalized information to lull your suspicions.
  4. Pharming: In this latest version of online ID theft, a virus or malicious program is secretly planted in your computer and hijacks your web browser. When you type in the address of a legitimate website, you’re taken to a fake copy of the site without realizing it. Any personal information you provide at the phony site, such as your password or account number, can be stolen and fraudulently used.

Ways to Avoid These New Threats

  1. Look at who is sending the email. If it seems odd, delete it.
  2. Keep your browsers up to date; all browsers are doing a better job screening out dangerous stuff.
  3. Do not click on links that ask for your personal information. If it’s from a company or bank call the company or bank directly to ask about the issue stated in the email.
  4. Do not click on links if you do not know who the sender is. Make sure the email address is an exact match to your contact if you do know the sender.
  5. Make sure you know who you are accepting as a friend on social networking sites.
  6. Be cautious when typing in web addresses to ensure you are directed to the site intended.

Additional Security Measures For Commercial Online Customer

  • The Bank strongly suggests that commercial customers perform a related risk assessment and controls evaluation periodically. This is done to ensure that all risks to the company have mitigation facts lowering the risk to the company.

A Summary of Your Rights Under Regulation E

  • Regulation E is applicable to all consumer deposit accounts.
  • Regulation E provides a basic framework that establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems. Electronic fund transfer” generally refers to a transaction initiated through an electronic terminal, telephone, computer, or magnetic tape that instructs an institution to either credit or debit a consumer account.

Error Resolution Summary 

In case of errors or questions about your electronic transfers, call the Bank immediately. if you think your statement or receipt is wrong or if you need more information about a transfer on the statement or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.

  1. Tell us your name and account number (if any).
  2. Describe the error or the transfer you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information.
  3. Tell us the dollar amount of the suspected error.

We will investigate your complaint and will correct any error promptly. If we take more than 10 business days to do this, we will credit your account for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation.

Summary of  Consumer’s Liability for Unauthorized EFT Transfers 

  • You can lose no more than $50 if you fail to give notice of your lost or stolen card and/or code and your card and/or code is used without your permission MGL167B 18(a)
  • A consumer is liable for an unauthorized EFT only if:
    1. An accepted access device is used to perform the transfer
    2. The institution has the means to identify the consumer for the access device.
  • Business accounts are not subject to the same protections as consumer accounts under Regulation E However if you have any questions or notice fraudulent activity please contact the Bank immediately. 
  • See the Bank’s Electronic Funds Transfer Disclosure for more information.

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