Managing your money has become more convenient with advancements in online and mobile banking. From the comfort of your home or on the go, you can pay bills, send e-transfers, and check your accounts.
While these digital tools make banking easier and more convenient, cybercriminals are becoming increasingly sophisticated at stealing your personal information. At Westoba, we are committed to keeping our members’ money and personal information safe. You play an important role in protecting and safeguarding your accounts. Help protect your money from cybercriminals by staying informed and proactive with these expert tips.
Cybercrimes to Watch Out For
Cybercrimes come in various forms, and it’s essential to be aware of the potential risks to your money. Here are three types of cybercrimes to watch out for:
Phishing Attacks
Phishing is a common type of cybercrime where fraudsters attempt to obtain sensitive information such as login credentials, credit card numbers, and personal details by posing as a trustworthy entity. These fraudulent attempts often come in the form of deceptive emails, fake websites, or text messages that appear legitimate. It’s crucial to be cautious and avoid clicking on suspicious links or providing personal information to unknown sources.
Identity Theft
You may be sharing more of your personal information online than you realize. Identity theft occurs when cybercriminals gain unauthorized access to your personal information and use it for fraudulent purposes, including accessing your bank accounts, opening credit lines, or making unauthorized purchases. Monitoring your accounts regularly for any unusual activity and reporting any suspicious transactions to your financial institution immediately is important to keeping your identity safe.
Ransomware Attacks
Ransomware is a type of malicious software designed to block access to a computer system or data until a sum of money is paid. Having robust antivirus and antimalware software installed on your devices and regularly backing up your important data is important to minimizing the impact of a potential ransomware attack.
How to Protect Your Money
In addition to staying informed about potential cybercrimes, there are several proactive steps you can take to protect your money:
1. Use Strong Passwords and Passphrases
Utilizing strong and unique passwords and Personal Access Codes (PAC) for every account and device is key to keeping your information safe. Avoid using easily guessable passwords, sharing them with anyone, and change your password regularly. To help remember your Personal Access Code (PAC), we recommend using passphrases. For example, HighSecurity1st! Passphrases are easy to remember and highly secure.
2. Utilize 2-Step Verification
2-Step Verification is a type of multi-factor authentication that protects your information by requiring a second “factor” to confirm your identity when signing into your accounts in addition to your password. By enabling 2-Step Verification, if a cybercriminal gets a hold of your password, there is an extra barrier to stop them.
3. Spot Suspicious Activity with Direct Alerts
Westoba’s Direct Alerts will let you know when changes are made to your online banking information, adding another level of security to your account. It is important to monitor these alerts and report any potentially fraudulent activity as soon as it happens. You can manage your Direct Alerts by signing in to your online banking account.
4. Monitor Your Accounts Regularly
Stay vigilant by regularly reviewing your bank account statements and transaction history for any unauthorized or suspicious activity. Report any discrepancies to your financial institution immediately.
5. Keep Software Updated
Ignoring pesky software notifications can put your information at risk. Turn on automatic updates for your devices, including computers, smartphones, and tablets, to have the latest security updates and patches installed. Outdated software can create vulnerabilities that cybercriminals may exploit.
6. Be Cautious with Public Wi-Fi
Using public Wi-Fi can be handy when you want to work at a coffee shop, but it also exposes you to potential cyber threats. It’s crucial to be selective about the Wi-Fi networks you join and to be mindful of your online activities while connected. To protect yourself, turn Wi-Fi off when you’re not using it, use a virtual private network (VPN), install a firewall, and keep an eye out for anyone who may be watching your screen over your shoulder.
7. Report Suspicious Activity
If you notice anything suspicious with your account, such as receiving a 2SV code or Direct Alert that you have not initiated, or an unusual text, phone call, or email that doesn’t feel quite right, give us a call at 1-877-WESTOBA (937-8622) and we can evaluate the situation with you.
Westoba never solicits personal information such as your 2-Step Verification code or Personal Access Code (PAC) through our digital channels or via phone call – contact us if you suspect suspicious activity.
Protecting your money from cybercrime is more important than ever. You can be proactive in safeguarding your personal information by staying alert, knowing the latest security measures, and monitoring your account regularly. By taking these precautions, you can enjoy the convenience of online banking while keeping your finances secure. We encourage you to reach out to us if you have any concerns or questions regarding the security of your bank account.
Please visit our Secure Banking page for more information on how you can stay protected from fraud.
