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The Federal Deposit Insurance Corporation (FDIC) recently published a special edition of its quarterly FDIC Consumer News, titled “A Bank Customer's Guide to Cybersecurity.” The piece is packed with great tips and information for consumers as they leverage technology for online shopping, online banking, bill paying and other financial transactions.
The publication contains several articles directed to online consumers for improving computer and mobile device security, protecting against malicious software (“malware”), avoiding phishing scams, and safely using social networking sites. Listed below is a summary of the key takeaways from the articles.
This article used a great analogy, comparing cybersecurity to protecting your home. When people go on vacation, they lock the doors and windows, set the alarm, and have someone stop by daily to pick up the mail and switch a few lights on/off. Why? It makes their home less of an attractive target to would-be intruders. Cybersecurity is no different – if a determined “bad guy” really wants to break in and steal information, he will likely get in; but if you follow some fundamental security practices to make your information difficult to steal, you can slow down or deter the attacker’s efforts. Some of the key practices include:
Mobile devices, particularly smartphones and tablets, have permeated the U.S. consumer market. This article points out several ways to make mobile devices more secure, including:
Avoid apps that may contain malware, by only downloading them from trusted sources. Check with your bank to make sure you are downloading their mobile banking app from the correct location.
Phishing is one of the most common methods that cybercriminals use to steal information. Through phishing, attackers send email messages that appear legitimate, and may contain names, email addresses and graphics for people or organizations that they trust (e.g., banks, retail stores, government agencies). Phishing messages often contain wording that expresses a sense of urgency, such as “Your account has been compromised, and your assets have been frozen for your protection. Click here to regain access to your funds.” The victims get tricked into opening malicious attachments in messages, clicking on links to malicious websites, or simply providing their personally identifying information (PII) or account credentials directly to criminals. A similar deception, known as “pharming,” occurs when a hacker hijacks internet traffic and redirects someone from a legitimate website to a malicious (fake) website that looks identical. The FDIC article gives some sound advice on how to avoid becoming a victim of these scams, including:
Social media is a very popular way for people to stay in touch with family and friends, meet new people, and interact with businesses like their bank. Of course, social media also provides a treasure trove of information for someone seeking to steal your identity. Identity thieves often create fake profiles on social networks, pretending to be legitimate businesses (including banks), and lure visitors into providing valuable information such as SSNs, bank account numbers, and passwords. Key points mentioned in the article to mitigate the likelihood of someone stealing your identity include:
Speaking of social media… Do you recall the “house” example earlier? If you’re leaving town on vacation, don’t announce it to the world through social media. That’s an invitation to thieves to visit your unoccupied house and empty it while you’re gone.
The special edition of this FDIC newsletter is available for free at www.fdic.gov/consumers/consumer/news/cnwin16. The back of the guide also features an eight-question quiz to test your knowledge of key information, and a checklist with ten simple things bank customers can do to help protect themselves from online criminals. These takeaways are important for everyone, whether a consumer, financial institution or business leader. This information is particularly useful for banks – it’s recommended that banks download copies of this publication and consider placing those copies in lobbies and other customer traffic areas to help spread the word.
Schneider Downs has a team of security and banking experts who have the experience to advise you on these and other like matters, and are standing by to assist.
Contact us for more information regarding cybersecurity and visit the Our Thoughts On blog for more articles on related topics.
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