Ways to protect your banking and financial accounts from hackers, per the experts
Cybersecurity expert Paul Bend relays a story about the time that hackers tried to break into his bank account and steal his money. “They found out my login, but didn’t know my password,” says the senior vice president of risk and cybersecurity policy at American Bankers Association.
Fortunately, the cyber thieves were foiled. “I called up my bank and locked down my account,” Bend says.
Such incidents are likely to increase as hackers take advantage of Americans’ accelerated embrace of mobile banking due to the coronavirus crisis. The FBI recently reported a 50 percent rise in mobile banking since the start of 2020, and warned that the increase will likely result in consumers’ inadvertently downloading fake banking apps and app-based banking Trojans designed to take possession of their account information.
These are not new threats consumers face, but a new theme has emerged, Bend says. Hackers are going after stimulus checks and Paycheck Protection Program (PPP) loans that Americans and small businesses have received from the federal government to survive the pandemic’s economic downturn.
Tips to avoid getting hacked
Bank rate picked the brains of four cybersecurity experts to learn the best ways consumers can protect their banking and financial accounts. Here are their suggestions.
From Paul Bend, senior vice president of risk and cybersecurity policy of the American Bankers Association:
The number one way to protect yourself is to make sure you’re really on your bank or financial institution’s website or app when you’re transacting business — and not an imposter site set up by hackers. “Check on your statement or the back of your bank card for the right website, bookmark that, and use that,” Bend a says.
Only download verified apps from reputable websites, such as the App Store or Google Play. “Trojans are really pernicious,” says Bend. “People need to be careful about what apps they install and where they install them from.” A high incidence of fraudulent activity can occur through so-called ‘sideload’ apps, or those downloaded from unofficial sources, he adds.
Pay attention to privacy policies. Apps often say they need to access your photos, your microphone, and your camera. “Banking apps will need access to those things,” says Bend. “People should make sure they’re comfortable with that.”
From Teresa Walsh, global intelligence officer at Financial Services Information Sharing and Analysis Center, a consortium focused on reducing cyber-risk in the global financial system:
Stick to trusted app stores when downloading apps. “Users shouldn’t download applications found on open forums,” Walsh says. “For banking applications, many banks feature links to the app stores from their websites to ensure you pick the correct one.”
Beware of phishing emails from fraudsters trying to get your personal information. Phishing emails will often have wrong numbers or bad links. Don’t respond to those. “Phishing awareness still holds true for mobile threat mitigation, as many people use their mobile for email and text messages from their banks,” Walsh says.
Not sure what kind of app experience to expect from your bank? Check with your bank to see what features it contains and how to access it safely. “If you are confused at all, you should talk to your bank,” Walsh says.
From Donald Korinchak of CyberExperts.com:
If you want to avoid getting ripped off, don’t make it easy for hackers to guess your PIN and password. “The biggest problem with passwords is that people tend to reuse passwords and choose weak passwords,” someone says. “This is because weak passwords are easier to remember. Strong passwords are difficult to remember, especially if you have dozens of different strong passwords.” But you’ll be better able to thwart cyber criminals if you use longer passwords with a combination of upper and lower case letters, numbers and symbols.
Use two-factor or multifactor authentication to reduce your risk of exposure. This security measure forces you to provide at least two different factors to verify your identity. The extra layer of security required to access your account will offer greater protection. “There are three categories of authentication,” Paul says. “One, something you know, like a password. Two, something you have, like your cell phone – this is validated when you receive the text code. And three, something you are – biometrics.” This last example, such as a fingerprint or iris scan, is not currently in widespread use. “Banks are beginning to use biometrics by implementing voiceprint technology during phone calls,” he says.
Set up alerts via email, text or the financial institution’s app to monitor fraudulent activity. “In the old days, customers often were unaware of fraud until they got their monthly bank statements,” he says. “Because of this delay, the fraudulent activity could continue for up to four weeks. With alerts, the customer is notified very quickly and can work with the bank to swiftly rectify the issue.”
Avoid sending financial or sensitive information via email, since it’s not encrypted and can be intercepted by hackers and used to raid your account.
Bottom line
A study by the University of Maryland’s Clark School of Engineering found that hackers attempt to attack computers with internet access every 39 seconds on average. That puts the onus on you to be alert to sinister tactics used by cyber thieves, such as phishing and website spoofing designed to trick you into revealing confidential information.
“Hackers are constantly improving their game, and it is up to all of us to be vigilant,”
Thanks for that information
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