Examples of this technology include fingerprints, voiceprints, iris scan and facial recognition. Their accuracy stems from the fact that none of these features is exactly the same in two different individuals, making biometrics an effective tool for fraud protection.
USAA customers can use fingerprints, face or voice for secure access from a mobile device. The voiceprint is securely stored, and the customer can use it to bypass security questions during login. TD Bank and Woodforest National Bank are two examples of financial institutions that use two-step authentication, also referred to as multi-factor authentication, to improve security.
Secure messaging provides a safe means of communication with your bank and protects you against phishing and other scams. PNC Bank offers secure email in addition to several other communication options on its customer service page. Wells Fargo has a customer service link at the top of each page that takes users to a page with access to secure email. A brute-force attack is one in which hackers try to get into a system by making repeated attempts using a variety of password combinations.
Limited login attempts reduce the risk of a brute-force attack by locking users out after a small number of incorrect password entries. Farmers Savings Bank, for example, allows three attempts.
After that, customers must reset their passwords by calling customer service or by making the request online and verifying it via email.
Landmark National Bank also limits users to three attempts before locking access to the account. Monitoring customer accounts for signs of unusual activity serves as an important asset protection tool because it helps banks catch fraudulent and unauthorized use quickly. The banks use fraud alerts to notify customers that their accounts might have been compromised.
Citi customers can receive their alerts via email, postal mail, phone or text. None of these banks charges for fraud alert services. Fraud protection software supplements your anti-virus program to protect you against fraud. An example of this software is Trusteer, which financial institutions such as Bank of America and Woodforest National Bank make available as a free download.
The software runs in the background and alerts you to such cyberthreats as phony bank websites, phishing and keylogging schemes — a scammer tracks the keys you hit on your keyboard without your knowledge. In addition to the security services online banking institutions offer, you can take your own security measures to further protect yourself and your money against fraud.
Read More. Sign in to Go Paperless. To help ensure you're on the real Bank of America website before you sign in, check your browser address bar for:. Ways to stay safe online layer from the National Cyber Security Alliance. You are using an unsupported browser version. Learn more or update your browser. Online Banking Security from Bank of America. Expand all panels What you need to know What you need to do. What you need to know Bank of America's award-winning Online Banking service incorporates industry-leading safety features that give you greater security and peace of mind as you manage your money.
What you need to do Make sure you're on the right site To help ensure you're on the real Bank of America website before you sign in, check your browser address bar for: www. If you bank online, chances are your financial institution uses these security measures. Explore NerdWallet's list of best online checking accounts. Online banking is safe when secure bank technology on the back end is met with alert consumers on the front end. As an account holder, you have a role in making sure your accounts are protected.
Large-scale data breaches get the headlines, but criminals also work on a smaller scale by attacking consumers directly. For example, fraudsters often use so-called phishing scams, in which they send out emails or text messages pretending to represent a financial institution in the hopes of hooking an unsuspecting consumer. If you reply, the criminal could use the information to illegally make purchases or withdraw money from your account.
Choose an institution that uses industry-standard security. You probably already want a bank or credit union that offers accounts with low fees and high interest rates. Then, make sure your online accounts are backed by robust technology, like the measures mentioned above. Security features might be outlined on the bank's website or fine print. If you're having trouble finding that information, reach out directly. One other example is multifactor authentication.
It could be a unique passcode sent to your smartphone as a text message, or even your own fingerprint. Many of the larger online banks — and traditional institutions with online accounts — adhere to these standards, so it should be easy to find a bank or credit union that fits the bill.
Skip public Wi-Fi for private banking. The security of your private home network is ideal. If you have to log in while away from home, consider using your cellular data plan instead of Wi-Fi, or a virtual private network, known as a VPN.
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