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How to Protect Your Banking Info Online

Technological advances have made 21st century banking a breeze. With mobile and online banking, credit union members have 24/7 access to their accounts. KeyPoint Credit Union members can check their balances online, transfer funds, and even deposit checks remotely from their smartphones.

Unfortunately, the shift from in-person to online and mobile banking comes with risks. From phone calls soliciting personal information to email requests to cash foreign checks, the number of scams are increasing each year. KeyPoint Credit Union safeguards your personal information using security technology. However, members should still be vigilant when it comes to providing personal information online or over the phone. Here are some commonly used tactics we know – and that you should too.

Social Media Scams

A recent media study found that the average person spends nearly two hours on social media sites every day. That’s more time than they spend eating and drinking, socializing or doing laundry! Unscrupulous scammers are taking advantage of this trend with fake contests, programs or advertisements on Facebook, Twitter and other social media sites. One KeyPoint member recently warned us of a scam advertising supposed “secret government bank accounts” that users can access with a credit union's routing number.

Phishing and SMiShing

Bank and credit union consumers have reported receiving emails requesting personal information or containing a suspicious link, supposedly from their financial institution. Many members are now aware of “phishing” scams where scammers request personal information online. A new wave of criminals has moved to text messaging for this type of scam, tricking mobile phone users into downloading harmful software. This is known as SMiShing.   

Identity Theft

If they have access to your personal information, thieves can potentially charge money to your cards or open new accounts in your name, racking up thousands of dollars in debt and damaging your credit rating. According to a report from Javelin Strategy & Research, a record 15.4 million Americans were victims of identity theft last year. “2016 will be remembered as a banner year for fraudsters, as numerous measures of identity fraud reached new heights,” the report states. The good news is that, thanks to the new EMS chip technology used by KeyPoint and other financial institutions, incidences of card cloning are down 52%.

What can you do?

In many cases, members have the power to prevent (or at least discourage) fraud attempts. Follow these tips to help safeguard your personal and financial information.  

  • Do not open emails from unknown senders.
  • If you open an email and it contains a clickable link or download, be cautious even if you know the sender. The same goes for text messages.
  • Never respond to requests for personal information, unless you’re the one making the call to your financial institution.
  • If you receive an email, phone call or text that appears to be from your credit union, verify the relevant information before responding. Do you recognize the phone number or email address? Did you request the contact? The safest course of action following a suspicious contact is to visit or contact your credit union directly.
  • Periodically check your account histories and credit report for discrepancies.
  • Never give out personal information online (this includes social media). Remember, KeyPoint will never ask for your account information by phone, email or text message.  

At KeyPoint, the safety and security of your financial information is one of our top priorities. Our online banking system uses Secure Socket Layers (SSL) certificates to encrypt your banking information, and both online and mobile banking require members to enter a provided code if you log on from a phone or computer that isn’t recognized. All of our debit cards are EMV, which contain a microchip to safeguard your information. Visit KeyPoint Credit Union’s Learning Center for more tips and details on our fraud prevention measures.