Best Practices for Keeping Your Online Accounts Secure

What are the most common financial cybercrimes?

Phishing is by far the most common type of cybersecurity threat. In 2022, for example, over 300,000 individuals in the United States fell victim to phishing attacks.

As defined by the National Institute of Standards and Technology, phishing is a technique for attempting to acquire sensitive data, such as bank account numbers, through fraudulent solicitation in email or on a website, in which the perpetrator masquerades as a legitimate business or reputable person.

These types of scams were once fairly easy to spot due to hallmarks like poor spelling and incorrect grammar. However, as communication tools have been enhanced with AI, phishing scams can be harder to detect without additional due diligence.

Some other types of financial cybercrimes include personal data breaches, identity theft and credit card or check fraud.

10 Tips for protecting your accounts and data

In the face of these threats to your personal data and financial well-being, there are some basic steps you can take to protect your accounts. Following, we’ll look at 10 ways you can protect your bank accounts and personal data from scammers.

1. Use strong, unique passwords

Creating unique passwords that include a mix of letters, numbers and special characters is your first line of defense.

Avoid using information that can be easily guessed like your birthday, common words or significant locations.

Additionally, avoid re-using the same password for other accounts. A data breach at an online store, for example, could become much worse if you use the same password for your financial accounts.

2. Enable multi-factor authentication (MFA)

Whenever possible, set up multi-factor authentication for all your online accounts.

While this adds an extra step to accessing your accounts, it serves as an added line of defense by requiring at least one additional verification factor, such as a code sent to your phone or email address or biometric data like a fingerprint.

3. Monitor your accounts regularly

Make a practice of reviewing all your bank accounts frequently to ensure you authorize every transaction.

Detecting potential fraud early can limit your financial responsibility. In most cases, if you notify your bank more than 60 days after a fraudulent transaction occurs, you could be responsible for paying the full amount.

4. Stay on the alert for phishing attempts and online scams

As previously noted, phishing is the most common form of online financial crime.

Be cautious about emails, texts or phone calls requesting personal information or banking details. When in doubt, contact your bank directly using the information on their official website to verify the request.

You can also visit the Associated Bank Security Center for information on recent threats consumers may experience.

5. Use secure networks and equipment

Avoid accessing financial accounts on public Wi-Fi networks. These are often unsecured and potentially expose your sensitive information to cybercriminals.

If you need to charge a device on the go, it’s best to use your own equipment. A recent cybertheft tactic involves loading malware onto public USB charging stations to steal personal data including passwords and account information.

When traveling, it’s best to use your own AC plug, car charger and USB cables or carry an external battery with you.

If you do plug into a public USB port and are prompted to select between “share data” or “trust this computer” and “charge only,” always select “charge only.”

6. Update your devices and software

Cyber threats are continuously evolving so software developers are constantly releasing new versions to address security flaws.

Make sure your computer, smartphone and other connected electronic devices are up-to-date with the most recent security patches and antivirus software.

7. Secure and dispose of sensitive documents with care

From sales receipts to bank statements to birth certificates, we encounter documents containing sensitive personal information nearly every day.

Depending on the type of document, you may need to retain it for a specific period of time. Keep these items secure in a lockable file system or a safe deposit box at your local bank branch.

For items that are ready for disposal, always shred them first to guard against identity theft. A micro-cut shredder is considered to offer the maximum security.

8. Report lost or stolen cards immediately

If your credit or debit card is lost or stolen, report it to your bank immediately via their customer service line or secure messaging system.

Many banks also offer the ability to lock a debit or credit card account yourself through their online portal or mobile banking app.

Once you’ve notified your bank by phone or online, follow up with a letter that includes your account number, when you noticed the card was missing and when you first reported the loss to the bank. Maintain a copy for your own records as well.

9. Be careful with checks

“Check washing” is a type of fraud where thieves will use chemicals to dissolve the ink on a stolen check while preserving the signature. This creates a signed, blank check that can then be used to withdraw funds from a victim’s account.

Scammers may even use copiers or scanners to print multiple fake copies of a check. According to the United States Postal Inspection Service, their team recovers over $1 billion in counterfeit checks and money orders each year.

To deter this type of fraud, use a gel pen to fill out your checks, as this type of ink has unique properties that make it more difficult to alter. Also, make sure to fill the check out completely and avoid leaving any blank spaces that someone could use to change the name or dollar amount.

Finally, if you are mailing a check, use a secure mailbox or hand it directly to a postal employee. Avoid leaving a check in an unsecured mailbox overnight.

10. Consider fraud alerts and credit freezes

If you find that you are the victim of fraud, or suspect that you may be, contact each of the three major credit bureaus right away so they can place a fraud alert on your credit report.

You might even place a freeze on your credit report as an added layer of protection. Just remember to contact each of the bureaus to remove the freeze when you are ready to open a new credit account.

To contact the three credit bureaus and freeze or review your credit:

TransUnion Credit Services
800-680-7289
www.transunion.com

Equifax Credit Services
800-525-6285
www.equifax.com

Experian Credit Services
888-397-3742
www.experian.com

Be proactive to keep your accounts secure

Cybercrime and financial fraud are big business in today’s digital world, and the strategies employed by hackers are constantly evolving.

By taking proactive steps and remaining vigilant for potential scams, you can protect your accounts and personal data from the most common cyber threats.

The Associated Bank team is happy to talk with you about the best ways to protect your accounts from cybercriminals. Give us a call at 800-236-8866, schedule an appointment online or visit us at any of our Associated Bank locations. You can also check out our online Security Center.