Today, the banking industry is increasingly neglected. “People no longer regularly go to an ATM or bank, but instead mostly log in using a laptop or mobile device,” said Octavia Howell, vice president and chief information security officer at Equifax Canada.
Banking via phone or computer is convenient, but it leaves many of the security responsibilities once shouldered by banks on the customer. Financial institutions have dedicated departments dedicated to protecting customers from theft and fraud, and have strong controls in place to ensure the security of online banking. However, bad personal habits can make users vulnerable.
“Consumers must always be careful and do their part to protect themselves and their families,” Howell said.
How cybercriminals try to access your bank account
Criminals may try to target individuals to withdraw funds from consumer accounts, but there is a newer and faster-growing pattern of criminals trying to obtain the personal information of large numbers of people in order to commit larger-scale fraud.
“A lot of bank fraud starts with someone trying to get you to share your information,” Howell said. “What we are seeing in the industry now is criminals obtaining banking information directly from the account owner.”
Here’s how it works: A criminal organization obtains partial information about a group of people through AI-assisted internet searches. Scammers then call or otherwise contact their targets, often claiming to be representatives of financial institutions. Fraudsters may say there is a security issue and they need the last four digits of a customer’s account number or other information related to recent transactions in order to “verify” the account. Victims sometimes cooperate by mistakenly believing that the caller is helpful to them—or so it seems.
“No trustworthy bank is going to call you and ask for your banking information without you reaching out,” Howell said.
If you receive such a call, say you will call back, hang up, and call the organization directly using the customer service number posted on its website or on the back of your card.
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Best practices for protecting your bank account
Here are some other things you should do every day to help protect your bank account:
- Make sure your Account password (Personal Identification Number) is something that is not available online or can be easily guessed, such as an anniversary or a child’s birthday.
- use a Strong password This is different from your other accounts.
- enable Multi-factor authorization (requires texting or emailing a code separately) or biometric login that recognizes your face or fingerprint. Howell said biometric technology is considered state-of-the-art in digital security and can stop scams, and “there’s only one technology that you and scammers can’t easily fake.”
- Avoid accessing your bank account over public Wi-Fi Networks, such as those in coffee shops and airport lounges, where criminals can “sniff” users entering login credentials or credit card numbers. Use a private network, such as your home Internet or wireless provider, to access your banking information. If you must use a public network, download a VPN (Virtual Private Network) and use it to access your account.
- Don’t share login credentials with anyone and keep your information safe. Hide the credit or debit card code you enter at an ATM or at store checkout. “You never know who’s watching you,” Howell said.
- make sure you have a way Restore your account if it is compromised. Set up a password and security question so you can access your account if it’s locked by a financial institution. “It’s important to take the time to set up your passwords,” Howell said. “Carefully chosen security questions can also play an important role in helping to protect your bank account.”
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Extra protection with Equifax Complete Protection
Howell said most people know they need to be extra careful with their financial transactions. They may not have taken additional precautions into consideration, which could put them at risk for fraud and theft.
For a higher level of protection, consider Equifax CompleteTM Protection, a monthly subscription service that helps keep your personal data and devices secure while alerting you to potentially fraudulent credit accounts opened in your name.
Equifax Complete Protection features include:
- Daily credit monitoring and alerts to notify you of significant changes to your Equifax credit report, such as new credit card or loan applications
- WebScan, which monitors the dark web (hidden websites where criminals like to hang out and trade data) to see if your personal information appears there
- Social media monitoring by industry leader ZeroFox that alerts you to suspicious activity on your social media accounts
- NordVPN online data encryption and NordPass online password generation and storage
- Bitdefender’s parental controls limit which websites and apps your kids can access
- Bitdefender’s Device Protection helps block phishing attempts and protect devices from viruses and malware.
- If your identity is stolen, Equifax identity recovery experts have support
- Identity theft coverage up to $1 million out-of-pocket (not available in Quebec)
Equifax Complete Protection costs $34.95 per month. To learn more, visit the Equifax website.
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