AUTHENTICATION

In the
Electronic
Banking
Environment

WHAT YOU SHOULD KNOW ABOUT

Enhancing Online Security Is A Top Priority

When you bank online in the coming months, you’ll notice some changes.  These changes have to do with how you identify yourself and gain access to you accounts over the Internet, and are designed to make you safer than ever before from identity theft.

These changes are based on the realization that Internet fraudsters have become increasingly sophisticated, making “single-factor authentication” – a simple password, for example – inadequate for some of your online financial transactions.

Understanding the Factors

Today’s authentication methods – used to confirm that it is you and not someone who has stolen your identity – involve one or more basic “factors”:

• Something the user knows (e.g., password, PIN).
• Something the user has (e.g., ATM card, smart card or similar items).
• Something the user is (e.g., biometric characteristic, such as a fingerprint).

Single-factor authentication uses one of these methods; multi-factor authentication uses more than one, and thus is considered to be a more reliable and stronger fraud deterrent.  When you use your ATM, you are using multi-factor authentication:  Factor number one is something you have, your ATM card; factor number two is something you know, your PIN.
Your bank’s goal is to ensure that the level of authentication used in a particular transaction is appropriate to the level of risk in that application.  Accordingly, your bank has concluded a comprehensive risk-assessment of its current methods following stringent federal regulatory guidelines and will be implementing the appropriate authentication measures to keep your online transactions safe and secure.
In addition to single and multi-factor authentication, your bank may also rely on several layers of control to assure your Internet safety. 

These layers might include:

• Additional controls, such as call-back (voice) verification, e-mail approval, or cell phone-based identification.
• Employing customer verification procedures, especially when opening accounts online.
• Analyzing banking transactions to identify suspicious patterns.
• Establishing dollar limits that require manual intervention to exceed a preset limit.

Importantly, the methods used will be those needed to assure your safety and security when conducting online financial business.  It’s one of your bank’s top priorities!

Customer Awareness:  THE FIRST LINE OF DEFENSE

Of course, understanding the risks and knowing how fraudsters might trick you is a critical step in protecting yourself online.  Here are some threats to watch for:

Phishing – Lures you to a fake website (one that looks like a trusted financial institutions, for example) and tricks you into providing personal information, such as account numbers and passwords.

Pharming – Similar to phishing, pharming seeks to obtain personal information by directing you to a copycat website where your information is stolen, usually from a legitimate-looking form.

Malware – Short for malicious software, often included in spam e-mails, this can take control of your computer without your knowledge and forward to fraudsters your personal information such as IDs, passwords, account numbers and PINs.

You can make your computer safer by installing and updating regularly your

• Anti-virus software
• Anti-malware programs
• Firewalls on your computer
• Operating system patches and updates

STOP BY TO LEARN MORE ABOUT THESE IMPORTANT WAYS THAT YOUR ONLINE EXPERIENCE IS BEING MADE SAFER AND MORE CONVENIENT THAN EVER.