Digital Banking: The Online Security Arsenal at Your Fingertips

Due to the plethora of convenient digital services and online apps, the traditional way we do banking is changing. In fact, according to a recent study by Forbes, the U.S. Consumer Banking Statistics indicates that 78% of Americans prefer using a mobile app or bank website for a digital banking experience over using the phone, ATM, or visiting the bank or credit union branch to manage their accounts.

The Rise of Digital Banking

Due to the popularity of digital banking options, security is of the utmost importance and financial institutions are making the safety of your online accounts a top priority. Using the latest technologies including firewalls, encryption, and multifactor authentication for your bank accounts, consumers may be more protected and secure than they might think when it comes to their personal data and unauthorized access.

Here are some ways banks and credit unions protect their digital banking customers from scams, hackers, and online threats to their accounts.

Online Security Measures for Digital Banking Customers

·         Mobile Wallets: Convenient and Secure

• A mobile wallet, created especially for your mobile devices, was designed as a new digital banking feature that stores information like credit and debit cards and can connect to your bank accounts for payment. It also stores coupons and reward card info that can be easily accessed from your mobile devices like cell phones, tablets, and smartwatches. Mobile wallets offer a safe and convenient way to shop online or in person and are considered to be more secure than using a physical credit card. The technology ensures your card information is properly encrypted and stored on a secure chip that is useless to thieves. Benefits include faster payment options, less fraudulent activities, and very secure via encryption and tokenization that ensures secure transactions.

·         Online Banking Alerts: Real-time Account Monitoring

• Online banking alerts help consumers stay in touch with all activities that take place involving their bank and credit union accounts. These real-time communications from your financial institution arrive via text or email and give you up-to-date info to allow you to take action if needed to avoid a scam. From alerts about a low balance and unusual account activity to warnings about a large purchase or possible fraud, these online banking alerts are very successful in keeping your accounts and money safe. The immediate notifications allow consumers to report fraud as soon as possible, giving the bank the chance to freeze the accounts from fraudulent activity so you are less likely to be held responsible for these transactions that you did not authorize.

·         eStatements: A Paperless Approach to Account Information

• eStatements are a great tool for keeping your bank and credit information safe for those who prefer digital banking. While bank account statements were previously sent in the mail each quarter, digital banking now gives you access in an instant with eStatements. The new electronic bank statements are now sent right to your email inbox as soon as they are available and include all of the information as your traditional bank statement would. And not only are the e-Statements secured by encryption technology to deter hackers, but they also reduce the carbon footprint, give you instant access to account info, and save you and your credit union money by going green.

·         Bill Pay: Streamlining Your Finances 

• Bill Pay is a tool offered by banks and credit unions for digital banking customers. Using bill pay to organize and pay bills is a secure and convenient way to manage your finances that eliminates the possibility of lost or stolen identity theft from paper mailed statements. Quickly and efficiently organize your bills, schedule bills to be paid on time, save money spent on postage, checks, envelopes, etc., and have ability to pay bills from anywhere at any time are a few benefits.

·         Debit Card Management: Taking Control of Your Card

• Your debit card is literally the key to all of your money in the digital banking world. Keeping the physical card and information on it safe is crucial to avoid identity theft and fraudulent charges.  There are several ways to do this including the use of a digital wallet, not sharing your PIN number, using bank-owned ATMs only, and limiting online shopping to trusted known merchants.

Rest Assured That Members Plus Credit Union Takes Steps to Protect Your Accounts and Personal Information

Since this is where money can be accessed, financial institutions are always a popular target for fraud and cyberattacks. Unfortunately, today’s consumers must educate themselves on the best practices for online security and be aware of the latest digital banking scams, phishing, and spoofing to avoid fraud and identity theft.

MPCU stands strong against fraud for their digital banking customers and is here to help protect your assets.