Nowadays, banking is something where the bank is increasingly being ignored. “People no longer go to an ATM or bank very often, but rather log in to our laptops or mobile devices,” said Octavia Howell, vice-president and chief information security officer of Equifax Canada.
Banking from your phone or computer is convenient, but you leave much of the security that used to be done by the bank to the customer. Financial institutions have entire departments dedicated to protecting customers from theft and fraud, and strict controls to secure online banking. Still, bad personal habits can leave users vulnerable.
“Consumers should always exercise caution and do their part to protect themselves and their families,” Howell said.
How cybercriminals try to gain access to your bank account
Criminals may attempt to target individuals and withdraw money from consumers’ accounts, but there is also a newer, faster-growing pattern of crime, which involves attempting to access the personal information of large numbers of people to commit fraud on a larger scale.
“A lot of bank fraud starts when someone tries to get you to share information,” Howell says. “What we are currently seeing in the sector is criminals gaining direct access to bank details of account owners.”
Here’s how it works: The criminal organization obtains partial information about a group of people through an artificial intelligence-assisted internet search. Scammers then call or otherwise contact their targets, often posing as representatives of a financial institution. The fraudsters might say that there has been a security issue and that they need the last four digits of the customer’s account number or other information related to a recent transaction to “validate” the account. Victims sometimes cooperate under the false impression that the caller is helping them – or at least it may seem that way.
“No credible bank will ever call you and ask for banking information without you starting the conversation,” says Howell.
If you receive such a call, for example, you should call back, hang up and then call the organization directly using the customer service number listed on the website or on the back of your card.
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Practical tips for protecting your bank account
Here are some other things you should do every day to protect your bank account:
- Make sure your account PIN (personal identification number) is not something that is available online or easy to guess, like an anniversary or a child’s birthday.
- Use one strong password that is unique from your other accounts.
- Enable multi-factor authorization (which requires separate SMS or email codes) or biometric logins that recognize your face or fingerprint. Biometrics is considered state-of-the-art in digital security and can thwart scams, Howell says. “There is only one that you and scammers cannot easily imitate.”
- Avoid accessing your bank account via public Wi-Fi networks, such as those in coffee shops and airport departure lounges where criminals can ‘snoop’ for users who enter login details or credit card numbers. Use a private network such as your home Internet or your wireless provider to access your banking information. If you need to use a public network, download a VPN (virtual private network) and use that to access your account.
- Do not share login details with anyone and make sure your information is safe. Hide credit or debit card codes that you enter at an ATM or at the cash register in a store. “You never know who is looking over your shoulder,” Howell says.
- Make sure you have a way to do that recover your account if it is in danger. Set code words and security questions that will allow you to access your account if it is locked by your financial institution. “It’s important to take the time to set the code words,” says Howell. “Carefully selected security questions can also play an important role in protecting your bank account.”
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Extra reassurance from Equifax Complete Protection
Most people know to be extra careful with financial transactions, Howell says. It’s the extra precautions they may not have thought about that could leave them exposed to 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 safe and alerts you to potential fraudulent credit accounts opened in your name.
Features of Equifax Complete Protection include:
- Daily credit monitoring and alerts to notify you of important changes to your Equifax credit report, such as a new credit card or loan application
- WebScan, which monitors the dark web (hidden websites where criminals like to hang out and exchange data) to see if your personal information appears there
- Social media monitoring by industry leader ZeroFox, to alert you to suspicious activity on your social media accounts
- Online data encryption by NordVPN and online password generation and storage by NordPass
- Bitdefender parental controls to limit which websites and apps your children can access
- Bitdefender device protection to stop phishing attempts and protect devices against viruses and malware.
- Support from an Equifax identity recovery specialist if your identity is stolen
- Identity theft insurance up to $1 million for out-of-pocket expenses (not available in Quebec)
Equifax Complete Protection costs $34.95 per month. Visit the Equifax website for more information.
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