Cybersecurity: Tips on Staying Safe

While widespread use of computers for financial transactions, including banking, has added speed and convenience to people’s lives, it has unfortunately also opened the door to those who seek to take advantage of technology’s vulnerabilities. Cybersecurity is something that should concern both technology users and the institutions they entrust with their funds.

Detecting Fraud

Scammers are getting more sophisticated but that doesn’t mean there aren’t ways to protect yourself. For starters:

Be skeptical of requests for personal information. Your bank will never ask you for personal or account information to verify your identity.
Verify requests. Don’t click on links in emails or texts or wire money without verifying the financial transaction through another source, i.e., contact your bank directly using contact information from its website or known email addresses/phone numbers.
Check email addresses. Cybercriminals are skilled at making minor, hardly noticeable changes to emails to trick you. Therefore, never reply directly; always check the email address and only communicate with known contacts.

Protecting Yourself Online

You may have heard some of these suggestions before but they’re worth repeating — and if you’re not implementing them, you should be.

Don’t use the same passwords for all applications.
Change your passwords on a regular basis — and immediately if an account appears to be compromised.
Never share your passwords.
Be aware of phishing scams and fake websites. Banks will never ask for your password or account number in an email — and always type their URL into your web browser rather than clicking on a link provided in an email or text.

Protecting Yourself from Mail Fraud

Due to the rise in mail fraud, you may want to consider using other forms of payment other than check writing. If you choose to continue using checks:

Deposit outgoing mail through secure methods, such as your local post office, place of business, or by handing it to a mail carrier.
Don’t let incoming or outgoing mail sit in your mailbox; collect it every day.
Sign up for Informed Delivery from USPS to receive a daily email with a preview of your incoming mail.

Businesses may also want to consider signing up for positive pay with a business checking account. Through this service, clients pre-authorize checks for a certain amount along with the check number to reduce the risk of criminals washing checks to withdraw unauthorized funds.

Cathay Bank Is Here to Help

Cathay Bank knows how important the right risk management and fraud prevention strategies are. We strive to have the most secure processes possible to keep our clients and their personal information safe from fraudsters. Learn more about fraud on our Fraud Alerts page.