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Keep Your Financial Accounts Cyber-Smart
cy·ber smart
noun
- Being aware of the motivations and tactics of those who would attack your computer security and adopting measures to protect yourself and the information systems you are responsible for.
Financial institutions and hacking go hand-in-hand these days and keeping your bank account and credit from being the next victim is more important than ever. The safest approach, although the least favorite, is assuming that if your data hasn’t yet been hacked that at some point it will be. Hacking banks and their account holders is the most direct cash infusion a hacker can get…and they know it.
According to Kaspersky Lab, attacks on ATMs alone hit an all-time high in 2017 with malware-as-a-service (MAAS) opportunities. With this service, even hacking “hacks” who have no cybercrime experience can watch an instructional “how to” video on how to target an ATM successfully. With all the relentless email phishing attacks and step-by-step advice on hacking, guarding our finances with common sense protection is something we all need to do. It all starts by being proactive with your accounts.
Here are some tips to keep in mind.
Password security
It’s time to put passion into passwords! Assuming your account will at some point be breached, there’s no reason to make it easier for hackers to break your passwords. Every account deserves a unique password that is eight characters or longer and is a combination of numbers, upper and lowercase letters, and symbols. Try to create a sequence with meaning to make it easier to remember, though not easy to guess or dictionary words. If necessary, write the passwords down. Remember not to leave your written passwords somewhere they are easily found by others.
Two-Factor Authentication
Always use two-factor authentication (2FA) or as also referred to, multi-factor authentication (MFA). In the wake of massive financial hacking, most banks and social media provide 2FA as a second security step and can be easily set-up with accounts. When logging into an account, the bank sends a security code to your phone. To complete the login process, the code is needed as the second verification. It’s a great and easily added security layer, with the idea being that even if a hacker cracks your password, unless they have your phone, they’ll never get the 2FA needed to login.
Keep tabs on your credit report
You can get your credit report from several sources including the three major credit reporting agencies (Equifax, TransUnion, Experian). You can also take advantage of Mid Oregon’s free, secure option—My Credit Score located in Digital Banking. When you enroll you will receive access to your credit score, as well as key information from your credit report. You can also sign up for emails to alert you to changes to your credit report.
Switch to online statements
No more waiting for your monthly statements. With easy online access, keeping tabs on the financial comings-and-goings is an easy way to spot suspicious transactions. Should anything look questionable, it’s much more effective to alert your bank or provider immediately. Taking fast, proactive steps can prevent further damage to your account should it be breached. If you are still receiving paper statements in the mail, we encourage you to sign up for eStatements—everything is printable and your information is archived for 24 months. Sign into Digital Banking and make the secure switch today.
Phishing Scams
Of course, always be on the lookout for phishing scams. These are still common and frequent and are getting more difficult to detect all the time. If you are not expecting a link or attachment, regardless of the sender, just don’t click it.
ATM Skimming
With vacation season almost upon us, we will use more “new” ATMs than normal. When using ATMS, take a quick look to ensure there isn’t a skimming device attached to it. If there is, don’t use it and report it to the financial institution. Also, make sure you use ATMs in well-lit areas and where there is plenty of traffic. Hidden ones or those in dark areas are easier targets for ATM scammers.
Freezing Your Credit
Finally, don’t be afraid to freeze your credit. By law, the big three credit bureaus now must offer free credit freezing and un-freezing. Should you spot something suspicious with your credit, a quick freeze can prevent a whole lot of financial heartache by keeping hackers from doing further damage. Just remember that frozen credit prevents access to your reports for anyone, including you.
Are your debit and credit cards ready for travel?
If you are traveling, let your financial institution know where you are going and when (remember to set up your travel notifications in Digital Banking). Besides reducing the chance of having your legitimate purchase rejected, it can also help us know if someone has gotten your debit or credit card information.
Mid Oregon has a great resource in helping you protect yourself online. Visit our Stickley on Security resource in our Security and Fraud Center. There, you can read timely articles on a variety of digital security topics, including some videos. You can also sign up for news and alerts via email. Get the most up-to-date information to keep your financial accounts cyber smart.
Caller ID Spoofing: Don’t Hang On, Hang Up
As with many local financial institutions, we are hearing increasing reports of fraudulent phone calls and text messages claiming to be from Mid Oregon..
Many of these calls even display accurate Mid Oregon phone numbers on caller ID. Scammers try to convince members that fraud is happening on their accounts and ask them to provide passwords, login information, card numbers, and even PIN numbers.
To help you avoid falling victim to these scams, we will discuss spoofing, provide prevention tips, and explain what to do if you suspect you have been scammed.
Please remember that Mid Oregon will NEVER ask you for your Digital Banking login credentials and passwords, PINs, SSNs, or credit and debit card numbers. If you receive one of these calls or messages, contact Mid Oregon at 541-382-1795. (DO NOT click on links in text messages!). More details on our Fraud Prevention page.
What Is Spoofing?
Spoofing is when a caller deliberately falsifies the information transmitted to your caller ID display to disguise their identity. Scammers often use “local “neighbor” spoofing so it appears that the call is coming from a local number, or spoof a number from a company that you may already know and trust. If you answer, they use scam scripts to try to steal your money or valuable personal information.
How to avoid spoofing?
- It can be difficult to distinguish a spoofed call from a genuine one. Be extremely careful about responding to any request for personal identifying information (watch video).
- It is best not to answer calls from unknown numbers. If you do pick up such a call, hang up immediately. If you receive a call from a person or bot that asks you to press a button to stop getting phone calls, it’s a good idea to hang up. Scammers often use this trick to identify potential victims.
- Let it go to voicemail. If you have a voicemail account, set a password to protect it. Some voicemail services allow anyone who calls from your phone number to access your voicemail, so it’s essential to set up a password to prevent hackers from gaining access.
- Do not answer any questions, especially those that can be answered with “Yes” or “No.”
Under no circumstances should you provide personal information, such as account numbers, Social Security numbers, mother’s maiden names, passwords, or any other identifying information, in response to an unexpected call or if you are even slightly suspicious. If you receive one of these calls or messages from Mid Oregon, please contact us immediately at 541-382-1795. (DO NOT click on links in text messages!).
- If someone claims to represent a company or a government agency calls you, hang up and call the phone number on your account statementor on the company’s or government agency’s website to verify the authenticity of the request. Legitimate sources generally send written statements before calling, particularly if the caller is requesting a payment.
- Be cautious if the person on the phone pressures you for information immediately.
- Talk to your phone company about call-blocking tools and investigate apps that you can download to your mobile device. The FCC allows phone companies to block robocalls by default based on reasonable analytics. You can learn more about robocall blocking at fcc.gov/robocalls.
How do I report suspected spoofing?
If you suspect your caller ID information has been falsified, you can file a complaint with the FCC:
▪ Online at https://consumercomplaints.fcc.gov.
▪ By phone: 1-888-CALL-FCC (1-888-225-5322); TTY: 1-888-TELL-FCC (1-888-835-5322); ASL: 1-844-432-2275.
Savings vs. Paying Down Debt
Are you torn between saving money and paying down debt?
While paying down debt is crucial for your financial health, saving money is equally—if not more—important.
Many people’s first instinct to paying off debt is to withdraw from their emergency fund, retirement fund, or other savings accounts. The logic behind this is that your debt is likely costing you more money every month than your savings is earning you.
However, this strategy could actually lead to more debt in the long run. Crazy, right? But, think about it—if you’re neglecting your savings account and using all your extra funds to pay off your loans, what will happen if an emergency comes up, such as unexpected car repairs, vet bills, or even job loss?
We get it, life happens, but if you don’t have a savings account, you might find yourself in a difficult situation where you have to rely on your credit card to cover unexpected expenses. This can be frustrating, especially if you’ve been working hard to pay off your debts.
Breaking the cycle
1. The first step is to stop using your credit cards and adding to your debt.
2. Instead, set a realistic goal for your savings account that would cover most emergencies, such as $500.
3. While you’re building up your savings to reach that goal, make sure to pay at least the minimum payments on your loans.
4. Once you’ve reached your $500 savings goal, you can start dedicating more money to paying down your debt.
5. If an emergency comes up and you have to dip into your savings, don’t worry. Just switch back to paying the minimum on your debt and put any extra money into your savings to build it back up again.
By following these steps, you can build a safety net and get your finances under control.
Make savings a priority
Set up a specific but realistic goal. If you are receiving a tax refund this year, use part of that money to give yourself a head start. Use a savings goal calculator, such as Mid Oregon’s Savings Goals tool in Digital Banking, to see how much you’d have to save each month. Or, explore the variety of savings options Mid Oregon offers:
- Share Certificates—Enjoy higher returns on your investments and keep your money safe and local. We have amazing rates right now so take advantage of our latest special.
- High Yield Savings Accounts—Savings account with a variable dividend rate that increases as the balance increases (minimum balance $1,000).
- IRA Accounts—Build your future and your nest egg faster with attractive rates of return and choices to fit every budget and savings goal.
- Saver’s Club Certificate—Set your goal and the amount you want to save every month. It’s ideal for saving for something special or not being caught short during the holidays.
Saving sufficiently for the future—whether that’s tomorrow or years from now—is crucial. From regular savings and high-yield savings accounts to share certificates, Mid Oregon offers a variety of savings options and strategies to cater to your unique needs.
Don’t let the burden of debt get in the way of your savings goals. Mid Oregon is here to help you navigate through the complexities of managing your finances.