10 Tips to Safeguard Online Banking for Account Holders
During International Fraud Awareness Week, we’re highlighting measures to implement to protect your account holders and ensure a secure banking experience.
Online banking offers unmatched convenience, but it’s essential to keep your account holders data secure from fraudsters. Implementing these ten tips can help safeguard your customers financial data and provide peace of mind:
1. Strong Password Enforcement
Require account holders to create strong passwords using a combination of uppercase and lowercase letters, numbers, and special characters.
2. Mandatory Multi-Factor Authentication (MFA)
To provide an additional layer of protection, require MFA for accessing online and mobile banking platforms. This ensures only authorized users can log in. CSPI supports SMS text messages, Google Authenticator and email notifications. MFA can be configured to only prompt when accessing from a new IP address or a set period of time.
For your commercial account holders, SMB’s may also benefit from adding another layer of security protection utilizing a DUO token environment.
3. Regular Account Monitoring Tools
Encourage users to monitor transactions to detect and address unauthorized activity promptly. As a bank admin, ensure you are reviewing the User Reset List and User Contact Changes reports.
4. Real-Time Transaction Alerts
Encourage or require account holders to enable real-time alerts for transactions and account balances. These alerts notify users of any account activity, helping account holders stay informed and identify suspicious actions immediately.
5. Device Security Standards
Encourage users to keep devices up-to-date with the most recent operating systems and security patches.
6. Secure Connections Only
The financial institution can designate specific IP addresses to block, ensuring that access to online banking is restricted from unauthorized or high-risk locations.
7. Debit Card Management Features
To enhance account security, we partner with debit card providers to deliver tools to block and unblock debit cards through our mobile and online banking platforms, allowing you to deactivate your card when not in use.
8. Phishing Awareness and Reporting
Educate account holders about phishing scams and encourage immediate reporting of suspicious messages. Our systems never request sensitive information like passwords or PINs via email or text.
9. Automatic Logout for Inactivity
For added protection, we enforce automatic session timeouts for all online banking platforms, ensuring accounts are not left open if users forget to log out.
10. Continuous Fraud Education
Actively share fraud prevention tips, tools, and updates to keep account holders informed about evolving threats.
During International Fraud Awareness Week and beyond, we’re committed to empowering FI’s with the knowledge to keep account holders’ data secure. Your security is a shared responsibility, and we are committed to providing robust safeguards to protect your financial information. By adhering to these requirements and leveraging our security tools, you can enjoy peace of mind with every banking transaction.
Protecting your accounts is our priority. Together, we can outsmart fraudsters and build a safer banking experience.
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Scheduled Tuesday, December 17th at 2:00 pm CST. Register here.
About CSPI
Amp up your digital banking experience with our powerful suite of solutions! Our cutting-edge Online & Mobile Banking features a fresh, new UI that’s sleek, intuitive, and ready to impress. With advanced Document Imaging, Item Processing, Remote Deposit Capture, Managed Services, and seamless API integrations, we empower your institution to automate processes, boost efficiency, and deliver an unmatched user experience. Don’t settle for average—partner with us and bring industry-leading, game-changing digital solutions to your customers and unmatched support they can rely on.
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