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Security Practices to Protect you from Fraud
Best Practices: Reducing the Risks of Corporate Account Takeovers
California Department of Financial Institutions – September 2012
A state led cooperative effort, including the United States Secret Service, developed a list of recommended processes and controls for reducing the risks of Corporate Account Takeovers. These processes and controls expand upon a three-part risk management framework developed by the United States Secret Service, the Federal Bureau of Investigation, the Internet Crime Complaint Center (IC3), and the Financial Services-Information Sharing and Analysis Center (FS-ISAC). Fundamentally, best practices for managing this risk in terms of processes and controls centered on these three core elements:
The following best practices have been compiled for each of the recommended processes and controls under the Protect, Detect, and Respond framework. These best practices are not an all-inclusive list and are provided as guidance to assist in implementing processes and controls needed to reduce the risk of Corporate Account Takeover thefts.
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Curious about how effective your businesses internet banking security practice are?
Online Banking & Information Security Tips:
Accessing Sunwestbank.com secure website:
Always access Sunwest Bank's Internet banking by typing in the correct website address www.sunwestbank.com into your browser. Never click on a link in an email to take you to a website and enter personal details either in the email or website.
Check your banking session is secure:
There are two simple indicators that will tell you if your session is secure. The first is the use of https:// in the URL. Some browsers such as Mozilla Firefox change the color of the url window when you are in a secure session. The other indicator is the presence of a digital certificate represented by a padlock or key in the bottom right hand corner. If you double click on this icon it should provide you with information about the organization with which you have entered in to a secure session.
Sunwest Bank may send an email notice or alert, however:
- We will never ask you to provide any personal or account information via email.
Password and PIN Security:
You should always be wary if you receive unsolicited emails or calls asking you to disclose any personal details or card numbers. This information should be kept secret at all times. Be cautious about disclosing personal information to individuals you do not know. Please remember that Sunwest Bank would never contact you directly to ask you to disclose your PIN or all your password information.
- Do not write down your Login ID or password.
Be Alert to Common Internet Scams:
If it sounds too good to be true - it probably is:
Don't be conned by convincing emails offering you the chance to make some easy money. As with most things if it looks too good to be true, it probably is! Be cautious of unsolicited emails from overseas - it is much harder to prove legitimacy of the organizations behind the emails.
Social engineering is still often used to obtain sensitive information. For example, never trust e-mails requesting personal information such as user names or passwords. If there is no one in the office qualified to provide this type of training, find a trusted IT professional or consultant to educate employees.
Phishing is an internet scam that involves an email which appears to be from a legitimate company, bank, or government agency. The emails typically warn of a potential problem with your account and requests that you follow a link and provide personal or account information to update your information. You should never reply to these emails, open any attachments, or follow any of the links provided. If you believe an email to be legitimate, you should contact the company using your usual contact information.
Pharming is a type of fraud that involves redirection from a legitimate site to a site that appears to be legitimate, but has been created by fraudsters in an attempt to gain your personal or account information.
It is important to use up-to-date Anti-virus software and a personal firewall. If your computer uses Microsoft Windows operating system, it is important to keep it updated via the Windows Update feature, equally if you use another PC operating system or have an Apple Mac you should check regularly for updates. You should be vigilant if you use Internet cafes or a computer that is not your own and over which you have no control.
Check your Account Balances each day:
Automated Clearing House (ACH) transactions are not usually processed until the next business day. If you catch a fraudulent transaction at the end of a business day, you may be able to cancel it before any funds are transferred.
Sign Up for Fraud Prevention products:
Business accounts are eligible to sign up for Positive Pay service to help identify check fraud such as paid checks that were never issued, or where the amount was altered. Detecting fraud early is a great way to prevent losses and return items before the 24 hour deadline. Check with your branch or relationship manager if you are interested in Positive Pay or other fraud prevention products.
Check your statements:
It is important to check your statements regularly; a quick check will help identify any erroneous or criminal transactions that might have been performed on your account without your knowledge.
Always completely log off from your Internet banking session:
It is important to completely log off from your Internet banking session; simply closing the window you performed the transaction in may not close the banking session. If your computer is infected with a Trojan, your session may become hijacked by a criminal and financial transactions performed without your knowledge. It is also advisable to disconnect from the Internet if you are not planning to use it.
Identity Theft Precautions:
Identity theft is a crime perpetrated by a criminal who uses another’s personal information to establish credit, purchase goods and services with existing credit cards, apply for new cards in the victim’s name, drain bank accounts, or commit other crimes.
Identity theft can affect consumers in many ways; fortunately there are steps you can take to protect your identity.
How to Protect Your Personal Information:
How to Protect Your Financial Information:
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you...
When you open an account with Sunwest Bank, we will ask for your Name, Address, Date of Birth, and other information that will allow us to identify you. We may ask to see your Driver’s License or other identifying documents.
If you think you are a victim of identity theft, take action immediately. Contact the local police, your bank(s), the three major credit reporting agencies and the Federal Trade Commission at (877) IDTHEFT. Learn more about what to do if you suspect you are a victim of identity theft.
Check these resources for more information on identity theft and your credit report:
Annual Credit Report Website: https://www.annualcreditreport.com/
The Federal Trade Commission (FTC): http://ftc.gov
The Federal Deposit Insurance Corporation (FDIC):http://www.fdic.gov
Major Credit Reporting Bureaus:
Recent Data Breaches
Several data breaches have been reported recently. Protecting your account and your information is important to us. We encourage you to monitor your accounts and alert us immediately if you notice any suspicious activity by calling 800-330-9890.
Avoid Identity Theft
Do not carry your Social Security card, Social Security number, birth certificate or passport, unless necessary.
Avoid Identity Theft
Do not put your address, telephone number, Social Security number, or driver’s license number on personal checks or credit card sales receipts.
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