Florida Banking December 2024-January 2025

BANCSERV ENDORSED PARTNER: SHAZAM

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FOUR WAYS TO PROTECT YOUR FINANCIAL INSTITUTION FROM ONLINE THREATS

BY JAMES BOYD, VICE PRESIDENT, INFORMATION SECURITY, SHAZAM

C ybersecurity is increasingly important as more people conduct banking online. While the surge in digital payments and mobile banking creates conveniences for accountholders, it also creates potential vulnerabilities when it comes to fraud and cybersecurity. Here are four threats to look out for and the solutions to keep everyone’s sensitive data and finances secure. Cybersecurity Threat #1: Social Engineering

during a phone call — and will never ask for a one time login code. They also won’t use fear tactics to pressure accountholders to click links.

Cybersecurity Threat #2: Easy-to-guess Passwords

Passwords protect our accounts and devices. One of the most common ways hackers try to gain access to your personal information is by guessing your password. Common passwords, such as “admin” or “abc123”, lack complexity. They also come up in

Social engineering is the act of tricking people into sharing confidential information or sending money. An email pretending to be from a coworker asking for access or sensitive information or a phone call from someone impersonating a government official demanding money are just a couple of the many schemes scammers use to make a quick buck or steal data. The Solution: Think Twice and Verify Social engineering involves people; that’s why education about these scams is key to

most common password Google searches. And if your password is on a public site, it lacks security and puts you at risk of your accounts being hacked. The Solution: Complex Passwords and Multi-factor Authentication Strong passwords use letters, numbers and characters to make them harder to guess. Here are some suggestions on how to create a strong password if you need some help on what to come up with. An additional layer of

“IF YOUR PASSWORD IS ON A PUBLIC SITE, IT LACKS SECURITY AND PUTS YOU AT RISK OF YOUR ACCOUNTS BEING HACKED.”

security is multi-factor authentication. Multi-factor authentication is a multi-step account login process requiring users to enter additional information to log in to their accounts. Users might be asked to enter a code sent to their phone or use a mobile app to confirm their login. This additional authentication can help prevent unauthorized access to your

preventing them from happening. If your staff and accountholders know the warning signs, they are less likely to fall for a scam. Be on the lookout for any misspelled words or poor grammar in emails and hover over any links to make sure they are legitimate. Let your accountholders know financial institutions will rarely ask for your account number, PIN, or password

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