Author: Matt Lemke Date: 10/11/2017

How Community Banks Help Customers Mitigate Security Risks

Plenty is being written about the recent Equifax data breach, a serious breach affecting 143 million people whose sensitive information (names, Social Security numbers, addresses, birthdates and in some cases credit card information) was exposed by a weakness within the credit reporting agency’s infrastructure. The fallout will undoubtedly continue for some time, as people determine if and how their information is being used.

People across the country are asking what to do if their information was compromised, and asking how their own banks are mitigating the risk of fraud resulting from this breach. Here’s a look at some of the ways banks such as Investors Community Bank help protect customers’ accounts.

Security Measures

Investors Community Bank is committed to following the Information Technology and Cyber Security best practice guidelines set forth by governing agencies such as the FFIEC, and FDIC. Protecting customer information and cybersecurity is at the forefront of the bank’s decision making. We also have detailed policies and procedures in place for account openings, credit cards or loans issued to ensure we are doing our due diligence on customers.

To help eliminate online fraud we use tools such as multi-layered authentication, which requires users to be validated and authenticated using more than a single method. Generally, there are three ways to confirm the user’s identity:

  • Something the person is. Examples are the person’s mother’s maiden name or the name of the city in which he or she was born.
  • Something the person has. Examples are a driver’s license or security token.
  • Something the person knows, such as a password.

By requiring multiple pieces of information, fraudulent use of a customer’s information becomes more difficult. Other online security solutions include access control systems, intrusion detection systems, reporting and monitoring software, and so on.

Fraud prevention tools

Investors Community Bank offers customers two tools that can reduce the likelihood of fraud on their accounts:

  • Positive Pay is an automated service available from the bank that matches checks (account number, check number and dollar amount) against a list of previously authorized payments.
  • ACH Blocks and Filters allow you to set up a list of authorized companies that can debit the account. If a debit entry is attempted by a company not on the authorized list, they’ll be blocked and the bank will alert the account holder.

Service

Investors Community Bank takes security and personal service very seriously, and in the event of a national data breach or fraud, our team is prepared with solutions to help mitigate the effects on our customers. Our bankers know that the steps in the process of minimizing loss require vigilance, timely action and continued monitoring.

As the fallout from the Equifax breach continues to reveal its breadth and depth, our bankers can be a valuable resource for you. If you have any questions, whether about the Equifax breach or your own personal account, don’t hesitate to reach out to one of our bankers or a cash management specialist.

We encourage customer to take proactive steps to protect their personal information. Visit our FAQ page for more information on the Equifax security breach and what you can do. 

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Topics: Risk/Fraud

 

Written by Matt Lemke

Matt Lemke is the Vice President of Banking Services at Investors Community Bank.

 

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Views provided in this blog are general in nature for your consideration and are not legal, tax, or investment advice. Investors Community Bank (ICB) makes no warranties as to accuracy or completeness of information, including but not limited to information provided by third parties, does not endorse any non-ICB companies, products, or services described here, and takes no liability for your use of this information. Information and suggestions regarding business risk management and safeguards do not necessarily represent ICB’s business practices or experience. Please contact your own legal, tax, or financial advisors regarding your specific business needs before taking any action based upon this information.