Posts Tagged ‘Bill Pay’

Don’t Let a DDoS Attack Cut You Off From Your Money

DDoS attacks are mentioned more frequently in the news these days, but what are they?  The initials stand for “Distributed Denial of Service” and refer to cyber attacks which are performed by harnessing thousands of personal computers through spyware and malware and instructing them to navigate to a specific website, overloading the server and resulting in the website being inaccessible to legitimate users. 

While there may be any number of motives for such attacks, the goal is to render the targeted website useless for as long as possible.  When there are hints of a pending  attack, it is best to be proactive.  Internet rumors have indicated that a possible large-scale DDoS attack on American financial institutions might occur on Tuesday, May 7, 2013.  As a precaution, anyone who transacts business on financial institution websites is encouraged to refrain from doing so on that day.  Plan ahead and schedule online transactions in advance if possible. If you need to transact on that day, consider physically going to a branch or calling the institution.

Generally, it is not a good idea to wait until the last minute to schedule an online payment or transfer.  Always look ahead and schedule transactions well in advance to give yourself a cushion in the event of unforeseen roadblocks.  You’ll also have peace of mind, which is a great benefit of thoughtful planning.  PFCU’s Online Banking and Bill Pay, for example, allow you to schedule one-time or recurring future payments and transfers and have options for all sorts of convenient reminder texts or e-mails.  The internet is a valuable tool in communication, organization, and information-gathering.  Just be careful not to rely on it to the extent that you can be affected by temporary interruptions in service.  Always have a backup plan.

There are more Safety and Security blog articles here.  To get fraud alerts as soon as we communicate them, “Like” our PasadenaFCU Facebook Page and/or follow us on Twitter @Pasadenafcu.  The Safety and Security tab of our website is a great place to read up on internet safety, too.

Multi-Factor Authentication Foils Cyber-thugs

We sometimes get complaints from members who are frustrated with the set-up and maintenance of security for their online account access.  Here are some reasons not to loathe the security questions, site keys and other safety measures in place online:

Six federal regulators governing the financial sector have combined forces to strengthen the online security of your accounts.  Together, they make up the Federal Financial Institutions Examination Council (FFIEC).  The guidelines they set forth are designed to help financial institutions like PFCU make sure the individual attempting to access your accounts electronically is actually you. 

The First Line of Defense

If you aren’t used to strong online security, it can feel a bit like jumping through a series of virtual hoops.  Keep in mind, the “hoops” are meant to be easy for you to navigate, but difficult, if not impossible, for anyone who may have tried to steal your identity to breach.  

First, there is the authentication process.  One or more of the following are used to authenticate you:

            -Something you have (ATM/Debit Card)

            -Something you know (Password, PIN, or Personal Identification Number, site key)

            -Something you are (biometric device, etc.)

The more factors are included, the stronger the defense of your accounts.  That is why PFCU combines several factors to protect you.  We include a site key, for example, which is an image specific to you accompanied by a phrase you create, which let’s you know you are at our site.  If you log in and don’t see your site key, escape right away, try to enter through our website and, if you still don’t see it, contact us promptly. 

Layers

To maximize security, the “hoops” are utilized at different points in the transaction process so that someone who may be able to overcome one obstacle may be tripped up by another.  For example, after completing one transaction, it may be necessary to re-enter a PIN or answer a security question before the next transaction.  The layers of security can help us identify suspicious activity.  They can also limit exposure to losses should someone gain unauthorized access to one transaction.  Setting up the answers to security questions and selecting a site key might seem cumbersome, but the process is much easier than filing police reports and dispute forms. 

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