Customer Awareness & Education
In the virtual on-line world in which we live today, you can never be too careful in the protection of your personal information. This includes the confidential information necessary to access Security Bank and Trust Company’s Internet website. To help ensure the safety of your Internet Banking credentials, please be mindful of the following helpful hints concerning Internet Banking.
Online security begins with the authentication process, which is used to confirm that it is you, and not someone who has stolen your identity. Authentication generally involves one or more basic factors:
Single factor authentication uses one of these methods. Multi-factor authentication uses more than one, and thus is considered a stronger fraud deterrent. When you use your ATM, for example, you are utilizing multi-factor authentication; Factor number one is something you HAVE (your ATM card) and factor number two is something you KNOW (your PIN). To assure your continued security online, Security Bank and Trust Company uses both single and multi-factor authentication, as well as additional “layered security” measures when appropriate.
Layered security is characterized by the use of different controls at different points in a transaction process so that a weakness is one control is generally compensated for by the strength of a different control. An example of layered security might be that you follow one process to log in (user/password) and then give additional information to authorize funds transfers. Layered security can substantially strengthen the overall security of online transactions..protecting sensitive customer information, preventing identity theft and reducing account takeovers that can result in financial losses.
The purpose of these layers is to allow us to authenticate its customers and detect and respond to suspicious activity related to initial login and then to reconfirm this authentication when further transactions involve the transfer of funds to other parties.
The new supervisory guidance from the Federal Financial Institutions Examination Council (FFIEC) offers ways we can look for anomalies that could indicate fraud. The goal is to ensure that the level of authentication called for in a particular transaction is appropriate to the transaction’s level of risk. Accordingly, Security Bank and Trust Company has concluded a comprehensive risk-assessment of its current methods as recommended in this supervisory guidance. These risk assessments consider the following:
Whenever increased risk to your transaction’s security might warrant it, Security Bank and Trust Company will be able to conduct additional verification procedures, or layers of control, such as:
Security Bank and Trust Company follows specific rules known as Regulation E, issued by the Federal Reserve Board for electronic transfers. These rules cover all kinds of situations regarding transfers made electronically. Under the consumer protections provided under Reg E, you can recover internet banking losses according to how soon you detect and report them. Reg E requires the following:
Of course, understanding the risks and knowing how fraudsters might trick you is a critical step in protecting yourself online. You can make your computer safer by installing and regularly updating the following:
You can also learn more about online safety and security at these websites:
If you notice suspicious activity within your account or experience security-related events (such as a phishing email from someone purporting to be from Security Bank and Trust Company) you can contact any employee at the bank and report such issues.
In addition to the information provided, Commercial and Small Business account holders should institute additional measures in order to further protect their online banking, such as:
Business customers (non-consumer) are not protected under Regulation E.
Neither this Institution nor its service providers will contact you via telephone or email requesting personal information, access ID, or your passcode. If you are contacted by anyone requesting this information, please contact us immediately.
Back to Top