Customer Awareness & Education
FOR INTERNET BANKING
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:
- changes in the internal and external threat environment
- changes in the customer base adopting electronic banking
- changes in the customer functionality offered through electronic banking; and
- actual incidents of security breaches, identity theft, or fraud experienced by Security Bank and Trust Company
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:
- Utilizing call back (voice) verification, e-mail approved
- Analyzing banking transactions to identify suspicious patterns
- Establishing dollar limits that require manual intervention to exceed a preset limit
Your protections under “REG E”
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:
- If you report the losses within two days of receiving your statement, you can be liable for the first $50.
- After two days, the amount increases to $500
- After 60 days, you could be legally liable for the full amount.
- These protections can be modified by state law or by policies at Security Bank and Trust Company. Be sure you ask how these protections apply to your particular situation.
Customer Vigilance: The First Line of Defense
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:
- Anti-Virus software
- Anti-malware programs
- Firewalls on your computer
- Operating system patches and updates
You can also learn more about online safety and security at these websites:
If you have Suspicions
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.
Commercial Banking Internet Security
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:
- Perform your own annual internal risk assessment and evaluation of all online accounts
- Establish internal policies regarding employee internet usage
- Ensure all company computers are equipped with updated antiviral protection software
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.