As a bank one of our primary responsibilities is to ensure the accounts of our customers remain safe and secure. On the surface, you may think this means having things like locked vaults, alarms and other forms of physical security to keep the office safe. But with today’s technology and the reliance that we all place on the Internet, it’s even easier for the “bad guys” to get at your hard-earned money digitally… unless you take steps to help protect your information.
Recently there was an article authored by Raj Patel of Plante Moran’s Southfield office that appeared on Crain’s Detroit Business that caught our eye. It’s entitled “How do you steal $45 million without robbing a bank?”
In the article, Raj presents seven key steps to keep yourself safe online. These are below, but we’ve added some “extra information” and how Lotus Bank can help you along the way.
- Employ strong passwords with multifactor authentication. Lotus Bank’s Online Banking system has the ability to accept complex passwords and our system uses a personal image verification process as part of our multifactor authentication process to help keep you safe.
- Don’t fall prey to a phishing attack. When you get an e-mail purporting to be from a legitimate source with the intent of stealing your information, that’s called “phishing.” So, to keep yourself safe, never click on links to get to your online banking system (just visit our site and log in). Raj also mentions several other great tips in his article.
- Protect your mobile devices. With smart phones these days, there’s a good chance you’ve got contact information, phone numbers, addresses and maybe even some passwords on your phone. Make sure that you password protect your device, or even have a way to “remotely wipe” the data if it gets lost or stolen.
- Set transaction limits and types. For business customers using Cash Management, it may be a good idea to restrict transaction amounts. This helps to ensure that if someone did gain access to your account, they wouldn’t be able to transfer all the money.
- Separate accounts for wire transfer. If you perform wire transfers, it may be a good idea to have an account that you use only for this purpose. That way when you’re not in need of a wire, the balance is at the minimum amount to keep the account open (and avoid fees) so that your exposure is minimized. This can be set up if you’re a Cash Management customer and performing these through our online system.
- Limit ATM withdrawals. If you’ve got a Lotus Bank ATM or Debit Card we can limit the amount of cash you can take out of your card. Just ask us next time you’re in or give us a call and we’ll be happy to help!
- Monitor your cash balances daily. Lotus Bank’s Online Banking service is a great way to keep connected with your account activity. If you notice anything unusual, let us know immediately. By the time your statement arrives at the end of the month, the damage may be done. If you’re not using Online Banking yet, simply contact us at (248) 735-1000 and we’ll get you started.
Hopefully these help you better understand what Lotus Bank is doing to help keep you safe and secure online. We encourage you to read the full article at Crain’s Detroit Business for even more information. Then, come back and let us know what you think.