August 19, 2020
Are you using a personal finance app to help manage your money? If you are, you aren’t alone.
Consumers across the country are increasingly turning to apps like Dave.com, RobinHood.com, CashApp, and countless others to monitor their spending. While these apps may provide a platform for viewing and working with multiple accounts, they also increase the risk of having financial information breached. In fact, a recent breach at Waydev affected 7.5M consumers.
If you are leveraging any of these tools, there are some important steps you can take to protect your personal information.
- Examine the terms of service for apps you are using.
- Review the app’s data retention policies and determine whether the app resells your information.
- Find out what security features the app offers to ensure your personal information remains safe.
- Look for things like two-factor authentication.
- Always confirm the validity of the app.
- Don't provide your account numbers or any personal or financial information on the phone or online unless you initiate the conversation and you know the organization.
- Change your passwords and security settings often and use a highly secure password for your financial accounts.
- Secure passwords often contain letters, numbers, and special characters.
- Avoid using the same username and password on multiple sites.
- Guard your pins and passwords. Don’t store them on your phone or write them down in a location where others might be able to access them.
- Change your credit union and other account passwords if you want to remove an app’s access to your accounts.
- Contact us right away if you feel your information has been compromised!
Always use extreme care when using third party apps. The more services you sign up for and the more devices you use provides criminals additional opportunities to steal your information for their personal gain.
Online Safety Guide
University Credit Union is committed to the security and confidentiality of your personal and financial information. With the increased speed and convenience of today's technology comes increased risk for fraud. You are your own best defense and the best way to begin safeguarding your financial information is to become informed about safe online practices. Here are some important tips to keep in mind while conducting business online:
- Set strong passwords. A strong password is at least 8 to 10 characters in length and is a combination of upper and lower case letters, numbers, and special characters. Do not use names, birth dates, telephone numbers, Social Security numbers, or anything that could be easily guessed. Avoid passwords that spell a word, name, or recognizable sequence. Change your password frequently. Never write it down or share it with anyone.
- Never reveal personal information via electronic methods. Do not use e-mail or text message to send information such as account numbers or your Social Security number. Beware of e-mails asking for personal Information. Legitimate companies will never e-mail to ask for your Social Security number, PIN, or password.
- Remember e-mails and links are not always what they seem. Do not open e-mails from an unknown source and avoid clicking on links embedded in e-mails, especially if you are prompted to login. These links could direct you to a fraudulent website. Instead, type in the web address in your browser before logging in. Beware of e-mail attachments from sources you are unsure of as these files can allow viruses or malware access to your computer.
- Make sure the website is legitimate and secure. If you navigate to an URL (web address) that you did not type in, take the time to verify that the URL you are viewing matches what you would expect. Fraudulent websites deliberately use URLs that are similar to the website they are imitating. Make sure a website is secure before submitting personal information online. A secure URL begins with https://.
- Monitor your account activity. Review your account history often and thoroughly review your monthly statements. Investigate any suspicious items and notify us immediately of unauthorized activity.
- Keep your protection software up-to-date. Install anti-virus, anti-spyware, and anti-malware programs on your computer. Keep these programs on and update them frequently. It is also helpful to confirm that your operating system (i.e. Windows) and browser (i.e. Internet Explorer, Firefox, etc.) have the latest security updates.
- Avoid using public computers for financial activity. Do not use public access computers to view your online banking account. Computers accessible to the public may be infected with malicious software or viruses.
- Remember to log off. When you are finished with a site, log off instead of just closing the page or your browser. Do not leave your computer unattended while you are logged in to a site.
Did you know that UCU...
- Ensures strong security measures for on-line banking through Personal Finance Manager and Mobile Finance Manager. You can deter fraud with your challenge questions, username, and password. Your security image and phrase confirms you're on the real UCU website.
- Offers eAlerts on Personal Finance Manager that can notify you via text or e-mail regarding events that take place on your account?
- Has a fraud monitoring system in place to detect unusual transactional behavior? If we notice something unusual, we will contact you to confirm a transaction. Please notify us if you are traveling to aid us in properly identifying unusual activity.
- Will never call, e-mail or otherwise contact you to ask for login credentials? We will, however, ask "out of wallet" security questions during a phone call to verify your identity.
Contact UCU at 800.696.8628 with any questions or concerns about safe online financial practices. Notify UCU immediately if your account information has been compromised or if your debit card is missing or stolen.