Online Banking, Data Security and You

Safe Online Banking - Partnering for Online Security

Online banking has grown rapidly into a major new way to bank.  Some surveys show that more people prefer to bank online than in the traditional ways.  This phenomenal growth has been accompanied by increases in the safety and security measures undertaken by banks and their customers.  But cyber-criminals are always looking for new ways to electronically break into the bank and steal your money.

Safe online banking depends on continuing and strengthening this partnership for safe online banking:

BANKS INVEST SUBSTANTIALLY IN SECURITY

Lawmakers, regulators and the banking industry have forged substantive standards for safeguarding customers' personal information.

Uniform examination procedures are in place to monitor and enforce these standards, and bank examiners regularly go on-site to assess how bank security measures are being implemented, understanding that each bank has a different menu of products and services, and therefore differing security requirements.  Some of the areas they look at include:

• Access controls ensuring customer information can be accessed only by authorized persons, including use of multi-factor authentication when warranted.
• Physical restrictions at computer facilities that permit access to authorized persons only.
• Data encryption of electronically transmitted and stored customer information.
• Modification procedures to ensure that changes are consistent with the approved security program.
• Dual control procedures, segregation of duties, and employee background checks.
• Monitoring procedures to detect actual and attempted intrusions into customer information.
• Response programs specifying actions to be taken by specific individuals when the institution suspects unauthorized access.
• Environmental hazard protections against physical damage or technology failures.

BANKS PARTNER WITH YOU, THE CUSTOMER

Austin Bank has security measures to protect your account information, but they can't be effective without your help and cooperation.  Many account hijacking attempts come as a result of hacking into individual user accounts, and from there electronically breaking into the bank using your information and security codes.

Some common sense and easily implemented precautions can help you safeguard your personal information:

• Strong Passwords - Experts advise a combination of letters and numbers, and advise against using easily guessed passwords such as birthdays or home addresses.
• Anti-Virus Protection - Make sure the anti-virus software on your computer is current and scans your email as it is received.
• Email Safety - Email is generally not encrypted so be wary of sending any sensitive information such as account numbers or other personal information in this way.
• Sign Off and Log Out - Always log off by following the Bank's secured area exit procedures.
• Don't Get Phished - Crooks are always trying to get your personal information and they employ some ingenious methods.  Don't respond to any unusual email requests for personal information - when you opened your bank accounts you already gave it.  When in doubt, call the Customer Care Center at 1-800-644-9275 or email customercare@austinbank.com.
• Monitor Your Accounts - When you check your accounts regularly you can let us know immediately if you encounter anything that does not seem right.

Helpful Hint:  Studies show that those who monitor their accounts online often detect fraud earlier than those who rely solely on paper statements.

FREE CREDIT REPORTS YOUR BEST TOOL

When it comes to guarding against cyber-fraud, one of the most important tools at your disposal is your credit report.  It details all of your credit transaction accounts and will be the first place that unusual charges or entirely new accounts will appear.  And, you can monitor your report for FREE.

Since Federal law permits consumers to obtain a free report annually from each of the three major credit reporting agencies, cyber-security experts advise that you get a free report from a different agency every four months.  Doing so will allow you to monitor your personal online security all year long.

TO ORDER YOUR FREE CREDIT REPORT,

GO TO THE ONLY AUTHORIZED SOURCE:

www.annualcreditreport.com

1-877-322-8228

RESOURCES

Internet Crime Complaint Center:  www.ic3.gov
Consumer Fraud (Department of Justice homepage):  www.usdoj.com
Federal Trade Commission (FTC) Consumer Response Center:  www.ftc.gov
Consumer Guides and Protection:  www.usa.gov
Financial Fraud Enforcement Task Force:  www.stopfraud.gov
On Guard Online:  www.onguardonline.gov

Content provided by the Financial Education Corporation.

A Banking Relationship test for your Small Business

ABA Offers Tips for Small Business Owners: Assessing Your Banking Relationship

Seven key questions small business owners should ask themselves about their bank.

 

​Now that the 2012 tax season is in the rear-view mirror, it’s a good time for small business owners to reassess their company’s financial health and their relationship with their bank. The American Bankers Association offers the following tips to help small business owners enhance their current banking relationship or choose the best bank for their needs.

 

Many small business owners have been wondering what it takes these days to get a bank loan. One way to influence your bank’s decision is to establish a personal relationship with your banker that shows him or her just how valuable your business is.

Banks value long-term, profitable business banking relationships. Bankers reward these firms by extending credit with the most favorable interest rates. These businesses and their bankers understand that developing a meaningful relationship is a two-way process—your banker has a role to play and so do you.

So how do you know if you have a meaningful and valued relationship with your bank? To find out, take the following “relationship test.” Respond to the seven statements below with “true” or “false.”

 

1. My firm has a bank relationship manager assigned to our account and we have contact (by phone or in person) at least once per quarter to update the bank on recent developments at our firm and within our industry.
2. Our bank relationship manager understands our industry, our position in the industry, our firm’s value proposition, where we are today and where we’d like to be in the future.
3. We provide our banker with updated financial information (historical and projected balance sheet, income statement, cash flow information to include projection assumptions and commentary on actual performance) regarding our progress toward achieving our goals on a timely basis.
4. Our senior management team meets annually with our relationship manager and his/her boss to discuss our firm’s financial performance and challenges and to understand the bank’s perception of our performance.
5. Our relationship manager proactively brings us ideas to help us achieve our goals.
6. We understand how the current economic crisis has affected our bank and our relationship with the bank (i.e., the availability of credit to our firm and the safety of our deposits).
7. Our firm makes sure that our banker is aware of all of our business with the bank (e.g., both business and personal) and that it makes money on our total banking relationship. In addition, our firm provides our banker with referrals to other profitable businesses.

 

If you were able to respond “true” to all seven of these statements, you have positioned your firm well with your banker.

 

If you answered “true” to five or six, you still have room for improvement in developing a meaningful dialogue with your banker and benefiting from his or her advice and counsel.

 

If you answered “true” to four or fewer, you have not positioned your firm well with your banker and are putting your firm at a competitive disadvantage in terms of:

• receiving the funds you need to grow and prosper;
• obtaining the best rates available for the financial products and services your business needs to operate; and
• receiving “ideas and advice” to help you achieve your desired business goals.

Your firm should seek a bank that rewards a relationship approach to doing business with them, and a banker who is able to give your firm the financial advice that it needs to survive and thrive in today’s ever changing economy. In return, your firm should reward this bank with your business and loyalty.

 

The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $14 trillion banking industry and its two million employees. Learn more at aba.com.

 

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To learn more about the banking services offered by Austin Bank for your small business, stop by your local office and speak to a banking officer or click the link below.  We offer a full range of products designed to help you start and grow your business, whatever it may be.

 

 

Community Bankers in East Texas serving the banking needs of businesses of all types -
from ag to oil and everything in between.