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Online Banking / Transactions |
The Internet offers the potential for safe, convenient new ways to shop for financial services and conduct credit union business. However, members need to make good online choices—decisions that may help avoid costly surprises or scams. If you are thinking about, or are already, using the Internet to conduct on-line financial transactions we offer these tips.
Confirm Legitimacy and Share Deposit Insurance
When performing transactions on the credit union's Web site, it's wise to make sure that it is legitimate and that your deposits are federally insured. To check a credit union's insurance status, look for the NCUA logo or the words "Insured by NCUA" on the Web site. This can also be verified by checking NCUA's on-line database of credit unions.
Beware of Fraudulent Websites
Watch out for copycat websites that deliberately use a name or web address very similar to, but not the same as, that of a real credit union. The intent is to lure you into clicking onto their Web site and give your personal information, such as account numbers, passwords, and even social security numbers. Always check to see if you have typed the correct Web site address before conducting any business. Beware of clicking on any links contained in an email message that appears to be sent from your credit union.
Before you order a product or service online, make sure you are comfortable with the reputation of the company making the offer. Only then should you give out your credit card or debit card number. Never give the number unless YOU initiated the transaction.
Protect Your Privacy
Some consumers may want to know how their personal information is used by their credit union and whether it is shared with credit union affiliates or other parties.
Credit unions are required to give members a copy of their privacy notice, regardless of whether you are conducting business on-line or off-line. This notice outlines the credit union's information sharing practices. Credit unions may want to share information about you to help market products to your specific needs and interests. If you do not wish to participate in information sharing, you have the right to prevent your credit union from sharing your private personal information with non-affiliated parties, except in certain limited circumstances. As of July 2001, your credit union should provide a clear method for you to "opt out" of this type of information sharing.
Some organizations track your Web browsing habits while at their site, to understand your interests and then to market particular services or promotions. You may want to ask whether your credit union tracks your browsing habits if these practices concern you. Some credit union Web sites post an Internet privacy statement on their Web site describing such practices. By reviewing these practices, you can learn what information the credit union collects, and what information, if any, it shares with other organizations.
Keep Transactions Secure
It is important to learn how to safeguard your credit union account information, credit card numbers, Social Security Number and other personal data when conducting online transactions.
Learn about your credit union's security practices, or contact your credit union directly, and take advantage of these security features. Some examples are:
Encryption is the process of scrambling private information to prevent unauthorized access. To show that your transmission is encrypted, some browsers display a small icon, usually in the lower right hand corner of your screen, that looks like a "lock" or a "key" whenever you conduct secure transactions on-line.
Frequently e-mail is unsecured, even if you access it from a secured web page. Avoid sending sensitive information, such as account numbers, through e-mail unless added security measures are in place.
Passwords and/or personal identification numbers (PINs) should be used when accessing an account on-line. Your password should be unique to you and you should change it regularly. Do not use birth dates, Social Security Number, or other numbers or words that may be easy for others to guess. Be careful who you give your password to. For example, if you use a financial service that requires you to provide your password in order to gather and display your financial data in a consolidated format from various online sources, make sure you learn about the company's privacy and security practices.
General security over your personal computer such as virus protection and logical access controls (i.e., passwords) should be used and updated regularly. Contact your hardware and software suppliers or Internet service provider to ensure you have the latest browser version. Also, consider the use of a personal firewall to minimize unauthorized access from the Internet.
If you have a security concern about your on-line accounts, contact your credit union to discuss your concerns.
Resources
- Verified by VISA - Additional protection for your Internet VISA transactions.
Website - Safe Shopping Tips - Help for consumers in protecting themselves when they shop online.
Website - GetNetWise - A quick education on online safety for all ages.
Website - Consumer Education on Computer Safety - Computer security tips from an alliance of government & business organizations.
Website - Top Ten Dot Cons - Internet scam awareness information from the Federal Trade Commission.
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