Posted May 25, 2016
Earlier this year, FDIC published a special edition of the agency's quarterly FDIC Consumer News (Winter 2016) entitled “A Bank Customer’s Guide to Cybersecurity.” Here is a brief overview:
Safety precautions to take before connecting to the Internet with a personal computer, laptop, smartphone or tablet: The lead article discusses ways to protect log-in information for bank accounts and other financial accounts, including the use of “strong” user IDs and passwords that will be hard for a hacker to guess, basic security measures such as security software updates, and the need to be careful where and how to connect to the Internet. Other articles focus on security measures when using a smartphone or tablet (including "auto lock" features and the ability to remotely remove data if a mobile device is lost or stolen), how to protect computers from malicious software (“malware”) that can steal valuable personal financial information, and ideas to help small businesses protect against losses from cyberattacks.
Tips on how to avoid identity theft online: One article advises on identifying and avoiding “phishing” and “pharming” scams that start with fake emails and websites and end with consumers providing Social Security numbers, bank account numbers and other valuable details. A second article offers assistance on preventing identity thieves from using social networking sites to learn enough information about individuals to figure out passwords, access financial accounts or commit identity theft. And a third provides guidance to help parents and caregivers protect young people from cyber-related identity theft and financial fraud, including the need to secure all electronics connected to the Web, even video games, because the equipment may link to information such as credit or debit card numbers.
What to know about the roles that banks and the government play in protecting customers: As explained in one article, federal law and regulations require financial institutions to have programs to ensure the security and confidentiality of customer information. The article also notes that banking regulators expect the institutions they supervise to have a framework for learning about emerging threats and provide guidance about the steps institutions can take to be prepared. Another article describes how federal consumer laws and financial industry practices protect cyber theft victims from losses under certain circumstances. And, our “Dear FDIC” feature answers questions about deposit insurance coverage and online banking.
Additional resources from the FDIC that can help educate consumers: The back of the guide features an eight-question quiz to test a consumer’s knowledge of key information in this issue and a checklist with reminders about 10 simple things bank customers can do to help protect themselves from online criminals.
This publication is available at: www.fdic.gov/consumernews
In addition to the Consumer News Special Addition, the FDIC also issued two new cybersecurity brochures:
“A Cybersecurity Guide for Financial Institution Customers” includes tips for bank customers on how to maintain their computer systems safely.
“A Cybersecurity Guide for Businesses” is more focused for a bank’s commercial customers operating in a networked environment.
Both brochures can be viewed at: www.fdic.gov/consumers/assistance/protection/IDtheft.html. Bank’s may download reprintable versions of the brochures here. Financial institutions are welcome to reprint for distribution to their customers and communities.