Farmers & Merchants State Bank
Updated 1:56 PM CDT, Wed October 9, 2024
Published Under: Cybersecurity
October is Cybersecurity Awareness Month, a crucial time to reflect on the importance of safeguarding your financial information. Let's take a look at the current threat landscape as well as tips for keeping yourself safe in person and online.
Understanding the Threat Landscape
Cyber threats are constantly evolving, and financial institutions are prime targets. From phishing scams to ransomware attacks, the methods used by cybercriminals are becoming increasingly sophisticated. Here are some of the most common scams and frauds to watch out for in 2024:
Phishing Scams
Phishing scams involve cybercriminals sending emails or messages that appear to be from legitimate sources, such as banks or trusted companies, to trick individuals into providing personal information. These messages often contain links to fake websites designed to steal login credentials or financial information. Be wary of unsolicited emails and always verify the sender before clicking on links or providing any information.
Ransomware Attacks
Ransomware is a type of malicious software that encrypts a victim’s files, making them inaccessible until a ransom is paid. These attacks can be devastating for both individuals and businesses. To protect yourself, ensure that your software is up to date, back up your data regularly, and avoid clicking on suspicious links or downloading unknown attachments.
Identity Theft
Identity theft occurs when someone steals your personal information, such as your Social Security number or bank account details, to commit fraud. This can lead to unauthorized transactions and damage to your credit score. Protect your personal information by using strong passwords, enabling two-factor authentication, and monitoring your accounts regularly for any suspicious activity.
AI Deep Fakes
AI deep fakes involve the use of artificial intelligence to create realistic but fake videos or audio recordings. These can be used to impersonate individuals and commit fraud. For example, a deep fake video of a company executive could be used to authorize fraudulent transactions. Stay vigilant and verify the authenticity of any unusual requests or communications.
Fake Charity Schemes
Scammers often exploit people’s generosity by creating fake charity schemes, especially during times of crisis or disaster. These schemes can be difficult to identify as they often mimic legitimate charities. Before donating, research the charity thoroughly and ensure it is registered with the appropriate authorities.
Tech Support Scams
In tech support scams, fraudsters pose as technical support representatives from well-known companies and claim that your computer is infected with malware. They then offer to fix the issue for a fee or gain remote access to your computer to steal personal information. Never provide remote access to your computer to unsolicited callers and always verify the legitimacy of tech support services.
Empowering You with Knowledge
We believe that informed customers are the first line of defense against cyber threats. Here are some tips to help you stay safe online:
- Be Wary of Phishing Scams: Phishing scams often come in the form of emails or messages that appear to be from legitimate sources. Always verify the sender before clicking on links or providing personal information. Look for signs of phishing, such as misspelled words, generic greetings, a sense of urgency, and suspicious URLs.
- Use Strong Passwords: Create complex passwords that include a mix of letters, numbers, and special characters. Avoid using easily guessable information like birthdays or common words. Consider using a password manager to keep track of your passwords securely. Some complex passwords you can create include using a lyric from a song or poem, a meaningful quote, or address to someplace familiar.
- Enable Two-Factor Authentication: Add an extra layer of security to your accounts by enabling two-factor authentication. This requires a second form of verification, such as a code sent to your phone, in addition to your password.
- Monitor Your Accounts: Regularly check your bank statements and account activity for any unauthorized transactions. Set up account alerts to receive notifications about unusual activity.
- Keep Your Software Updated: Ensure that your operating system, antivirus software, and apps are up to date. Updates often include security patches that protect against new threats.
- Secure Your Wi-Fi Network: Use a strong password for your home Wi-Fi network and avoid using public Wi-Fi for sensitive transactions. Consider using a virtual private network (VPN) for an added layer of security.
Mobile Banking Security
With the convenience of mobile banking comes the need for heightened security measures. Here’s how you can ensure your mobile banking experience remains secure:
- Download Apps from Trusted Sources: Only download the F&M mobile banking app from official app stores to avoid malicious software.
- Keep Your Device Updated: Regularly update your mobile device’s operating system and apps to protect against security vulnerabilities.
- Use Secure Connections: Avoid using public Wi-Fi for mobile banking. Instead, use a secure, private connection or your mobile data.
- Enable Biometric Authentication: Use fingerprint or facial recognition features for an added layer of security when accessing your mobile banking app.
- Log Out After Use: Always log out of your mobile banking app when you’re finished to prevent unauthorized access.
TIP: Be sure to lock all your devices, such as phones, tables and laptops, before walking away from them, as some are set to lock after only a certain amount of time passes.
Our Commitment to Your Security
At Farmers & Merchants State Bank, we’re dedicated to keeping your financial and personal information safe. We use industry-standard security to protect your information, but you need to take steps to protect yourself as well. Below, we invite you to browse some cybersecurity resources that can help you be proactive in protecting your information yourself.
F&M’s Cybersecurity Tools
To further protect your financial information, F&M offers several tools and services:
- Online Banking Alerts: Set up alerts to receive notifications about account activity, helping you detect any suspicious transactions quickly.
- Secure Mobile Banking: Our mobile banking app uses advanced security features to ensure your data is protected on the go.
- E-Statements: Opt for e-statements to reduce the risk of mail fraud and keep your financial information secure.
Join Us in Celebrating Cybersecurity Awareness Month
This October, take the time to review your cybersecurity practices and make any necessary updates. Visit our website or contact us to learn more about online safety and to find resources.
Stay safe and secure with Farmers and Merchants State Bank.
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