Internet Banking Customers Be on the Lookout for New Safety Procedures

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DIC Consumer News – Fall 2006 – Internet Banking Safety Procedures


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Fraud Alert

New Safety Procedures for Internet Banking


Here is both a reminder to Internet banking customers be on the lookout for new safety procedures required by the federal government, and a warning that fraud artists may try to take advantage of the situation to trick consumers into divulging valuable personal information.


As previously reported in FDIC Consumer News, starting January 1, 2007, new federal guidelines will require banks to protect high-risk Internet services by using more than just passwords to identify real customers from hackers. Banks will have a variety of options, some of which will operate behind the scenes, but others will be noticeable to customers, such as using "tokens" that generate a unique access number for each Internet transaction or requiring answers to detailed questions before giving access to an account.


"Whatever system your bank chooses, it will most likely contact you by letter or e-mail to advise you of the enhanced security procedures and what you may need to do," said Jeff Kopchik, a Senior Policy Analyst for technology issues at the FDIC.


In that regard, the FDIC and other banking regulators are concerned that thieves posing as bankers will e-mail or call consumers asking them to "enroll" in the new security program by providing personal information (such as a password) or clicking on a link in an e-mail that appears to be legitimate but actually gives the crooks the ability to spy on a personal computer. "Don't be fooled by these e-mails or phone calls," Kopchik said. "Your bank will never contact you to ask for your password because it already knows that information. You also should always go to your bank's Web site by typing in the correct Internet address yourself, not by following a link in an unsolicited e-mail, which may be fraudulent."


Fall 2006 | Fraudulent E-Mails Claim to Be From the FDIC | Beware of Phone-Based "Vishing" Scams |
New Safety Procedures for Internet Banking


FDIC Consumer News is published by the Federal Deposit Insurance Corporation


FDIC Consumer News is produced quarterly by the FDIC Office of Public Affairs in cooperation with other Divisions and Offices. It is intended to present information in a nontechnical way and is not intended to be a legal interpretation of FDIC or other government regulations and policies. Mention of a product, service or company does not constitute an endorsement.


Find current and past issues of FDIC Consumer News at http://www.fdic.gov/consumernews. Refer to this same index to locate the issues that are specially formatted for being reprinted in any quantity.


To receive an e-mail notice about each new issue of FDIC Consumer News posted on the FDIC Web site, with links to stories, follow instructions posted at www.fdic.gov/about/subscriptions/index.html.


Last updated on 11/08/2006

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