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Your Security in Online Banking 

Consumer electronic transactions are protected under Regulation E. In brief, “Reg E” sets rules, liabilities and procedures for electronic transactions and establishes consumer protections. A summary of your protections, rights, and liabilities under “Reg E” can be found in the brochure titled YOUR DEPOSIT ACCOUNT that we gave to you when you opened your account. If you would like another copy, please Contact Us or stop in at either of our branch offices, and we will provide you with another brochure.

Business electronic transactions are protected under the Uniform Commercial Code as well as by state laws. A summary of these protections, rights, and liabilities can be found in the brochure titled UNDERSTANDING YOUR BUSINESS ACCOUNTS which you received when opening your account. Contact Us to request another copy of this brochure.

Salem Co-operative Bank is committed to preserving and protecting your information and will NEVER telephone you, send you an email, or otherwise ask you for your Online Banking credentials on an unsolicited basis.

To minimize risks resulting from Identity Theft or Identity Fraud, we recommend the following precautions for our customers who use Online Banking:

  • Review your accounts daily and Contact Us immediately of any suspicious transactions
  • Make sure your Anti-Virus/Anti-Malware software is current
  • Use firewalls on your computer to protect from outside intrusion or hackers
  • Create strong sign-on ID and passwords, that is, use a combination of numbers and upper and lower case letters and special symbols
  • Memorize your passwords and DO NOT share them with anyone
  • Use a different sign-on ID and password for your financial websites
  • Never open emails from unknown sources
  • Never click on links if you do not know the source

In addition to the above, Business Online Banking customers can minimize their risks by:

  • Using stand-alone computers for your Business Online Banking
  • Scanning your network periodically to identify harmful programs
  • Knowing what your employees are doing with their workstations and limit access to sites with high potential for fraud such as social networking, shopping, online gaming, etc.
  • Educating employees periodically on the threats to your business and proper e-mail handling
  • Performing a related risk assessment and controls evaluation periodically

Please Contact Us if you notice suspicious account activity or experience customer information security related events. 


 

Mobile Banking Security

Here are some tips that will help you protect your personal privacy and financial security when using your mobile devices.

  • Log out completely when you finish a mobile banking session.
  • Protect your mobile devices from viruses and malicious software, or malware by installing the latest mobile security software.
  • Protect access to your mobile devices, in the event they are lost or stolen, by creating and using strong, unique personal identification numbers (PIN)
  • Use your device’s auto-lock feature.  Do not have the application store your user ID and password or use the ‘remember me’ feature.
  • Download the updates for your phone and mobile apps.
  • Use caution when downloading apps. Apps can contain malicious software, worms, and viruses. Beware of apps that ask for unnecessary “permissions.”
  • Avoid storing sensitive information like passwords or a social security number on your mobile device.
  • Never disclose sensitive information such as your password or account numbers.  We will never ask you for your password.
  • Monitor your transactions regularly so that you can spot and report fraud right away.
  • Be aware of shoulder surfers. The most basic form of information theft is observation. Be aware of your surroundings especially when you’re punching in sensitive information.
  • Beware of mobile phishing. Avoid opening links and attachments in emails and texts, especially from senders you don’t know. Be wary of ads (not from your security provider) claiming that your device is infected.
  • Watch out for public Wi-Fi. Public connections aren’t very secure, so don’t perform banking transactions on a public network. If you need to access your account, try disabling the Wi-Fi and switching to your mobile network.
  • Wipe your mobile device before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen.
  • Contact Us immediately if you suspect any fraud.
  • Contact Us immediately if you change your phone number or lose your mobile device. If you lose your device, go to online banking through a PC and change your passwords immediately. Also contact your cell phone carrier immediately.

 

A Shared Responsibility

Protecting customer privacy, along with our customer’s financial assets, is at the core of our business.

The Bank will NEVER contact you by phone, e-mail or website to request your social security number, account number, passwords or PINs.  However, if you call us, we may ask for information to confirm your identity.  We encourage you to take steps to protect your confidential information as well, such as:

  • Protect Your Personal Information:  Never disclose your account information, password, social security number or other financial data by phone or email unless you initiated the dialog and know the organization you are dealing with.  Store personal information in a safe place at home and at work.  Create complex passwords that identity thieves cannot guess easily.
  • Monitor your accounts: Use online and mobile banking to keep an eye on your transactions.   Review bank statements and credit card statements monthly for accuracy, and once a year review a copy of your credit report. Notify the bank immediately if there is any fraudulent activity.
  • Report Lost/Stolen Cards:If you lose your bank or credit cards, immediately notify the bank, the credit card companies, the credit bureau and the police, if appropriate.
  • Secure your internet connection. When shopping and banking online, make sure you do so from a secure password protected Wi-Fi network. Make sure that the web address begins with https://. Also, check to see if a tiny locked padlock symbol appears on the page. This means the website is secure.   Never access online or mobile banking from a public Wi-Fi network.
  • Proper Disposal: Shred financial statements, old bank cards, receipts, all documents containing your personal information, etc. before discarding.

Please Contact Us if you notice suspicious account activity or experience customer information security-related events.

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