Guarding Your Money in the Digital Age: Tips for Financial Security

October 31, 2023 by Chevron Federal Credit Union

In an era where our lives are increasingly intertwined with the digital world, managing our finances online has become the new norm. Whether it's transferring funds, paying bills, or indulging in a little retail therapy from the comfort of our homes, the internet has revolutionized the way we handle our money. However, with these conveniences come vulnerabilities, making it more important than ever to safeguard our financial information and bank accounts. 

Update your security

Ensuring that your computer, smartphone and browser are up to date is the first line of defense against viruses and malware. Hackers often exploit vulnerabilities in outdated software to gain access to your personal information.

To revamp your security:

  • Update your operating system: Regularly check for operating system updates and install them promptly. These updates often include security patches that protect against new threats.
  • Install antivirus software: Use reputable antivirus software and keep it updated. It can detect and remove malware before it can harm your system.
  • Update your browser: Keep your web browser (e.g., Chrome, Firefox, Safari) and plugins up to date, which usually includes security improvements as well.

Verify financial apps

Before downloading any app that links to your financial information, take the following precautions:

  • Check app reviews and ratings: Visit your device's app store and read reviews from other users. Low ratings and negative reviews can be warning signs.
  • Verify developer information: Ensure that the app is from a reputable developer or institution. Fraudulent apps often mimic legitimate ones.

Shop trusted sites

When shopping online, it's crucial to verify the trustworthiness of the websites you visit.

  • Look for HTTPS: Ensure the website uses HTTPS, which encrypts data between your browser and the website, making it more difficult for hackers to intercept.
  • Check for secure payment options: Reputable websites offer secure payment options like credit cards, PayPal or trusted payment gateways.
  • Read online reviews: Search for reviews and testimonials from other customers to gauge the site's credibility.

Shop with a credit card online

Using a credit card for online shopping offers an additional layer of protection.

  • Limited liability: In the event of fraud, your liability with a credit card is typically limited to a small amount, while debit cards may have more extensive liability.
  • No direct access to bank accounts: Credit cards are not directly linked to your bank accounts, making it harder for fraudsters to access your funds.

Set up alerts

Financial institutions offer alert features that can help you monitor your accounts and detect suspicious activity. Set up alerts for transactions over a certain amount, low balances or login attempts. You'll receive notifications if any unusual activity occurs.

Timely alerts can help you respond quickly to potential threats, such as unauthorized transactions, ensuring that you can take action to protect your accounts.

When you speak with your bank, be prepared to provide specific details about the alert, such as the transaction amount, date and any reference numbers if available. This information will help the bank investigate the issue efficiently. Depending on the severity of the situation, your bank may advise you to temporarily freeze or lock your account to prevent further unauthorized transactions. This precautionary measure ensures that no additional damage occurs while the issue is being resolved.

Chevron Federal Credit Union’s commitment to keeping your accounts secure 

At Chevron Federal Credit Union, we understand the importance of online safety. We take comprehensive measures to ensure that your accounts and personal information are secure while you bank, shop and browse online.

How Chevron Federal Credit Union protects your information:

  • Multi-layered security: Our online and mobile banking platform uses a multi-layered security structure to protect our applications and networks to keep your information safe from hackers and identity thieves.
  • Encryption: With our encryption tools, we ensure your online and mobile transactions are secured and prevent your data from being accessed by unauthorized parties.
  • Fraud monitoring: We have a dedicated, in-house team that exclusively focuses on protecting and safeguarding your accounts, transactions and data.
  • Ongoing education: We continue to inform our members of updated ways to be proactive about protecting your information as well as training our employees to stay ahead of the game.

If you have questions or need assistance with your online security, don't hesitate to reach out to us. You can also visit Security Central to learn more about how we keep your financial information safe.


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