Cybersecurity Awareness Month is observed each October to help people protect their digital data and personal information from cybercriminals. With hacking and scam attempts on the rise, financial accounts can become vulnerable if they aren’t safeguarded properly.

Fortunately, there are actions you can take to defend your digital financial information from would-be cyberthieves. See six best practices below that will help keep your accounts and online finances out of harm’s way.

1. Use strong, unique passwords.

Each account should have a different password that is:

• Lengthy (aim for 12 characters or more).
• Complex (a varied combination of letters, numbers, and symbols).
• Changed routinely (at least every six months).

Consider using a password manager tool to simplify managing multiple complex and unique passwords for each account. Doing so helps keep track of all your passwords and only requires you to remember one master password. There are many good options out there, both free and by subscription. If you choose to pay, look for ones that offer a free trial and allow you to test it out before purchase.

For more ideas to create strong passwords, check out our blog post.

2. Enable multi-factor authentication (MFA).

This uses two or more factors when you sign into an account, which is usually a password or PIN, along with one or both of the following:

• A phone, key fob, smartcard, etc.
• Your eye or fingerprint scan, or facial recognition.

Overall, accounts using MFA offer an additional layer of protection. For more information on MFA, check out our other blog post.

3. Watch for phishing emails, suspicious texts, and robocalls.

Scammers sometimes send messages via email and text that appear to be from your financial institution. They ask you to click a link or download an attachment for account verification. Others may also spoof a phone number and call you, making it look like they’re calling from a legitimate company, like your financial institution, utility company, or even local law enforcement. They claim they need your account or financial information to quickly fix a problem. Remember to pause before you react. In written messages, pay close attention to generic greetings, urgent language, suspicious email addresses, and even the slightest spelling or grammar errors. In phone calls, note that legitimate companies will not unexpectedly call you to fix an account or computer issue, and MSGCU, or any other financial institution, would never call you to ask for your password or security codes. When in doubt, hang up and call the organization directly, using the phone number from their legitimate website. Once verified, you can either safely respond, or block and report the fraudulent message.

Keep up to date on security practices by visiting MSGCU’s Security Center, or read our blog post on phishing scams.

4. Monitor your accounts regularly.

Look for unauthorized logins, purchases, or changes. If you receive unexpected alerts for activity you don’t recognize, this may be a sign that your accounts or credit card(s) have been compromised.

You can view your credit score anytime within MSGCU’s online banking or mobile app. You can also request weekly credit reports from each of the three credit reporting agencies at AnnualCreditReport.com for free.

5. Update security settings.

It’s a good habit to routinely update your phone and computer and invest in strong anti-spyware. Learn more about online protection. Most computers also allow you to activate a security setting to encrypt your data, but be sure to first back it up to a secure external hard drive or a properly vetted cloud service. (Read more at cisa.gov.)

6. Avoid unsecured networks and use a VPN to hide your IP address.

If you must access public Wi-Fi, try using a VPN (virtual private network), which can help prevent others from tracking and hacking into your device.

What to do if you’ve been targeted

If you suspect you’ve fallen victim to a cyberattack, act fast to help mitigate the damage.

1. Try to regain control of your accounts using password recovery tools. It’s also a good idea to contact the compromised platform’s support team.
2. Change your passwords, starting with your email and then moving on to any other accounts that use the same or similar login.
3. Enable MFA whenever possible and notify your financial institution and credit card company as you may need to freeze or close accounts.
4. Scan your device for malware, using a trusted antivirus tool to check for keyloggers or other malicious software.
5. Finally, file a report at IdentityTheft.gov or IC3.gov.

Protecting yourself from cyberattacks is manageable if you stay informed and take precautions. You can find even more information on cybercrime prevention by checking out more of our blog posts here: click the dropdown to filter the category to “Security.” You can also visit our Security Center, which offers recent scam alerts and more useful tips on staying cybersafe.

Remember, MSGCU is here to help if you ever get targeted by cybercriminals. For immediate assistance, contact us by phone, online chat, video banking, or visit any of our 24 branches.

Category: Security