This was the way my day started just a few months ago. Because of my travels, this wasn’t the first time this had happened, and usually it’s just an old email address or something not very alarming.
Since I had received a notification that a large U.S. insurance provider had been hacked just a couple of days earlier, I decided to move up my regular check on my bank information. It was very lucky because there was an issue. The hackers had managed to get into my contact information–the phone number and email where my bank sent multi-factor authentication (MFA) codes had been changed just a few hours earlier. That meant when the bank tried to check if recent activity was really me, the hackers could intercept those security checks as well. Fortunately, the issue was resolved, and no major damage was done.
My first move was to call my bank’s 24/7 fraud department. After confirming my identity through a series of security questions, the representative froze my online banking access to prevent further damage until I could update my personal information and add extra security to my account.
Next came a visit to the police department to create an official record, calls to all major U.S. credit reporting agencies to block anyone trying to get loans or credit cards and calls to all my credit card companies so they could monitor charges and add extra security. It took almost two weeks to call credit card companies to verify legitimate charges and recover from the embarrassing moments when my credit cards were declined–including on Black Friday–because they had been locked.
So with all that, here are some quick reminders on how to minimize this issue and yes, I did consult my colleague, Ms. AI.
THREE TIPS TO PROTECT YOUR ACCOUNT
Going through this experience taught me a lot about digital security. While no method is completely foolproof, you can significantly reduce your risk by being proactive. Here are the three most important steps I now take to protect my finances.
- Enable Multi-Factor Authentication (MFA)
This is arguably the most effective tool you can use. MFA adds a second layer of security to your account. Instead of just needing your password, a hacker would
also need access to your phone or email to approve a login. It’s a simple step that creates a massive barrier for criminals. If your bank offers it, turn it on immediately. - Use Unique and Strong Passwords
It's tempting to reuse the same password across multiple sites, but this is a major security risk. If one of those sites is breached, criminals can use your login details to try to access more valuable accounts, like your bank. Use a password manager to create and store complex, unique passwords for each of your online accounts. A strong password should be long and include a mix of uppercase letters, lowercase letters, numbers and symbols. - Set Up Transaction Alerts
Most banks allow you to set up custom alerts for your accounts. You can choose to be notified via text or email for transactions over a certain amount, international
purchases or any online spending. I set up alerts for any transaction over $1. This means I'm aware of activity on my account in near real-time, allowing me to spot and report fraud instantly instead of hours or days later. Vigilance is your best defense in the world of online banking. While my experience was stressful, it served as a powerful reminder that a few simple security habits can make all the difference. I also want to emphasize the importance of ongoing education–regularly attending HFTP webinars and our industry-leading cybersecurity sessions will keep you informed about the latest threats and best practices.
