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online banking security blog february 2023

Hello and welcome back to the blog here at TVFCU! Here, we like to give quick snippets of information to make banking easier. Today, we wanted to take some time to talk about how online banking can be safe and effective, so you can feel secure when you choose TVFCU.

Our modern-day devices like smartphones, laptops, tablets, and others allow us to bank like never before. We can be watching our favorite show on Hulu, a hockey game on TV, or be out at the coffee shop and easily check our account details by jumping over to an app or website. Online banking and mobile banking have many advantages, but with those advantages comes risk. Let’s discuss 3 ways online banking is secure so that you can feel safe and know your account is protected!

Three Factors That Lock Up Online Banking Security

Encryption is the process of converting plain text into an unreadable format. In online banking, encryption is used to protect the personal and financial information of members as it is transmitted between the member's device and the credit union’s servers. This ensures that if any unauthorized parties intercept the data, they will not be able to read or use it. The most widely used encryption method is SSL (Secure Socket Layer) and TLS (Transport Layer Security).

Online banking systems use secure login protocols to ensure that the member's login information is transmitted securely and protected from hacking attempts. This includes the use of SSL or TLS, which encrypt the login information, and also the use of a secure login page, which is verified by a security certificate.

Multi-factor authentication (MFA), also known as 2-Factor authentication (2FA), is a security process in which a user is prompted to provide more than one form of identification. This could be a password and a security code sent to a registered phone number or email address. MFA makes it much more difficult for unauthorized parties to access an account, as they would need to have both the password and the security code to log in.

Contact Us!

If you have any questions, please feel free to reach out! You can follow along with our blog where we’ll share posts like this one here and more going forward. You can give us a call at 585-344-5544 or 800-887-5544, or by reaching out via our contact form.

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