Internet Banking Security
New supervisory guidance from the Federal Financial Institutions Examination Council (FFIEC) is designed to make online transactions of virtually all types safer and more secure.
Online security begins with the authentication process, used to confirm that it is you, and not someone who has stolen your identity. Authentication generally involves one or more basic factors. To assure your continued security online, Bank of Dooly uses both single and multi-factor authentication, as well as additional “layered security” measures when appropriate.
Layered security is characterized by the use of different controls at different points in a transaction process as that a weakness in one control is generally compensated for by the strength of a different control. An example of layered security might be that you follow one process to log in (user/password), and then give additional information to proceed. This allows your bank to authenticate customers and respond to suspicious activity related to initial login.
Commercial customers are urged to conduct periodic assessment of their internal control, use layered security for system administrators, initiate enhanced controls for high-dollar transactions, and provide increased levels of security as transaction risks increase.
Bank of Dooly has concluded a comprehensive risk assessment of its current methods as recommended in the supervisory guidance. These risk assessments consider, for example:
- Changes in the internal and external threat environment
- Changes in the customer base adopting electronic banking
- Changes in the customer functionality offered through electronic banking
- Actual incidents of security breaches, identify theft, or fraud experienced by the bank
Whenever increased risk to your transaction security might warrant it, your bank will be able to conduct additional verification procedures, or layers of control, such as:
- Utilizing call-back verification or email approval
- Employing customer verification procedures
- Analyzing banking transactions to identify suspicious patterns
- Establishing dollar limits that require manual intervention
You can make your computer safer by installing and updating regularly your:
- Anti-virus software
- Anti-malware programs
- Firewalls on your computer
- Operating system patches and updates
Banks follow specific rules for electronic transactions. Under the protection of Regulation E, consumers can recover internet banking losses according to how soon they are reported. In general, these protections are extended to consumers and consumer accounts. Regulation E requires: If you report the losses within two days of receiving your statement, you can be liable for the first $50. After two days, the amount increases to $500. After 60 days, you could be legally liable for the full amount.
Neither this institution nor its service providers will contact you via telephone or email requesting personal information, your access ID, or your passcode.
If you notice suspicious activity within your account or experience security-related events, you can contact anyone at Bank of Dooly and you will be guided to the person responsible for handling such issues.