As most of us are frantically running around to find the last minute gifts for family and friends, we seldom think about security. Most of us trust the places we shop and assume they have all the latest and greatest sure payment methods. Here are a few ways to stay safe when shopping online and in store this holiday season.
1. Cash? What’s that?
Most people don’t use cash for anything anymore but it is really the most secure payment method if you think about it. Yes, you still have to go to an ATM or your bank and get the cash but at least you won’t be giving your credit card info to any retailers and running it through any POS systems. If you’re going to get cash, go to your bank, go inside or drive through, and fill out the withdraw slip to get your cash. This minimizes the risk of an ATM skimmer installed on an ATM getting your info.
2. Use Credit Cards Not Debit Cards
Credit cards are insured against theft and are not tied to your bank account. If you’ve ever had your bank account compromised, you understand how annoying it is trying to get funds back into your bank account. This process can take several days if not weeks depending on the bank. If the credit card is compromised you’re not responsible for the charges and they’re not taking the money directly out of your bank account. This means you can live your life and not have to wait for the funds to be put back into your account.
3. Don’t Use The Same Password
In a recent study conducted by Javelin Strategy & Research, people that have 20+ online accounts are more likely to reuse passwords which makes it 37% more likely that your accounts will be compromised. 37% more likely!!! Yikes! So how the heck do you remember all of those passwords? Use a password manager to help you stay safe. Some examples of passwords managers are LastPass and DashLane. Just remember when you use a password manager you should use a stronger than usual password for your password manager account.
While we might be free of passwords in the future, they are here to stay for the time being. Stay safe this holiday season and use precautions when shopping online or in store.
The payment’s industry is migrating from magnetic stripe bank cards to EMV chip cards to improve the security of bank card transactions. Watch this 30 min. webinar for a good overview of EMV technology to find the answer to these questions:
- How is EMV going to mitigate fraud?
- Why is now the right time?
- What are the timeframes for implementation?
- Is EMV the answer for all fraud?
This has to be the most intriguing topic that we have ever done in the Garland Heart monthly webinar series. We even had one attendee ask if we were going to serve munchies! Seriously, this is a topic that we all need to begin to understand in the financial industry as the laws are ever changing. Our guest speaker, Ben Knieff, discussed the regulatory risks of providing services to these legalized marijuana businesses and how to decide whether to service these businesses….or not.
Garland Heart is continuing to expand it’s sales presence nationally and Hannah Day is going to help us do that! Hannah joined Garland Heart in a business development role and will be based in our Colorado office location. She has been in the financial industry for the last 10 years working in electronic banking services, product management, strategic planning and sales strategy. In her free time you can catch her fly fishing/hiking in the Rocky Mountains, singing and playing guitar, and spending time with her friends and loved ones. Please help us give a warm welcome for Hannah to Garland Heart! Her email is firstname.lastname@example.org if you want to drop her a note to say Hi.
Often, we recommend publishing links on bank websites so customers (and employees) can read up on how to protect their information and identity online. Independent Bankers Association of Texas (IBAT), has posted a convenient list of links here:
I also couldn’t agree more with Chris’s comment about how bad guys are good at what they do and only getting better. October will be a good as time as any to at least do some reminder emails or even some full on training for staff on CyberSecurity, especially if you haven’t done any this year.
The most extensive undertaking of any Enterprise environment is the creation of the Business Continuity Plan and the Recovery Procedures from a disaster. In order to effectively create an accurate continuity plan of the organization as a whole and a recovery process that mitigates the cost to the organization, customer impact, reputation, and operational impact, the first turnstile is the Business Impact Analysis. This webinar is a high level overview in which Wade Clem, Compliance Specialist at Garland Heart, shared some ways to effectively gather the information needed to produce the Enterprise Business Impact Analysis.
Copy of Slides – Maximizing Business Impact Analysis