Online Payment Fraud and How to Reduce It

Online payment fraud comes in many forms. By definition, it refers to any type of illegal or false transaction initiated and completed by a cybercriminal. In a fraudulent online payment transaction, the perpetrator deprives victims of funds, property, personal interest or any other sensitive information over the internet. This is why banks and other types of organizations and businesses that conduct transactions online rely on robust online banking security measures to ensure safer online transactions.

Online payment fraud can take the form of fraudulent or unauthorized transactions, false refund requests, returned and/or bounced checks, as well as stolen or lost merchandise.
Ecommerce businesses charge clients and customers for services and products through electronic transactions. With the increased volume of online and electronic payment transactions comes a rise in the occurrence of fraudulent activities as cybercriminals find even more opportunities to conduct their sinister deeds.

Online banking is also a target for hackers. Some of the most common forms of payment fraud online include identity theft, phishing, pagejacking, merchant identity fraud, and advanced fee/wire transfer scams. Because of this, ecommerce businesses, online retailers, and banks with online facilities must look for ways to combat and protect their clients from becoming victims.

Preventing fraud has a lot to do with knowing exactly how fraud happens. Cybercriminals and hackers are tech-savvy and are skilled at obtaining people’s information online. They typically pose as legitimate representatives of companies who are authorized to ask for and collect sensitive information through email interactions, sending malware to smartphones and inboxes, instant messaging, phone calls, rerouting traffic to harmful or fraudulent websites, and through online auctions, among many others.

Cyber thieves are also very adept at penetrating network security systems by means of exploiting patches and glitches, as well as systems that have not been updated recently. Such gaps give hackers a way around firewalls, making it easy for them to obtain sensitive information illegally.

Most online businesses do their best to fight fraud by ensuring that their network security systems are constantly updated with the latest protection. Robust antivirus software and firewall systems are designed to serve as shields against hackers’ attempts to access and penetrate secure networks. By constantly updating their system and software, they ensure that your information and sensitive business data are safe from fraudulent activity.

You also have to be vigilant in order to protect yourself from these schemes. Here are some tips to keep in mind:

1. Try to be aware of the latest fraud activities and trends
2. Routinely change your login credentials (particularly your online banking passwords)
3. Log out of your account even if you’re the only person using your phone or laptop
4. Report anything suspicious to the online merchant or bank

It’s also important to make sure that your online bank has all the systems in place to ensure that your information remains secure. Queensborough National Bank and Trust is a leading provider of safe online banking, keeping systems and security features up-to-date to ensure clients’ peace of mind whenever making online payments and performing monetary transactions online. For sure online banking security, choose only Queensborough National Bank and Trust.

Staying Safe from Cybercrime: Steps to Improve Your Online Security

In the advent of online services, banks and financial institutions have embraced the use of web technologies to extend financial services online. This doesn’t come without certain risks—especially with the sensitive nature of information, accounts, and transactions that online banking entails. The good news is that safe online banking is possible if you know how to keep yourself secure and protected when conducting transactions online. Robust online banking security systems are also in place to reduce clients’ vulnerability to different kinds of online banking risks and threats:

1. Two-factor authentication systems. The best online banking services are equipped with multiple-factor authentication (some two, others more) to help keep clients safe when banking online. These systems make use of devices that generate unique codes every time an account holder logs in. Codes are valid only for limited periods of time and are required additions to standard login credentials when accessing online bank accounts.

2. Computer and device security. Consumer-end security is also crucial in keeping online banking secure. This is why it is crucial to keep the computers and devices from which you access your online banking account up-to-date with the latest software and security updates to protect yourself from vulnerabilities and more sophisticated cyber threats that are being released almost daily. With malware, keyloggers, and Trojan viruses becoming stronger by the minute, you cannot afford any holes in your security system if you want to protect your financial and personal data from unscrupulous cyber hackers.

3. Password strength. Arm your account with a strong password based on the online bank standards. Refrain from using a single password for all your accounts—while this may seem more convenient, it can also be the death of your online accounts once your password has been compromised. Make sure to use a good mixture of characters that will make it difficult or impossible for decryptors to crack your code and access your accounts without your knowledge. Avoid using common phrases or words and refrain from using your initials, name, or even your date of birth. Change your password as often as needed or as required by the online banking system.

For safe online banking, trust only Queensborough National Bank and Trust and its range of secure, easy to use online banking tools. QNB has some of the toughest online banking security protocols to help ensure your protection as you perform financial tasks and transactions online, from viewing your statements and check images to paying your bills, scheduling transfers, making loan payments, and reordering checks, among others. 

Tips for Safe Online and Mobile Banking

In today’s age of the smartphone and web-based service convenience, businesses and service providers are turning to the web and mobile apps to meet client demands for fast, efficient service. Web connectivity and fast-paced information exchange certainly have many benefits, but also open doors for security threats. The digital world is fraught with risks, but safe online banking is possible, thanks to the different measures that banks and service providers take in order to keep transactions and activities secure.

Online banking security has always been a major concern. As a matter of fact, many forgo the convenience of mobile banking because of the risks that it entails. There are many ways that you, as a customer, can help make sure that these risks are minimized. Here are some tips and tricks to follow to help keep your mobile banking transactions safe and secure:

1.Take advantage of two-factor authentication. Most online apps now offer multi-factor authentication, which adds several layers of security to your account so that only you, or someone authorized by you, can access your account and perform transactions from it. This kind of authentication generates unique codes, valid only for a short period of time, which you need to input to gain access to your account in addition to your usual login credentials.

2. Don’t ignore weak password warnings. You don’t want a weak password protecting your important financial accounts. Create strong passwords that are the recommended length and have a unique mix of characters, numbers, and upper/lower case letters, which when combined, can make passwords a lot more difficult to figure out. Avoid using common phrases or words, and refrain from using personal identifiers like your date of birth, name, and initials. Many banks require their clients to change their password at least every few months.

3. Keep your devices up-to-date when it comes to software security to make sure you are protected against more recent forms of attacks and online schemes. Outdated devices are prone to breaches because they don’t have the right security patches to combat newer threats.

Queensborough National Bank and Trust offer safe online banking and mobile banking options, enabling clients to conduct a wide range of financial tasks in the most convenient and secure way possible. With QNB’s superior online banking security, you can view your bank statements and check images, make loan payments and pay your bills, and schedule transfers between accounts with the peace of mind that your transactions are private and cannot be tampered with. 

Eight Tips for Safe and Secure Internet Banking

Over the last decade, new technology has increasingly made it easier to do things online. The world wide web has truly paved the way for a more convenient life. Everything can now be done on the internet, from shopping to distance learning to managing personal finances. The web isn’t without dangers however—especially when it comes to security. Online banking is one of the most safety-critical actions done over the internet. Unfortunately, even with strict online banking security efforts and initiatives taken by financial institutions, we still have a long way to go before achieving completely safe online banking.

Banks and other financial institutions can only do so much to protect clients from online banking mishaps. Consumers and online or mobile banking users must also do their part to help ensure safety when making online banking transactions. Here are some important tips for safer online banking:

• Never use a public network to access your account. Public Wi-Fi networks may be easily accessible, but their security is often lacking or worse, non-existent. These networks are rarely encrypted, making it easy for hackers to steal important information like account details and passwords from unsuspecting users.

• Never log in to your online banking account or save financial transactions over an unknown network. For safe online banking, only use your own private network when doing online transactions with your bank.

• Only use sites that have https in the address. This means the site is secure and encrypted (they convert the data you input into difficult to translate formats before sending it, keeping your information safe online).

• Use two-factor authentication. This safety provision requires additional verification credential before an account can be accessed. This way, any unauthorized access can be detected and averted.

• Disable automatic log-in. Web browsers today have the ability to store and save your login credentials so that you have them available automatically the next time you choose to log in. Doing this can pose security risks and make it easier for hackers to gain access to your information. While this can be convenient for less important sites, it’s best to disable this feature for your online banking website.

• Beware of email and text scams. Learn how to recognize scams when you see them and check twice even when a message may appear to be officially coming from your bank.

• Create and apply strong passwords. Avoid setting easy to figure out passwords for your online banking accounts and follow your bank’s website guidelines for creating a strong password.

• Install an anti-virus software as an added layer of online banking security so you can be sure that your computer or device is free from spyware that may put your information at risk.