New Blog: Ways to Prevent Digital Fraud

Cybersecurity is not something to take lightly. Here at Bank So. Cal., we seek out the newest and necessary practices and programs to keep your accounts safe and secure. Here are a few of the ways we’re working behind the scenes to keep your accounts protected.

1. Out of Band Authentication (OOBA) / Multi Factor Authentication (MFA)

We know you hate running to grab your phone or checking your secondary email that you made in high school, but those one-time passcodes will certainly not be public knowledge. This system helps add an extra layer of protection and creates an additional stopping point before funds leave your account.

2. Whitelisting/Blacklisting

IP address? We’ve got it down. We know you’re not vacationing in the Bahamas (Wouldn’t that be nice though?). Each IP address has a country code within it, and we work to make sure that the places you’re trying to access your account from, make sense.

3. Fraud Anomaly Detection (FAD)

Our systems know your habits better than you do. FAD recognizes unusual activity and pushes to verify that it’s really you with real-time challenge questions, token authentication, or MFA/OOBA.

4. Person-to-Person (P2P) Restrictions

Your own restrictions may feel inconvenient at times, but they help prevent fraudsters from making too many transactions under your nose.  Controls include lowering limits, removing auto approval, and eliminating immediate funds access.

5. Monitor Reports

The best offense is a good defense. Be diligent and utilize the reports generated for you within online banking. Become intimately familiar with what activity is happening within your account and be ready to verify that it is all you.

At Bank So. Cal. we take great pride in keeping your accounts safe and secure in every measurable way possible and hope you have peace of mind in knowing some of our many best practices. For more tips and resources on cybersecurity tips and trends, visit our Recommended Reading page.