At Preferred Bank, we take security very seriously. The latest methods in internet system security are periodically upgraded to increase the integrity and security of our system.
Internet security does not rely on one technological systems alone. Without your participation, all of the security systems and technology in the world are worthless. You must treat your User ID and password with the utmost confidentiality. Passwords should NOT consist of obvious data about the user (i.e. children's names, birthdays or spouse's name). Selecting letters that do not create a common word but instead represent the first letter of each word in a favorite phrase, poem or song can create a memorable but difficult to crack password.
If you believe your account has been compromised or you see unauthorized transactions on your account, call us immediately at (888) 673-1808.
You may also use the contact us link for any inquiries and questions.
Preferred Bank continues to add further security measures to our online banking services so that our customers will know with confidence that their information is being protected. Preferred Bank has two different layers of security that are designed to protect your financial information.
Device Print security requires that all users select security questions and answers, select a unique image and create a personal description for that image that is only known to you. Each time you log in thereafter, the image will appear to verify to you that you are on the official Preferred Bank website before entering your password. Preferred Bank systems have the ability to recognize the computer or computers from with you usually log on. If our system detects a suspicious login due to an unfamiliar computer, it will automatically present you with previously selected questions.
One Time Password (OTP) devices are provided to select customers that have more complex online banking needs. This method requires the use of a token device that generates a random code used in connection with a personal password each time the users logs in to verify their identity. Additionally, a response code is given back from the device that authenticates the official Preferred Bank website.
While Preferred Bank strives to present applications with the highest levels of security, additional security measures lie in the hands of our customers. Here are a few security procedures that you as the customer should follow when utilizing online and mobile applications:
- Maintain physical and logical security of a mobile device.
- Regularly install operating system and firmware updates.
- Download applications from reputable sources with links to the institution’s Web site from institution-approved applications.
Computers and mobile devices should run anti-malware software for added security.
- Mobile devices should never be modified to remove the manufacturer’s device control, as in jail breaking the device. This allows for circumventing the device securities, and it may lead to downloading applications from untrustworthy sources and introduce malware onto the device Online and Mobile device users need to be aware that when they utilize public wireless networks, they increase the security risk to the device and any data on the device.
- Create strong passwords to include letters, numbers and special characters.
- Never share your password.
- Never leave your computer unattended while using online banking services.
- Avoid using automatic logins that save your username and password for online banking services.
- Review transactions daily and immediately give us a call if you identify any unauthorized transactions.
- For commercial online banking customers, periodically assess your risk and evaluate your internal controls. Review users and accesses you have granted.
Phishing – (Pronounced “Fishing”) is when a fraudster impersonates a legitimate company and tries to trick people in providing their personal information and login credentials. The emails usually contains a sense of urgency to scare users info providing the information requested right away. These emails can also be disguised to make it appeared to be from a friend or family member and will typically contain a link or document attached containing a virus or malware. If you have any doubts about an email you received, call the company or person to confirm if the email was sent by them.
Business Email Compromise (BEC) – Businesses of all sizes need to be aware of this scam. The scam is carried out by compromising legitimate business email accounts, and then the scammer will send fraudulent wiring instructions from a fake email address that looks like the legitimate email address. The recipient without knowing that they received fraudulent wire instructions from a fake email address, follows the instructions and sends the wire as instructed. This scam is highly effective. Always call the company or person every time you receive wire instructions through email because you never know when that company or person’s email has been compromised.
Tech Support Scam – A scammer pretends to be a technical support for a well-known software or hardware vendor. The scammer will then try to convince you to provide access to your computer. Once the scammer has access, the scammer can install malicious software, or the scammer will ask you to provide credit card information for payment.
Overpayment Scams – A scammer sends you a counterfeit check by FedEx. They tell you to deposit the check into your account and withdraw a portion of the deposit in cash and send the money by MoneyGram back to them. Since the check is a counterfeit, you’ll be responsible for the amount of the check plus any returned fees when the check comes back. This scam is most commonly seen when someone is selling an item online or looking for a job online.
- Keep your personal information private and secure. If you are being asked to provide your personal information, make sure you know who you are dealing with and destroy any personal documents that are no longer useful.
- Place passwords on accounts for your credit card, bank and phone. Avoid using easily available information like your birthdate, your Social Security number or your phone number
- Don't give out personal information on the phone, through e-mailor on the Internet unless you've initiated the contact or know for sure who you are dealing with.
- Deposit your outgoing mail in post office collection boxes or at your local post office. If you're planning to be away from home and can't pick up your mail, call your local U.S. Postal Service at (800) 275-8777 to request a vacation hold.
- To obstruct an identity thief who may pick through your trash or recycling bins to capture your personal information, tear or shred any documents that contain your personal information. To opt out of receiving offers of credit in the mail, call: (888) 5-OPTOUT or (888) 567-8688.
- Carry only the credit/debit card(s) and identification information that you’ll need when you go out.
Place fraud alerts on your credit report. Fraud alerts can help prevent an identity thief from opening any more accounts in your name. Close the accounts that you know, or believe, have been tampered with or opened fraudulently.
File a report with your local police. When you file a report, provide as much information as you can about the crime, including the date, time and place of the identity theft and the fraudulent accounts opened.
File a complaint with the Federal Trade Commission. You can always file a complaint online at www.consumerfinance.gov/learnmore(Opens in a new Window) or call toll-free (877) IDTHEFT or (877) 438-4338
- Equifax: (800) 525-6285 or www.equifax.com
- Experian: (888) 397-3742 or www.experian.com(Opens in a new Window)
- TransUnion: (800) 680-7289 or www.transunion.com
To find out more about corporate account takeovers, please see the American Bankers Association's® Small Business Guide to Corporate Account Takeover.
Use the passcode lock on your smartphone and other devices. This will make it more difficult for thieves to access your information if your device is lost or stolen. It is recommended that you set your device to lock after 15 minutes or less, change your PIN every 90 days or less, and if possible, set your phone to be wiped after 10 failed logins to protect your data in the case that your phone is lost or stolen. For assistance, contact your mobile device carrier for settings.
Log out completely when you finish a mobile banking session.
Protect your phone from viruses and malicious software, or malware, just like you do for your computer by installing mobile security software.
Use caution when downloading apps. Apps can contain malicious software, worms, and viruses. Beware of apps that ask for unnecessary “permissions” and delete unused or rarely used apps.
Download the updates on your phone and mobile apps.
Avoid storing sensitive information like passwords or a social security number on your mobile device.
Tell your financial institution immediately if you change your phone number or lose your mobile device.
Be aware of shoulder surfers. The most basic form of information theft is observation. Be aware of your surroundings especially when you’re punching in sensitive information.
Wipe your mobile device before you donate, sell or trade it using specialized software or using the manufacturer’s recommended technique. Some software allows you to wipe your device remotely if it is lost or stolen.
Beware of mobile phishing. Avoid opening links and attachments in emails and texts, especially from senders you don’t know. Be wary of ads (not from your security provider) claiming that your device is infected.
Exercise caution when using public Wi-Fi. Public connections aren't very secure, so don’t perform banking transactions on a public network. If you need to access your account, try disabling the Wi-Fi and switching to your mobile network. Consider using a Virtual Private Network (VPN) app to secure and encrypt your communications when connecting to a public Wi-Fi network. (See the Federal Trade Commission’s tips for selecting a VPN app.)
Report any suspected fraud to your bank immediately.