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Online Security

At Preferred Bank we take security very seriously. The latest methods in internet system security, is periodically upgraded to increase the integrity and security of our system.
 
Internet security does not rely on one technology alone. Without everyone's participation, all 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.
 
Reporting Fraud
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. 
 
 
 
How We Protect Your Privacy and Security
Preferred Bank continues to add additional security measures to our online banking services so that our customers have the 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 challenge 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. Additionally, the authentication of your computer is verified. Preferred Bank has 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 challenge questions that were previously selected.
  • 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.
 
Data security between the customer browser and our web server is handled through a security protocol called Secure Sockets Layer (SSL). SSL provides data encryption, server authentication and message integrity for an internet connection. In addition, SSL provides a security "handshake" that is used to initiate the connection. This handshake results in the client and server agreeing on the level of security they will use and fulfills any authentication requirements for the connection. Currently, Preferred Bank's online banking application supports data encryption. In order to get this level of encryption, you will need a browser that supports it. Please consult your browser's technical requirements.
How You Can Protect Yourself
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 Jailbreaking the device. This allows for circumventing the device securities and can lead to downloading applications from untrustworthy sources and may 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 service
  • Avoid using automatic login that save username and password to login online banking service
  • 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.
 
Important Note: We will never ask for your confidential information such as your password or personal identification number (PIN) or account information in an email, text message or by phone unless you call us about an issue or make an inquiry about your account. If you call us, we will only ask for your username but never your password or PIN.
How You Can Identify & Avoid Common Bank Fraud and Scams
  • 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 to provide 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 normally contained 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 the scammer will then send fraudulent wiring instructions from a fake email address that looks like it’s from 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 thru 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 normally seen when someone is selling an item online or looking for a job online.
How You Can Protect Yourself from Identity Theft

How to Prevent Identity Theft

  • 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 use a shredder to 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 the mail or on the Internet unless you've initiated the contact or are sure you know 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 identification information and the credit and debit card that you'll actually need when you go out.
 

How to Deal With Identity Theft

  • 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 or call toll-free (877) IDTHEFT or (877) 438-4338
 
Exercise your rights to review your credit report and report fraudulent activity. To order your free annual credit report from one or all the national consumer reporting companies, visit www.annualcreditreport.com or call toll-free (877) 322-8228.
 
For more information about the steps to take on obtaining your credit report, contact the credit bureaus listed below:
How To Protect Your Business Account
Corporate account takeover is a type of fraud where thieves gain access to a business' finances to make unauthorized transactions, including transferring funds from the company, creating and adding new fake employees to payroll, and stealing sensitive customer information that may not be recoverable. It is important that all businesses be aware and prepared for this risk.

To find out more about corporate account takeover, please see the American Bankers Association's® Small Business Guide to Corporate Account Takeover.

 

 
 
 
 
 
 
 
 
 
 
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