If you use online or mobile banking, you will be interested to learn that banks receive supervisory guidance on this subject from the Federal Financial Institutions Examination Council (FFIEC), a collection of six federal financial industry regulators. The FFIEC looks for ways to make your account access and online transactions safer and more secure.
Strong Authentication Standards
Whenever possible, we have implemented the following tactics to keep your information safe:
- Requirements for passwords that meet industry standards (length, types of characters, etc.)
- Multifactor authentication that requires the user to identify themselves using a separate channel, such as entering a code received via text message or phone call
Wherever possible, we have implemented these features into our platforms:
- SSL certificates with the latest encryption standards that enable your device to securely transmit information over the internet
- Security services that run in the background to look for suspicious activity
On the backend, we look for anomalies that could indicate fraud. Whenever your transaction security might warrant it, we will conduct additional layers of control, such as:
- Employing manual customer verification procedures
- Analyzing banking transactions to identify suspicious patterns. For example, that could mean flagging a transaction in which a customer who normally pays $10,000 a month to five different vendors suddenly pays $100,000 to a completely new vendor.
- Establishing dollar limits that require manual intervention to exceed a preset limit
Your protections under “Reg E”
Banks follow specific rules for electronic transactions issued by the Federal Reserve Board. Known as Regulation E, the rules cover all kinds of situations revolving around transfers made electronically. Under the consumer protections provided under Reg E, you may be able to recover losses stemming from an online banking breach according to how soon you detect and report them.
Customer Vigilance: The first line of defense
Of course, understanding the risks and knowing how fraudsters might trick you is a critical step in protecting yourself online. You can make your devices safer by installing and regularly updating your:
- Anti-virus software
- Firewalls on your computer
- Operating system patches and updates
You can also take advantage of the following to protect yourself even further:
- Online Banking alerts that can be set up for a variety of transactions
- CardValet, a mobile app that can help reduce debit card fraud by allowing you to monitor accounts with your smartphone
How We May Contact You
An employee of the bank may contact you, without your provocation, in the event we detect suspicious activity on your account. Such a contact could be made via phone call or postal mail. We would not ask you for your online banking password. If this uninitiated contact seems suspicious to you, we encourage you to contact us directly to verify the contact.
If You have Suspicions
If you notice suspicious activity within your account or experience security-related events (such as a phishing email from someone purporting to be from Investors Bank), please contact us immediately and you will be guided to the person responsible for such issues:
101 JFK Parkway
Short Hills, NJ 07078
For more information, see our Additional Resources.