Online Banking Security

Online Banking is accessed through a Secure Socket Layer (or SSL), meaning all data transmitted to or from the bank’s computer systems is encrypted and your money and privacy are protected. Several firewalls exist to prevent unauthorized access to the system and ensure your information is accessible only with an Online Banking Username and Password.

In addition to the information provided regarding “Online Banking Security”, Commercial & Small Business account holders should institute additional measures in-order to further protect their online banking information.

• Perform your own annual internal risk assessment and evaluation on all online accounts.
• Establish internal policies regarding employee internet usage.
• Educate your employees on the risks.
• Establish proper user account controls.
• Review all transactions.
• Ensure all company computers are equipped with up-to-date antivirus protection software and virus definitions are being updated daily.

Regulation E is a consumer protection law for accounts established primarily for personal, family, or household purposes. Regulation E gives consumers a way to notify the Bank that an Electronic Funds Transfer (EFT) has been made on their account without their permission.

Non-consumer accounts, such as Corporations, Partnerships, Trusts, etc. are excluded from coverage. A non-consumer (business account) customer using Online Banking and/or bill pay is not protected under Regulation E. As such, special consideration should be made by the business customer to ensure adequate internal security controls are in place that commensurate with the risk level that the customer is willing to accept.

As a non-consumer customer, you should perform periodic assessments to evaluate the security and risk controls you have in place. The risk assessment should be used to determine the risk level associated with any internet activities you perform and any controls you have in place to mitigate these risks.

An EFT is the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions initiated through electronic-based systems. The term includes, but is not limited to:

• Point-of-sale transfers.
• Automated Teller Machine (ATM) transfers.
• Direct deposits or withdrawal of funds.
• Transfers initiated by telephone.
• Transfers resulting from debit card transactions, whether-or-not initiated through an electronic terminal.
• Transfer initiated through Online Banking/Bill Pay.

If you use Online Banking/Bill Pay and believe an unauthorized EFT has been made on your account, contact us immediately. If you notify us within 2 business days after you learn of the loss or theft of your ATM/debit card or Personal Identification Number (PIN), the most you can lose is $50. Failure to notify the bank within 2 business days may result in additional losses.

Unlimited loss to a consumer account can occur if:

• The periodic statement reflects an unauthorized transfer of money from your account, and you fail to report the unauthorized transfer to us within 60 days after we mailed your first statement on which the problem or error appeared.

The term EFT does not include:

• Checks
  Any transfer of funds originated by check, draft or similar paper instrument or any payment made by check, draft or similar paper instrument at an electronic terminal.
• Check Guarantee or Authorization
  Any transfer of funds that guarantees payment or authorizes acceptance of a check, draft or similar paper instrument but does not directly result in a debit or credit to a consumer’s account.
• Wire or other similar transfers
  Any transfer of funds through a wire transfer system that is used primarily for transfers between financial institutions or between businesses.
• Securities and Commodities Transfers
  Any transfer of funds for the primary purpose of the purchase or sale of a security or commodity, if the security or commodity is:
  • Regulated by the Securities and Exchange Commission or the Commodity Futures Trading.
  • Purchased or sold through a broker-dealer regulated by the Securities and Exchange Commission or through a futures commission merchant regulated by the Commodity Futures Trading Commission.
  • Held in Book-entry form by a Federal Reserve Bank or federal agency.
• Automatic transfers by account-holding institution
  Any transfer of funds under an agreement between a consumer and a financial institution which provides that the institution will initiate individual transfers without a specific request from the consumer:
  • Between a consumer’s accounts within the financial institution.
  • From a consumer’s account to an account of a member of the consumer’s family held in the same financial institution.
  • Between a consumer’s account and an account of the financial institution, except that these transfers remain subject to § 205.10(e) regarding compulsory use and sections 915 and 916 of the act regarding civil and criminal liability. (Refer to “Coverage in Detail” section below.)
• Telephone-initiated transfers
  Any transfer of funds that:
  • Is initiated by a telephone communication between a consumer and financial institution making the transfer; and
  • Does not take place under a telephone bill payment or other written plan in which periodic or recurring transfers are contemplated.

For a complete detailed explanation of protections under Regulation E, please visit the Consumer Financial Protection Bureau’s (CFPB’s) website.

Managing your finances using a smartphone or tablet can be very convenient. However, you should consider these safety tips to protect your account information:

• Be proactive in protecting your smartphone and/or tablet by installing anti-malware software on the device.
• Research any application (app) before you download it. Fraudulent apps are often designed with names that look like real apps. It’s best if you access an app using a link from the provider’s website.
• Create a strong password or PIN for your mobile app and your device.
  • Use at least eight characters
  • Do not use your username, real name or company name
  • Do not use a complete word
  • Make it significantly different from previous passwords
  • Use a character from each of the following categories (some apps may limit symbols)
    • Uppercase letters
    • Lowercase letters
    • Numbers
• Use an auto-lock or time-out feature so your device will lock when it is left unused for a certain period-of-time.
• Upgrade your device to the latest operating system version.
• Do not jailbreak or root your mobile device. Doing so exposes the security controls and makes your device vulnerable to cyber-attacks.
• Check your account history periodically to make sure there are no fraudulent transactions.
• Take precautions in case your device is lost or stolen. Avoid leaving your device unattended in public places.
• Consult your wireless provider to see if they provide a service to remotely erase your device or turn off access to your device and/or account in the event your device is lost or stolen.
• Always conduct your transactions in a safe environment. Use your cellular service or your own internet provider rather an unsecured/public Wi-Fi networks like those offered at coffee shops.
• Don’t send account numbers or PIN numbers in emails or text messages, because those methods are not necessarily secure.

Our Privacy Notice covers the ways we collect, use, disclose, transfer and store your information. We provide notice of our Privacy Policy at account opening. You can also review our privacy policy anytime on our website or calling to request a copy.

Please contact First Bank of the Lake with any questions concerns. If you believe your online banking account has been compromised or you receive a suspicious or fraudulent mail, email or websites related to First Bank of the Lake, please contact us immediately.