09 - Digital Banking & Online Security

Your bank is in your pocket, but is your account secure? Joined by Wesley Minton, COO & Information Security Officer at First Century Bank, we discuss the essential habits for staying safe in the digital world. This episode is a masterclass in personal cybersecurity, explaining what makes a truly "strong" password in the modern era and why Two-Factor Authentication (2FA) is the single most effective tool for protecting your account. We'll also cover simple rules for using public Wi-Fi and setting up alerts to turn your phone into a fraud detection system.

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Transcript

Episode 9 | Digital Banking & Online Security

00:00:00 Daniel Hill: Shanna. I think about my parents generation. For them, banking met physically going to a branch. It was waiting in line on a Friday afternoon to deposit a check, or sitting down with a loan officer to apply for a car loan, getting a paper statement in the mail.

00:00:16 Shanna Browning: Oh yeah, all very physical, in-person experience. But for so many of us today, our bank isn't a building anymore. It's not brick and mortar. It's an absolute app on the phone.

00:00:29 Daniel Hill: Exactly. We can deposit a check by taking a picture. We can send money to a friend with a few taps and see our entire financial lives updated in real time, 24/7. It really is incredibly convenient.

00:00:43 Shanna Browning: It is, and it is great to be able to do that. But with that convenient comes a whole new set of risk. So the same technology that makes our lives really easy opens a door to a lot of criminals if we're not careful. And that's the balance that we're going to talk about today. How do you embrace the power of digital banking while also staying safe and secure.

00:01:14 Daniel Hill: Welcome back to Making Sense of Your Cents. I'm Daniel Hill.

00:01:19 Shanna Browning: And it's me, I'm Shanna Browning, and today we're going to talk about a topic that affects every single one of us in this very modern world - digital banking and online security.

00:01:29 Daniel Hill: As the security officer for the bank, this is a topic that I'm incredibly passionate about. And to help us deep dive, we have a very special guest. Please welcome First Century Bank's Chief Operating Officer and Information Security Officer, Wesley Minton. Wesley, thanks for joining us.

00:01:47 Wesley Minton: Thanks for having me. It's a critical conversation to have. The digital landscape is always changing and staying informed is our best defence.

00:01:56 Shanna Browning: And Wesley, that's our goal, right? We want to talk about the benefits of digital banking, which can be great. But the most common threats to watch out for. So simple practical steps every single person can take to protect their accounts and most importantly, their identity.

00:02:12 Daniel Hill: Wesley, before we get into the security side, let's talk about the why. Beyond just the convenience of not having to go to a branch. What are some of the biggest benefits of using online and mobile banking?

00:02:25 Wesley Minton: The biggest benefit, in my opinion, is real time awareness. In the old days, you might balance your checkbook once a month when your statement came in. You could be a victim of fraud for weeks without knowing it. Today, you can log in to your app and see every transaction the second it happens. This allows you to spot a fraudulent charge within minutes, not weeks, which is a massive security advantage.

00:02:51 Shanna Browning: Wow. So yeah, I mean weeks what it used to take is now just right at your fingertips. So the convenience is actually a security feature.

00:02:59 Wesley Minton: It's one of the best security features there is. The other major benefit is the suite of tools that empowers you to manage your money more actively. You set up custom alerts to notify you of large transactions or low balances. You can use tools like Zelle to send money instantly to people you trust. You can turn your debit card on or off with a single tap if you misplace it. And you can automate your savings, as you've talked about on this show before.

00:03:26 Daniel Hill: These really are the tools that give customers more control than ever - than they've ever had before.

00:03:34 Wesley Minton: Exactly, Daniel. Digital banking isn't just about viewing your information. It's about actively managing protecting your financial life from the palm of your hand. It puts you in the driver's seat.

00:03:46 Shanna Browning: So being... being the owner of all of this is kind of what we're talking about. So those benefits are certainly clear which are great to have. But there are wisk... Risk. There are wisk. So let's talk about those risks. So Wesley, as Information Security Officer, you see those threats that are out there, and I know you're dealing with these on a daily basis. What are some of the most common ways criminals try to get access to people's bank accounts?

00:04:15 Wesley Minton: The overwhelming majority of attacks we see are not sophisticated hackers breaking through the bank's firewalls. They are what we call social engineering attacks. This is where criminals try to trick you, the customer, into giving them your information.

00:04:32 Daniel Hill: This is a classic example of phishing, which we're going to cover in detail in our next episode. These are those fake email, text messages or phone calls that look like they're from your bank, or the IRS or another trusted company. They create a sense of urgency. Your account has been compromised, or you've won a prize. To get you to click a malicious link and enter your username and password on a fake website.

00:05:00 Wesley Minton: That's the number one threat. Another common one is the use of a weak or reused password. If you use the same simple password for your banking, your email, and your social media, you're creating a huge vulnerability. All it takes is for one of those other, less secure sites to have a data breach, and criminals will have the password they need to try to access your bank account.

00:05:25 Shanna Browning: So let's talk about public Wi-Fi. So I think people can just sit in a coffee shop or a train station, bus station, airport, anywhere like that. And I think a lot of people manage their finances from doing that. How do you feel about public Wi-Fi?

00:05:40 Wesley Minton: Public Wi-Fi can be risky. Unsecure networks make it easier for criminals on the same network to potentially intercept your information. While most banking apps have strong encryption, it's a best practice to avoid using accessing sensitive information like your bank account on public Wi-Fi. It's always safer to use your cellular data connection instead.

00:06:03 Daniel Hill: This is really, really great information, Wesley. Knowing the threat is half the battle. So now let's talk about building our defenses. What are the most important practical steps that our listeners can take to secure their digital banking.

00:06:20 Wesley Minton: I like to focus on five key pillars of personal online security. If you do these five things, you will be dramatically safer than the average person. First, and most importantly, use a strong, unique password for every financial account.

00:06:35 Shanna Browning: Just like we talked about. So what makes that password a strong password?

00:06:39 Wesley Minton: Strong means long. Forget about complex symbols and numbers. A long, memorable passphrase, like a lyric from a song or a verse that you know, or a long saying that you've heard over your life is infinitely stronger than password dot one or password one, two, three, and unique is just as important. Your bank password should be used for your bank and nothing else. I strongly recommend using password managers to create and store those unique passwords.

00:07:17 Shanna Browning: That's great information.

00:07:19 Daniel Hill: Wesley, what what would you consider the second of those five pillars?

00:07:24 Wesley Minton: Second is to enable multi-factor authentication, otherwise known as MFA, wherever it is offered. This is probably the single most effective thing you can do to protect your accounts. MFA means that even if the criminal steals your password, they can't log in without a second piece of information, usually a one time code sent to your phone. It's a digital deadbolt for your account.

00:07:52 Shanna Browning: Okay, so what I'm hearing you say is it's basically a password plus a code.

00:07:58 Wesley Minton: Correct. Third, be skeptical of unsolicited communication. Your bank will never call, text, or email you and ask for your full password, PIN or a one time passcode. Never. They will not do that. If you get a message that creates a sense of urgency and ask you to click a link or provide information, it's always certainly a scam. If you're concerned, hang up or delete the message and then contact the bank directly using the phone number on our official website or the back of your debit card.

00:08:33 Daniel Hill: And what about number four? What's pillar number four?

00:08:37 Wesley Minton: Fourth, keep your device updated. It's very important. Your phone, your computer, your web browser. They all receive regular security updates that patch vulnerabilities. Turn on automatic updates so you don't have to think about it. Running on old, outdated software is like leaving a window open for criminals.

00:08:58 Shanna Browning: It's a great analogy. Outdated software is like leaving a window open for criminals. It's a good way to think about that. So tell me the final pillar.

00:09:05 Wesley Minton: Finally set up those account alerts we talked about already. These bring it full circle. Set up notifications for logins from new devices, large transactions, or password changes. This turns your mobile phone into a real time security monitoring system.

00:09:23 Daniel Hill: Wesley, this has been incredibly clear and a powerful breakdown. Thank you. We appreciate it. And now it's time for this week's actionable tip.

00:09:36 Shanna Browning: All right, friends, your action item for the week is conduct a Digital Security Audit on your primary bank login. This should only take you about ten minutes.

00:09:47 Daniel Hill: First, you're going to log in to your First Century Bank Online Account. Go to your security settings and look at your password. Is it one you've used on another website? If so, change it right now to a long, unique passphrase that you will only use for your banking.

00:10:06 Shanna Browning: Second, while you're in those security settings, look for the option to enable MFA. If it's not already turned on, turn it on, link it to your phone number or an authenticator app if you have one of those as well. This is the most important step you're going to take today.

00:10:22 Daniel Hill: And finally, check your alert settings. Make sure you have alerts enabled for suspicious logins and large transactions. This is simple. This ten minute audit will dramatically strengthen your digital fortress.

00:10:36 Shanna Browning: Hey Wesley, thanks for coming on here and joining us. We appreciate your expertise on this. And we know that as Information Security Officer for the Bank, that you are diligent with us as employees, but also for our clients. And we appreciate that.

00:10:50 Wesley Minton: My pleasure. Stay vigilant and stay safe out there.

00:10:54 Daniel Hill: Next week we have another special guest, Ben Lawson from Burk IT, who will be joining us to make an even deeper dive into the world of phishing and how to spot and avoid the most common online scams.

00:11:06 Shanna Browning: And you all know, subscribe to Making Sense of Your Cents wherever you listen. And you can always send us your questions at podcast@fcbtn.com