October is Cyber Security Awareness Month and Quincy Credit Union is dedicated to reinforcing the significance of maintaining online banking vigilance among our valued members. As our world becomes more digital, it’s important to be aware of the more dangerous threats in the digital banking world: scams and phishing.

These malicious activities have become more sophisticated and widespread over time, meaning that knowing what these threats are and how to protect yourself from them has never been more important. Luckily, we have some valuable insights to help you stay informed and proactive when it comes to safeguarding your financial well-being online.

What are Scams and What is Phishing?

Scams and phishing are two sides of the same criminal coin. Scams are deceptive schemes that are specifically designed to trick individuals into sending a payment or granting access to a private account. Oftentimes, scams will involve a false promise or guarantee of some benefit or perk. Scammers will often play with people’s emotions and manipulate them into sharing the desired information.

Phishing is a similarly deceitful tactic deployed by criminals looking to steal people’s money, identify, or information. Phishing is technically a subset of scams that involves sharing personal, sensitive information with the criminal. Such information could be login details, social security credentials, or credit card numbers. The criminals behind these schemes often disguise themselves as trusted entities, such as banks or government agencies with remarkably accurate fake versions of those organizations’ websites, making it difficult for the target to distinguish between the two.

Common Scams and Phishing Tactics

Over the years, Quincy Credit Union has seen scams and phishing tactics become more and more sophisticated. However, many of the tactics used pop up time and again. Here are some of the most common scams and phishing techniques that criminals are using nowadays:

Email Phishing

Email phishing is one of the most prevalent forms of cybercrime. Criminals will send emails that appear to be from a trusted organization but will contain an urgent request, usually accompanied by some alarming messaging. The criminals hope to ignite a panic in the target in the hope of being provided with personal information.

SMS Phishing

SMS phishing (sometimes called smishing) is a method of phishing that targets people via text message and has increased in popularity in recent years. Like email phishing, SMS phishing involves criminals contacting people and requesting. SMS phishing attempts will include links to malicious websites that they hope the target will click on.

Tech Support Scams

Tech support scams are when scammers pose as technical support agents who claim that someone’s computer has been hacked or infected and that they must allow the scammers access to resolve the “problem”. This method is particularly predatorial as it often targets older members of society who struggle technologically.

Investment and Charity Scams

Another popular category of scams is investment and charity scams. These prey on people’s goodwill and hopes for the future by promising unrealistic, or totally untrue, investment opportunities, or by asking for donations to a fictional charity.

How to Protect Yourself When Banking Online

At Quincy Credit Union, we take our members’ online security very seriously. We have put measures in place that protect our members while they are using our website or our mobile app, and we provide visitors with a host of digital resources to help them stay informed about the latest threats when banking online. Here are three steps that everyone can take to help consolidate their safety online:

• Stay Informed
  Knowledge is one of the best defenses against scams and phishing attempts. Stay up-to-date on the latest tactics by regularly visiting the security section of our blog, where there are several articles dedicated to scams, phishing, and protecting yourself online. Awareness of the most common scams will help users identify and avoid them.
  
  
• Use Caution
  Always be sure to verify the authenticity of messages received properly. If a message claims to be from an organization or individual that you trust, always go and check the legitimacy of the message before clicking any links or sharing any information contained in the message. When in doubt, contact the organization or individual directly through a different channel and verify the message with them. Also, be aware of any urgent requests – scammers want to create a sense of panic and push targets to act immediately or face the consequences. Don’t be tricked into acting rashly without first verifying the identity behind and intentions of the communication received.
  
  
• Create Strong Passwords
  Whether it’s for the Quincy Credit Union mobile app, our website, or for another account entirely, be sure to create strong passwords. Avoid including any information that can be easily found – such as names and birthdays – and never share your passwords with anyone. It is also important to update passwords after a few months, so utilizing a password manager will help you keep track of your various, hard-to-guess passwords.

Quincy Credit Union Prioritizes Member Security

With Cyber Security Awareness Month beginning, Quincy Credit Union reminds all members that their financial security is a top priority. QCU is committed to providing members with the tools and information they need to help protect themselves from scams and phishing. Staying informed, using caution, and creating strong passwords will help ensure security when banking online.

If you want to find out more about staying safe online, make sure you reach out and share your concerns so that we can address them together. Quincy Credit Union is here to support you, every step of the way.

This Cyber Security Awareness Month, bank safely. Bank with Quincy Credit Union.