Serious security: How online banks keep your money safe
- Oct 6, 2022
- 4 min read
What we'll cover
Cybersecurity measures we take for our customers
Our additional security steps to enhance safety
The importance of understanding your bank’s security measures
Of all the things you want to keep safe, your financial information is surely near the top of the list. That’s why it’s important that online banks use a combination of cutting-edge technology and industry best practices to ensure the security of your personal and financial information.
How Ally keeps your information safe
While individual banks approach security in different ways, there are several measures every online bank, including Ally, should take to provide a safe banking experience.
Anti-virus and anti-malware protection
These programs help detect and prevent viruses and malicious software. Banks use up-to-date programs to weed out malware and prevent viruses from spreading.
Firewalls screen data coming in and out of computer networks, blocking unauthorized access and stopping traffic from unsafe internet sources.
Secure Socket Layer (SSL) encryption
SSL encryption creates a secure connection with your browser when you log in, fill out an application, register for services and more. And although the technology is sophisticated, it’s easy to make sure that SSL encryption is active on the page you’re using. Just look for the lock symbol in the address bar of the page or look for https:// at the beginning of the page’s URL/web address.
By placing a cookie (a piece of text stored on a user’s computer by their web browser) on your computer after your initial login, banks can then recognize or authenticate your computer when you log in to your account again. If you use a new computer to log in to your account — or you erase your cookies — you will be required to enter additional information at the time of your next login.
Multi-factor authentication measures
Also known as MFA, multi-factor authentication can take many forms. This extra layer of security requires the use of two or three different authentication factors. For example, you likely enter a password or PIN when you log in to your bank’s website. If the site needs additional verification from you, it may prompt you to answer a question that only you know the answer to or send a security code to a device that you’ve registered. This is also known as two-factor or multi-step authentication.
Quick tip: Remain vigilant of social engineering scams that attempt to intercept security codes and can allow criminals to gain access to your bank accounts. If you receive a suspicious text or email, don’t engage and report it to the proper authorities.
Banks do not share your usernames or passwords with anyone. (And you shouldn’t either. )
Most banks automatically log you out of your secure session after a period of inactivity to help prevent others from seeing or using your online accounts.
Many banks have integrated fingerprint authentication into their mobile banking apps. Other forms of biometric security measures include facial and voice recognition. These verification methods are easy to use and hard for criminals to replicate.
Most banks offer some type of security guarantee. Depending on the terms of the policy, your liability for unauthorized transactions is limited. In other words, if you report unauthorized transactions on your account in a timely manner, the charges may not be your responsibility.
Other security measures
In addition to these common practices, at Ally Bank, we go further by integrating multiple security measures such as:
Online and mobile security guarantee
You will not be liable for any unauthorized online or mobile banking transaction as long as you report the unauthorized transaction by calling us at 1-877-247-2559 within 60 days from when your statement is made available.
Free anti-virus and anti-malware software
Ally Bank customers can download and install Webroot® SecureAnywhere™ at no cost on up to three devices.
Quick Tip: From cell phones to home computers, remember to keep all devices updated. Software updates are crucial to maintaining security, as not running the proper software updates could allow for known vulnerabilities to be exploited by hackers.
We are constantly monitoring online account activity for potential fraud. In the event of an attempted breach, we act quickly to mitigate the situation.
Site and app review
We review websites, app providers like the App Store℠ and Google Play™, and other areas online to detect phishing, malware and fraudulent apps that are targeting Ally and its customers.
Serious about security
Staying safe online is always important, but when it comes to your finances, the stakes are even higher. It’s a good idea to know what your bank has in place to protect your personal financial information. Take the time to understand what you can do to keep your information safe too, so you can go about your online business with peace of mind.
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