Digital banking: is it really more secure?

When it comes to managing finances in a digital world, headlines can be overwhelming, and sometimes, downright scary. It can be difficult to know what technology is safe to use and what products pose risks. To help sort it out, we’re offering up some insights and strategies for modern money management from Assistant Vice President and Client Care Manager, Kristin Grow.

What are common concerns people talk to the Client Care Center about?

The Client Care Center is a full-service “branch” – the Fidelity Bankers here offer the same service and guidance as the Bankers in any of our branches – so we get a myriad of calls and chats! Often though, the questions focus on the soundness of digital banking tools. Some people think their account numbers will be compromised if they use online banking. Others have experienced an issue in the past with debit cards being compromised, and they worry that’s going to happen again. None of that is really the case. Technology always changes, and Fidelity Bank is constantly taking measures to ensure electronic banking tools are secure and safe for its clients. 

What is multi-factor authentication?

It’s an authentication method that recognizes the device that people regularly use. If someone logs in using their mobile device, it recognizes that mobile device. It requires people to input the username and password that they create. If they sign in on a different device, it will ask them to validate their identity in a different way and ask additional security questions. That prevents fraudsters from accessing bank information. It’s very secure.

What’s the difference between mobile and remote deposits, and does multi-factor authentication apply to them, too?

Absolutely. Mobile deposits allow clients to deposit funds into their checking or savings accounts anytime, anywhere, simply by taking a picture of the check on their cell phone. The app uses multi-factor authentication. Plus, many people set up their phones with Touch ID or Face ID, which requires biometrics to access apps. (For more guidelines on best practices for safely making mobile deposits, click here).

Remote deposit for businesses is great. It allows business owners to scan checks on their computer or mobile device and transmit the images or data to Fidelity in just a few simple steps. All of these mobile applications save time, which is vital when you’re running a business.

How is the Fidelity Mobile Banking App protected?

The app is password protected and uses multi-factor authentication. Clients can also set up biometrics to log in, which requires a physical characteristic of that user. Plus, clients may password-protect their mobile device(s), too. The system is created with the highest level of security available to provide peace of mind when you access your accounts.

Paper bank statements via snail mail vs. electronic bank statements via email… What’s safest?

Electronic statements are so much safer than paper. The latter go through the mail and then sit in a mailbox, and they include account numbers, waiting to be compromised. If someone wants a physical statement, they can print their electronic statement. That way, it’s not passing through several hands before it gets to the mailbox.

Are digital wallets safe?

The Fidelity Bank Visa^® Debit Card can be added to the digital wallet of your choice: Apple Pay, Android Pay, or Samsung Pay. Once your debit card is in your digital wallet, you can pay using your phone instead of physically swiping a debit or credit card. Digital wallets transmit a one-time authentication code, which means the card number never passes through to a merchant, eliminating the chance that the account number could ever be compromised through that merchant. It’s safer than using a card. It’s quicker than using a card, and clients don’t have to worry about cards getting lost or stolen.

Setting up the digital wallet properly is important. For complete instructions, click here, and feel free to reach out to a banker in the Client Care Center at 1.800.388.4380 for help with enrollment.

Web Bill Pay vs. automatic deductions with service providers, what’s safer, more efficient?

Web Bill Pay. It saves time and money. Web Bill Pay can be set up to make individual payments or recurring payments on pre-scheduled dates. Clients can access Web Bill Pay any time, and the system is available for both personal and business use. The service is free to clients who use it to pay a minimum of two bills per month. To learn more, click here.

A few more tips …

• To determine if a website is secure, look at the address. Secure sites always begin with https://”. The “s” indicates “secure.”
• Use caution when using an ATM that is not on bank premises. Always check for skimming devices by jiggling the piece on the machine where cards are inserted. If that piece comes loose, there is probably a skimmer on it. Skimmers are devices used by fraudsters to obtain card information so they can duplicate it and use it.
• Another sign that something is amiss: receiving an unexpected check, or a check in a higher amount than was expected, for an online sale. Chances are the sender is a fraudster. Never provide a bank account number or wire money back to the sender. If they’re asking for these things, it’s a scam.
• Do not respond to requests from anyone claiming to be the IRS or a debt collection company saying a debt may be paid by purchasing gift cards. It’s a scam.
• Change passwords to all online accounts every 60 days. Use something that’s hard to guess, which contains a combination of capital letters and numbers. Stay away from using the same password for everything, and don’t store passwords on computers or phones. Store them in a designated password notebook in a secure place where no one else knows about it or can access it.
• Don’t share debit cards with family and friends who are not named on the account.
• Be extremely cautious with online shopping and conducting online financial business in public places with public WiFi. Do this at home or using the secure WiFi at a Fidelity Bank office.

Questions?

Fidelity’s Client Care Center Bankers are here to help. For assistance, call 1.800.388.4380. The hours are Monday through Friday, from 8:30 a.m. to 6 p.m. and Saturday from 9 a.m. to 1 p.m.

Learn More

Fidelity Bank has built a strong history as a trusted financial advisor and continues its mission of exceeding client expectations through a unique banking experience. It operates 20 full-service offices throughout Lackawanna, Luzerne, Lehigh, and Northampton Counties, along with a limited production commercial office in Luzerne County and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and an array of personal and business banking products and services.