Proven cybercrime prevention methods include the following:

Understand how a threat can impact your financial institution and your accountholders, i.e. what kinds of crimes are covered, which aren't, and what needs to be done proactively and reactively to different kinds of attacks.
Educate employees and accountholders on how to spot a potential cyber threat and what to do when suspicious of an attack.
Complete an internal cyber risk assessment. Consider enlisting external support from qualified experts.
Validate any vendors with access to your data have recently performed a cyber risk assessment.
Confirm your business continuity plan includes cyber exposure response procedures.
Validate all layers of security controls in place for all systems and software applications.
Advise that your employees and members not open any attachment or click on any email from an unknown or unexpected source.
Lock your computer at all times when not in use and turn it off when not being used.
Utilize system intrusion monitoring and detection systems along with programs to detect malware.
Set daily dollar and transaction limits on the financial institution level and member account level.
Require a password/passcode on members' accounts to help prevent someone else from getting into the account.
Require a password/passcode prior to allowing outbound electronic funds, i.e. an ACH or wire.
Test/trial balances on A2A and P2P or any other type of electronic movement of funds.
Monitor passwords/passcodes, dollar limits, PINs or maintenance changes on accounts to spot early warning signs of phishing or identity fraud.
Enable multifactor authentication for account access or transaction requests posed in person, online or over the phone. The most effective authentication measures require all three of the following identifiers:
1. Something you know – password/passcode
2. Something you have – security token
3. Something you are – biometrics verification
Prepare, monitor and quickly react to a cyber event.
Utilize multiple layers of security to prevent system intrusions and transaction risks. Especially with your payment cards, confirm you have all of the card security layers in place and they are working effectively along with accountholder notification alerts.
Validate and confirm all of your third-party vendors have measures in place to prevent and manage cyber risks.
Adopt proven fraud prevention tools and security technologies – tokenization, end-to-end encryption and chip technology for payment cards.

At the end of the day, cybercriminals just want to put money in their pockets – no matter the means. These criminals will continue to find new ways to break past authentication layers from within and without. Make sure you are taking proactive measures to prevent these crimes, so you are prepared when – not if – another attack should come for your credit union or members.

Instant Insights /

Arming Your Employees and Members Against a Cyberattack

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