Thanks to technological advancements, banking has become simpler, faster and more convenient. Online and mobile banking both allow people to check their balances, pay bills, transfer funds, make credit card payments, remotely deposit checks and much more — anywhere, anytime. Applications and approvals for credit cards are now easier than ever. And with ATMs located on virtually every corner and cards accepted by most retailers, debit card purchasing has become second nature.
With the added convenience and flexibility come the need for additional customer protections. Here are some ways that banks help customers enjoy convenient banking with peace of mind.
Layered security protocol
As cyber criminals become more sophisticated, so do security strategies. We’ve outlined safe industry practices that help prevent banking fraud and protect customers.
Trained employees. Employees in the banking industry are required to sign confidentiality agreements and receive awareness training to keep sensitive data private and protected. In-depth, role-based training is given to those associates in a unique position to ensure security and privacy. Banks must also comply with all data security laws and take reasonable steps to ensure employees do as well.
Passwords. Online banking systems use a series of steps to confirm the identity of all customers who log into their accounts. After entering their online banking username, customers are prompted to enter their password. Customers have the option to register their computers or devices for an added layer of security.
Automatic logout. If a customer’s online banking session is left idle for a period of time, the system automatically logs them out. This helps prevent unauthorized users from accessing customers’ accounts if they forget to log out or leave their device unattended.
Firewall and SSL. In addition to multi-factor authentication, banks employ multiple layers of firewalls — special software designed to block malicious users, viruses, malware and other potential security threats. They also use Secure Sockets Layer (SSL), a standard security technology that encrypts information sent to and from our site. SSL ensures that all personal information — such as credit card numbers, social security numbers, bank account numbers and log-in credentials — remains confidential when sent between websites and your computer.
Internal and external monitoring. Vigilance is another key component of a multi-layered security strategy. Security teams perform daily monitoring of computer systems, looking for security violations and unwanted intrusion. Additionally, internal audit departments perform periodic IT audits of the computing environment to look for potential vulnerabilities. Lastly, banks are regularly audited by third parties to ensure proper security measures are in place and working as expected.
Security alerts. Customers are informed of the latest security measures and information to help prevent banking fraud. As part of no-cost mobile banking services, customers are often sent security text alerts to their devices and via email. If you have checking, savings or money market accounts with Nationwide and would like to receive these alerts, simply follow these steps to sign up for our mobile banking services.
Protection from credit and debit card fraud
Customers want to know they’re protected from credit and debit card fraud as well as online banking cybercrimes – and for good reason. Credit card crime is on the rise, impacting major retailers across the nation and making headlines. According to the Javelin Strategy & Research 2015 Data Breach Fraud Impact Report, an estimated 31.8 million U.S. consumers had their credit cards breached in 2014 – more than three times the number affected in 2013.
If you suspect credit card fraud: In the event of suspected credit card fraud, Nationwide works to minimize the impact on our customers. Nationwide customers can call 1-866-757-2720 anytime.
Once the fraud has been reported or detected, we immediately begin investigating the incident(s). During the investigation, the customer is not responsible for the disputed amount. If our investigation confirms fraud, the disputed amount will not be owed.
If you suspect debit card fraud: In the case of lost or stolen debit cards, a different process applies. To receive credit for unauthorized charges on a stolen debit card, the customer must report their card lost or stolen as soon as possible. Nationwide customers can call 1-877-422-6569 from 8 a.m. to 8 p.m. ET or 1-866-692-9366 after hours.
- If the loss or theft is reported before any unauthorized transactions, the customer has no liability.
- If the loss or theft is reported within two business days of learning of the loss or theft, the customer is liable for only $50.
- If the theft is reported more than 2 business days after the customer learns about the loss, but less than 60 calendar days after the statement showing the unauthorized transaction is sent, the customer may be liable for up to $500.
- If the loss or theft is reported more than 60 days after the statement showing the unauthorized transaction is sent, a customer could lose all the money taken from the ATM/debit card account. There could be even more losses if there are other accounts linked to the card.
After a customer reports unauthorized charges, we will provide instructions on where to mail a notice so provisional credit can be granted.