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Enhanced Security Options

Several companies are offering advanced online protection to supplement the usual user name and password login. Though some of them may seem inconvenient they reduce the likelihood of someone swiping your login credentials.

Many online institutions use analysis tools to monitor online behavior. Any deviance from normal usage is a reason to suspect fraud. For example, if all of a sudden thousands of dollars are being rung up in a city you have never visited (i.e. no record on your charge card) this would set off an alert. I have had this happen twice but fortunately it was me making the charges. I am glad the credit card company called though.

Though not a panacea, using a secondary device for authentication is a very good way to mitigate online break-ins.

Fraud Detection

Behavior Analysis

State-of-the-art behavioral analysis tools learn your typical behaviors when you do business with the company online.  History shows that users typically follow predictable patterns and deviations from these patterns may be reason to suspect fraudulent activity.  When deviations are detected we may ask you to authenticate yourself again, even though you may have already provided your login credentials.

Generally if there have been recent changes to your contact information, e-mail, phone or mobile number, these options will not be available to you at the time of challenge and a phone call to the banking institution is necessary.

Security Levels

Typically analysis software can be set to various behavior analysis. The higher the security level the more phone calls or messages you will receive.

How to use your secondary device

Every time an anomaly is detected, one of the additional authentication options is used. If you select SMS/Mobile Device or Phone Pin Authentication, before you are allowed to see any account information,  a code is sent to your mobile device or phone number on file. The  code must be entered before continuing an online transaction.

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