How to protect your bank account in wake of recent Data breaches

Pakistan witnessed the biggest data breach, this past week when Bank Islami became a victim of $6.5 million cyber-breach. However, recent shocking news from the FIA Cyber Crime Wing detector, Captain Mohammad Shoaib reveals that sensitive data from almost all major Pakistani banks were stolen in a recent security breach. This is an alarming news for the majority of Pakistanis as many Pakistanis are heavily dependent on their online transactions. We, here at Techjuice, have devised some precautionary measures that you should take in light of these cyber-security threats in order to ensure maximum protection.

Precautionary measures:

• Never reuse the same password on multiple websites. Even if it’s just two or three sites, it’s still not a good idea.
• Report any suspected fraud to your bank immediately.
• Use complex passwords and change them often (experts emphasize a lot on this step)
• Avoid using credit cards on shady and non-secure websites.
• Avoid sharing private information on the public internet, wifi hotspots etc.
• Monitor your financial accounts regularly for fraudulent transactions. Sign up for text or email alerts from your bank and if possible, do implement a two-step authentication method for certain types of transactions, such as online purchases or transactions of more than Rs10,000.
• Beware of phishing scams. Never give out personal financial information in an email or over the phone unless you have initiated the contact.
• Monitor your credit report. Order a free copy of your credit report every four months, and look for any unauthorized activity. Check with your bank or credit card issuer to see if it offers free access to at least some of this information

If the Data Breach happens:

1. If your account has been breached, or you’re worried this has happened, check if you’ve used the same password and security questions for accounts at other banks. If so, change those accounts immediately.
2. Call your bank and credit card issuers immediately so they can start working on closing your accounts and clearing your name.
3. Consider placing a victim statement in your credit report.
4. Make sure to maintain a log of all the contacts you make with authorities regarding the matter. Write down names, titles, and phone numbers in case you need to re-contact them or refer to them in future correspondence.