Yes, it’s the familiar question many of us get in today’s world of technology…‘Have you changed your password lately?’  Recognizing that it can be challenging to change passwords often it is however something that is necessary to help prevent financial fraud.

MutualBank is taking steps to help you protect your financial records accessible online.  In October of 2012 MutualBank Online Banking customers will be required to change their Online Banking passwords every 180 days.

Please consider changing your password now in order to get used to this new process.  As you change your password we ask that you follow the guidelines listed below in crafting your new password.

Online Banking Password Requirements

• Passwords must be at least 8 characters long but less than 17.
• Passwords must contain at least 1 number.
• Passwords must contain at least 1 alpha character.
• Consider using both upper and lower case alpha characters.
• Consider using special characters such as ‘!, @, $, %, etc.’.
• Do not use your name, date of birth, maiden name, mother’s maiden name, address, dictionary words, or other easily guessable words for passwords.
• Instead of writing a complete password down to remember it please consider only writing down a password hint that will help you remember and even then don’t leave this paper laying out in plain view.

If you need further assistance with changing your password please
call us at 800-382-8031.

Check out our Financial Education Center for more articles and calculators to help you live a better life!

Years ago people had A credit card... one, uno.  Rarely did people carry around two, four, six, ten, twenty plus cards in their wallet or purse.  Today, people do carry that many cards and don’t even realize it.  Take a look at all those card slots in your wallet. They’re full aren’t they?  Debit cards, credit cards, discount cards, membership cards, rewards cards, gift cards, and access cards.  I’m sure there are others, but that’s just a quick look through my Card Cubby.  Yes, I said ‘Card Cubby’. 

I have an official organizer for all of my cards and oh yes, they are alphabetized.  It’s a great invention and I receive complements all the time on what a great idea it is.  It’s an easy way to track all of my cards and a quick way to find out if I have a gift card to a store or find my discount card in line at the supermarket.  (Everyone behind me in line probably doesn't want to wait for me to dig through my Mary Poppins purse to find that little 1x2 inch card so I can save a few dollars.) 

Reviewing the transaction activity on your cards is just as important as knowing where your cards are.  Did you know that fraudsters can steal your card number and use it without actually having the card?  Logging into your online banking and credit card websites regularly, or at a minimum, reviewing your monthly statements can save you hundreds, if not thousands, of dollars in fraudulent charges. 

If you carry a zero balance on your credit cards, it’s still important to see if there has been any activity.  If you don’t have a balance that means there is more spending money available for the fraudsters.  (If you don’t recognize a merchant name, do a search online because it might be a parent company.)  It is important to contact the merchants where the fraudulent transactions are coming from and explain that they are fraudulent transactions.  Also, It is extremely important to contact your bank or credit card company to close your card.  Without closing your card and getting a replacement with a new number, fraudulent charges can continue to hit your account.

I login to my online banking and credit card websites weekly.  Last month I had $4,000 in fraudulent charges in Texas on a credit card I rarely use and was in my possession.  WOW!  I contacted the merchants and called my credit card company right away.  Because I didn’t wait to notify them, I’m not liable for the charges.  If I would have waited days, weeks, or months, I could have been liable for some or all of the $4,000.  When you notice fraud, don’t wait to take action.  The longer you wait, the more time fraudsters have to take your money. (And the greater chance you’ll have to pay for it.)

Having and using these cards make our lives on-the-go easier and more convenient.  We don’t have to worry about carrying cash; just swipe, earn rewards points, and go.  I couldn’t live without my debit card and don’t intend to stop using it any time in the future, especially with all the rewards points I earn.  And yes, I cash those points in for more gift cards to keep in my Card Cubby. 

We're serious about doing all we can to protect you from debit card fraud. MutualBank customers can call 800-382-8031 to report any instances of fraud or suspicious calls.

When you shop online do you know where you’re shopping?  According to the National Consumers League, online shopping is #3 for overall scams and #1 for Internet scams.  That would imply that online shopping is a very risky activity.  However, there are ways you can still shop online in a safe manner.

Following these guidelines can make your online shopping more secure:

• Use a low limit credit card for online shopping.  Your liability is $50 on fraudulent charges using your credit card.
• Know with whom you’re shopping.  Be leery of unknown or obscure shopping websites.
• Stick with well-known shopping sites from reputable retailers.
• If it’s too good to be true…it probably is.
• Look for the padlock.  Secure online shopping sites should use the SSL (Secure Sockets Layer) technology for securing online transactions.  You should see a padlock icon at the bottom or top of the browser status bars that you are using.
  
• Use anti-virus / anti-malware software on your PC.  This can prevent a virus infection if you happen to end up on a bogus shopping site.
• Make sure you use online banking to check your shopping activity and don’t wait for your statement to verify online shopping activity.
  (Side note: Have you signed up for MutualBank’s online banking?  Sign Up today!)

Remember that you are the best defense against online shopping fraud!  If you suspect that you have been scammed please call the MutualBank customer support at 800-382-8031.

Also please report any online fraud to Internet Crime Complaint Center.