The Hidden Layers of Bank Security: How Banks Protect You and Your Data

As you scroll through shopping sites and encounter unfamiliar retailers, be sure to pause before entering your payment information. As we enter Cybersecurity Awareness Month, it’s important to follow safe online practices like complex passwords, multi-factor authentication, keeping your software up to date, and staying alert for scams.

While you do your part to keep your information safe, it’s equally important for your bank to do the same. Financial institutions have access to some of your most sensitive information—social security numbers, account information, and, of course, your money. Here are some key questions to ask your bank about security, and the practices to look for:

Are my transactions secure from start to finish?

Any online banking or payment session should be encrypted from the moment you log in until the moment you log out. Encryption scrambles your data so it can’t be intercepted. Look for providers that clearly state their use of Transport Layer Security (TLS) or similarly strong encryption protocols.

What happens if someone tries to access my account?

Today, passwords alone are no longer enough to keep your accounts safe. Choose a provider that uses Multi-Factor Authentication (MFA). This adds an extra step, like a code sent to your phone or email, to verify your identity. Even if someone gets your login credentials, MFA can help keep them out. That extra step can make all the difference.

How will I know if something suspicious happens?

Time is of the essence. Identifying early signs that something is wrong is key to keeping your finances safe. Many financial institutions offer real-time alerts via text, email, or phone whenever unusual activity occurs. This gives you the chance to act fast if fraudsters strike.

Who is watching for fraud behind the scenes?

While alerts are helpful, it may still be difficult to monitor every transaction yourself. That’s why many banks and payment providers have dedicated anti-fraud specialists working to identify unusual activity, freeze accounts when needed, and guide customers through recovery steps. By having around-the-clock surveillance, your bank can mobilize quickly to reduce the impact of a breach.

How You Can Help

Fraud prevention is a team effort. Staying informed and practicing safe online habits can go a long way toward protecting your information.

• Only shop or bank on secure networks. Look for “HTTPS” in website addresses, avoid public Wi-Fi for transactions, and never click on suspicious links or pop-ups.
• Keep your software up to date. Make sure your antivirus, operating system, and web browser update automatically to close security gaps.
• Use strong, unique passwords. Create complex passwords for each account and avoid reusing them, especially for banking or payment services.
• Keep your online data in a secure place. Whether it’s in the cloud or on a desktop computer, keep it encrypted. Check your PC or Mac documentation for information on setting up file and disk encryption.
• Monitor your accounts. Set up transaction alerts or check your statements frequently to spot unusual activity quickly.

Building Trust in a Risky Season

Banks must proactively address emerging threats rather than simply responding to them after they occur. As scammers evolve, WSFS ensures our clients benefit from the latest protections year-round.

To learn more about the eight ways WSFS Bank keeps you and your money safe, visit wsfsbank.com/security.