|CUSTOMER EDUCATION SERIES|
|Online Banking Security
In the past year, the financial services industry witnessed a significant increase in malicious attacks. Depending on the type of virus or malware, fraudsters may have access to sensitive financial information, personal credentials (username and passwords) and possibly tamper with transactions.
To help our customers combat this type of fraud, East West Bank provides a complimentary application called Trusteer Rapport. Trusteer Rapport provides instant PC, Mac and mobile device anti-fraud protection against financial malware (e.g. Zeus, SypEye, Timba, Carperb, Shylock, and others) as well as phishing attacks.
We encourage our customers to adopt multiple layers of security, involving operational procedures, system controls, Trusteer Rapport, and other security software to achieve as comprehensive security protection as possible; as no single system or service is completely effective in mitigating these types of risks. Please review the below best practices to help safeguard and strengthen your business against financial fraud.
ACH & Wire Transfers
- Verify payment information with sender when notified via email
- Numerous fraud cases were reported industry wide where the payment sender received false payment instructions from fraudsters causing the funds to be rerouted to the fraudsters account and not the customers.
- By calling the email originator, you can confirm payment instructions are accurate.
- Implement dual control to initiate and release funds transfers
- Where two employees and respective dedicated banking computer is required to complete the transfer of funds.
- Establish appropriate company and/or user dollar limits, limiting the exposure in case of unauthorized attempts.
- Promptly review Wire, ACH or other transaction confirmations, as well as daily account activity and make sure you recognize them. Notify the Bank immediately at (888) 761-3967 if you notice any discrepancy or error.
Standard (Must-Have) Best Practices
Whether you have standard online banking or our payment services, please also consider the below best practices into your business operations.
- Maintain current versions of antivirus and antimalware protection
- Download Trusteer Rapport from East West Bank's website on all devices used to connect to your online banking system for enhanced security.
- Maintain current version of antivirus software, run virus definition updates and scan on a regular basis.
- Utilize a dedicated computer for performing banking transactions with restricted internet access limiting the potential for the computer to be infected with viruses.
- Utilize dual control for user administration
- Require approval by second user to ensure validity of new or changed user access.
Other Recommended Best Practices
- Banking personnel will not ask for and never disclose password and token codes.
- Do not respond to any messages requesting the following information:
- Online banking credentials (user id and passwords)
- Personal information (social security number, business TIN, mother's maiden name, and etc)
- Bank account, credit card or ATM card numbers
- Do not share online banking credentials.
- Enhance your password security by making your passwords longer, with combinations of upper and lowercase letters, numbers and symbols.
- Avoid clicking on embedded links in emails sent from unknown individuals or web sites you do not use on a regular basis. That usually leads to downloading the virus.
- Check for signs that the webpage is secure - a web address starts with "https" and a closed padlock for example.
- Review employees' user online banking access periodically and remove former employees immediately.
- Monitor your bank account and activities on a daily basis and contact the bank if you see any unauthorized or unusual activities.
If have additional questions or would like more information on Trusteer Rapport, please contact our Treasury Management Services at (888) 761-3967, Monday through Friday from 6:00 a.m. to 7:00 p.m. Pacific Time, or email us at Please contact Commercial Banking Customer Service at (888) 761-3967, Monday through Friday from 6:00 AM to 7:00 PM PT, or email us at firstname.lastname@example.org.