Security & Fraud
Customers Bank Security Measures
General Website Security
Security is top priority at Customers Bank. We are committed to keeping your customer information secure. We use a combination of state-of-the-art technology and methods to help to protect the security of your online session.
Secure Sign-on with Online Banking
The secure sign-on technology adds a layer of security for your personal and financial information while you are banking online.
CB Mobile Access from Customers has many built-in security features to ensure your account information is protected. These security features include authentication checks via strong passwords before access to account information is granted. Mobile Banking requires “256-bit” encryption technology for all communications. Personal or financial information is retrieved only when requested and is not stored on your phone – information is not at risk if your phone is ever lost or stolen.
Federal SBA Economic Injury Disaster Loan program (EIDL) Program Data Breach
Customers Bank is aware that the US Small Business Administration (SBA) experienced a data breach potentially exposing the confidential information of about 8,000 applicants to the Economic Injury Disaster Loan program (EIDL).
This is a federal program administered by the SBA with applications taken directly by the federal agency through a government-operated website portal. The data breach does not involve data collected by or retained by Customers Bank or other financial institutions.
According to published reports, the breach was discovered on March 25, 2020, and the SBA says it “immediately disabled the impacted portion of the website, addressed the issue, and relaunched the application portal.” Published sources report that the SBA has claimed “there were no signs that the information had been misused.”
The SBA is reaching out by letter directly to those applicants who might have been impacted.
The SBA EIDL program is separate from the SBA Paycheck Protection Program (PPP) and separate from the online portal Customers Bank uses to take PPP applications.
Be wary of any contact claiming to be about the breach. Under no circumstances would Customers Bank ever contact you by telephone, send you an email or text message, or written communication requesting that you validate or provide your online banking User ID and password, your social security number, account number, or date of birth.
Be sure to check your card account statements and online transaction records. If you identify any suspicious transactions, notify the bank.
Security Reminder: Identity Fraud Warning Signs
Millions of Americans fall victim to identity theft each year. This stolen information is often used by criminals to commit financial fraud, or to accrue unauthorized debt using the victim’s identity. The key to identity theft prevention is staying one step ahead of the criminals.
Helping you stay safe and secure.
These tips and indicators can help you spot potential identity theft.
- Check your financial account statements monthly. Verify that each charge or payment was authorized by you. Any unknown charge should prompt you to investigate further or to call your financial institution.
- Beware unknown medical bills: Victims of identity theft often end up with denied medical coverage due to maxed out insurance benefits. Stay alert for any medical bills charging for services you did not receive.
- Unexpected credit cards or unknown accounts. If you discover credit cards or unknown accounts opened under your name, call the account servicer immediately to inform them of the issue and to initiate cancellation. Regularly check our credit report for discrepancies.
- Missing mail. Stay vigilant for any missing monthly statements or bills. This can be an indicator that someone is pilfering your mail to collect information and steal your identity.
- Errors on your tax return: If you received official notification by mail from the IRS that more than one tax return was filed under your identity, contact the IRS immediately.
- Arrest warrants. In extreme cases, warrants for your arrest can also be an indicator of identity theft, revealing that your identity may have been used in criminal activity.
Security Connection: Who is responsible for keeping your financial information and data safe?
These days, just about everyone has been a victim of a data breach where their information was exposed or compromised and, in some cases, used to commit fraud. The proliferation of phishing scams and hackers have made the theft of information commonplace.
Whether the result of malicious parties, or in most cases an individual’s own doing (however unknowingly), the rate of victimization raises the stakes on a question we too often leave unanswered: who is ultimately responsible for monitoring and maintaining the safety of financial and personal data?Learn More
Don’t Be a Mule
FBI Joins International Campaign to Stop Money Mules
If it sounds too good to be true, it probably is. Fraud rings pay “mules” to open bank accounts to transfer and help hide money raised through drug- and human-trafficking. Helping commit this fraud is itself a crime. You can read more about the scam here:Learn More
Security Check: When it Comes to Mobile Banking, Data Safety Depends on You
It’s no secret that mobile banking has completely revolutionized how we, as consumers, manage our finances. From making deposits to checking balances to paying bills, we are increasingly performing our most fundamental banking tasks from the convenience of our mobile devices, 24 hours a day, wherever and whenever we please. In fact, mobile banking has nearly tripled in use – from 23 percent to 64 percent – among U.S. adults in just the past five years, reports ResearchandMarkets.com. According to a recent report from the financial services software provider Fiserv, the use of mobile services like digital wallet use, mobile bill-pay, and person-to-person (P2P) services isn’t just growing; it’s skyrocketing, with an average of nearly 50 percent growth compared to last year.
However, the security of mobile banking transactions remains a serious concern. While more than half of U.S. adults “want to be connected to the web at all times,” according to Fiserv, an equal percentage strongly distrust Internet security and privacy. It’s the greatest paradox of modern-day banking: how can we want the convenience of mobile banking, and be so afraid of it at the same time?Learn More