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Online Banking Security

 
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How can I protect myself against online banking fraud?

Online banking fraud occurs when a criminal uses your details to access your online banking account and removes funds from your account.

Access to your logon details is usually made possible by capturing them via hoax emails or viruses & malware.

To protect our members we review our merchants on an ongoing basis, recommendations have been made by ASIC to decline all transactions from unlicensed operators. See ASIC website for more information.

The following tips will help protect you against online banking threats:

  • Ensure you have current anti-virus and anti-spyware software installed on your computer and mobile devices, and keep it up-to-date.
  • Never divulge your password or Web Access Code (WAC) to anyone.
  • If you’ve accidentally given out any personal information, change your online banking password immediately and report it to us on 133 282.
  • Always type CUA’s web address (www.cua.com.au) into your browser when using online banking. Never use a link that has been sent to you by email as this may lead to fraudulent or malicious websites.
  • Always log out from your online banking session when you’ve finished and remember to close your browser.
  • Make sure you’re using the latest operating software on your computer and mobile devices. To check if a software update is available for your iPhone or iPad touch, go to: Settings > General > Software Update. On Android devices, go to: Settings > About Device > Software Update > Update.
  • Regularly check your account balances and immediately report any discrepancies to us.
  • Set Alerts in Online banking. This can be found under the services section and enables you to set alerts to be notified by SMS or email on a range of account activities which help you identify if any fraudulent activity occurs. Find out more about online banking alerts
  • Set your Security Questions Online banking which can be accessed from the services section. This adds an additional level of security when you have forgotten or locked your WAC and need to reset it.
  • Notify us as soon as possible when you change your address or contact details, by visiting your local CUA branch or calling us on 133 282.
  • Never reply to any emails asking for personal or account information, especially purporting to be from a financial institution. CUA will never send you an email asking you to confirm account access details. Please take a screen shot of this email and send to us at fraud.prevention@cua.com.au.
  • Change your online banking Web Access Code (WAC) on a regular basis.
  • You can set up some of the security features, including alerts, that are available in online banking by clicking on one of the menus listed under the ‘Services’ section on the left-hand-side navigation bar. These menus will allow you to make the following updates to your account:

Personal Details: allows you to update your personal information like your email address or mobile number. To update your personal details, you’ll be asked to enter the security code sent to your previously registered email address or mobile number.
Change WAC: allows you to change your Web Access Code (WAC).
Alerts: allows you to be notified by SMS for a range of alerts.
Reorder Cheque Book: allows you to reorder your cheque books via a preformatted order form which is sent via secure email to CUA Direct.

There are many more important safeguards that you can take to protect you and your family against fraud. The Australian Government has an excellent website that provides detailed information on online safety and security - visit Stay Smart Online.