System-defined security questions Your bank might use system-defined questions when you call to speak to a representative about your account. Because your bank has a wealth of your personal and financial information readily available, system-defined questions are easy to facilitate.
Security questions are part of a verification process meant to ensure the safety of your user account. They are also used to identify you if you forget your password and cannot access your account.
Before taking any action, think back on the communication you've had when calling bank representatives. They might ask you to confirm your name, address, last four digits of your Social Security number or to provide details of a recent transaction you've made.
Most banks get their security questions from a company called RSA. Marc Gaffan, RSA's director of product marketing, says 70 to 80 percent of American banks—including Bank of America, Wachovia, ING, Washington Mutual, and Vanguard—use RSA's Adaptive Authentication program.
Authenticating your identity without a hitch. Before you dial the number, make sure you have all the information you might need on the call: the name the account is under, credit card number, ATM personal identification number (PIN), last four digits of your Social Security Number (SSN), etc.
Be wary of any calls, texts or emails purporting to be from your bank, the police or a telecoms company asking for personal or financial details, or for you to transfer money. Remember that a genuine bank will never call you out of the blue to ask for your PIN, full password or to move money to another account.
Protect your Confidential Information.
Your bank will never ask for your account number, social security number, name, address or password in an email or text message.
Usually, a security question is asked as a secondary measure to verify your identity when attempting to gain access to a private account. Its purpose is to add an extra layer of security, assuming that an unauthorized user will not answer correctly and be denied entry.
Security questions are used as an additional form of authentication when you log in to Online Banking with your Online ID and password. You will set up your security questions at enrollment and they can be updated any time while you are logged in.
Here are examples of some common security questions:
What high school did you attend? What was the name of your elementary school? What was the make of your first car? What was your favorite food as a child? Where did you meet your spouse?
To verify a bank account of a customer, financial institutions will request information like the account holder's name, bank account number, and routing number. They'll check these details against other customer documentation to ensure that there are no inconsistencies.
SIM Swapping: In this sophisticated attack, the hacker convinces your mobile carrier to port your phone number to a new SIM card, which they control. They can then bypass multi-factor authentication, receive confidential bank alerts, and even reset banking passwords.
If you receive a suspicious phone call, hang up immediately, and if you receive a suspicious text, don't respond. Contact the company directly, using verified, legitimate sources such as a phone number on their website or app, before taking any further action.
Bank tellers can technically access your account without your permission. However, banks have safety measures in place to protect your personal data and money because account access is completely recorded and monitored.
Answers to security questions
If you're asked a security question and you: Don't remember the answer: Take your best guess. Know the answer but didn't recover your account on your first try: Consider a different variation of the answer. For example, try "NY" instead of "New York" or "Phil" instead of "Philip."
Banks have a statutory obligation to identify and know their customers. In addition to personal details, the bank must have sufficient information on the customer's business, financial position and origin of funds. All information you give us is treated confidentially in accordance with the regulations on bank secrecy.
Security questions are vulnerable to exploitation because they rely on knowledge—if an attacker guesses, researches, or phishes a security answer, for instance, the account is compromised. Not even the best security questions are immune to these attacks.
Tell me about yourself and the skills, qualities and experience you have that will be a perfect match for the role of Security Officer? SUGGESTED ANSWER: “I am a hard-working, professional and resilient person who fully understands the high levels of responsibility that come with the role of Security Guard/Officer.
A three-question check comprehensively tests a caller's identity. Most call centres ask for an account or reference number, then the customer's name, and then their address, postcode or date of birth. The question asked as the third part of such a check may vary depending on the business of the contact centre.
Answer #2:
They want your information. Don't respond to email, instant messages (IM), texts, phone calls, etc., asking you for your password or other personal information. You should never disclose your password to anyone, even if they say they work for UCSC, ITS, or other campus organizations.
Never give out your PIN, 16-digit card number, card expiry date or CVV unless paying for something from a trusted vendor. These details can be used by fraudsters to access the funds in your account.
Key Takeaways. The Volcker Rule prohibits banks from using their own accounts for short-term proprietary trading of securities, derivatives, and commodity futures, as well as options on any of these instruments.
Is it Legal for Banks to Ask Where You Got Your Money? Yes. Most banks value their customer's privacy, but they also want to ensure that the money they receive is not acquired through illegal means. This is why they monitor your account's inbound and outbound transfers to check if there are money laundering red flags.