PYRAMAX BANK OFFERS SAFETY TIPS FOR ONLINE BANKING
MILWAUKEE, (March 25, 2010) – From bricks and mortar and drive-thrus to ATMs and PCs, over the last few decades, there’s been quite an evolution in banking to provide better service to its customers. Today, nearly 70 percent of American’s have access to a computer either at home or work, and now mobile banking is allowing banks to provide even more sophisticated banking
With every advance, come new concerns over online safety and protection against identity theft. It is a big concern for community banks like PyraMax Bank, in Milwaukee, where security issues are always top-of-mind for bank officers.
“Fraud is the number one fear among our clients,” says Karen Murphy, senior vice president of retail banking at PyraMax Bank. “We’ve spent a lot of time building security to protect our bank against hackers, but we also make special identity protection products available to all of our checking clients to safeguard them against fraud.”
Murphy adds that people are only as smart as the information they are given, so PyraMax recommends that every online or mobile banking customer use the following best practices when banking online.
Murphy recommends that individuals opening new checking accounts look for banks that offer identity theft protection. PyraMax offers a product called ID Guard to every checking client that is free for six months. After that, there is a minimal charge of $4.95 per month. The program keeps a record of every credit card and will send clients a notice from Credit Bureaus when someone looks at the client’s credit information. There’s also support available 24/7 if any ID is stolen, and insurance that will reimburse clients up to $1,000 when a claim is verified with a police report.
Anyone who has had their identity stolen knows it can take 14 to 18 months to restore their credit. It pays to know about online security particularly when banking online or by phone. The next evolution in banking may already be unfolding in products like the iPad and, although further out there, with continuing research in biometrics.
PyraMax Bank is a federally chartered Mutual Savings Bank. With $499,207,101 in assets and nine locations in southeastern Wisconsin, including Franklin, Greenfield, Milwaukee, Mukwonago, Muskego, South Milwaukee, Third Ward, Waukesha and West Allis, PyraMax offers the unequaled power of local decision making.