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Fraud is on the rise, and the number of attempts to trick people out of their money or personal information definitely increases as the holiday season comes into full swing. It’s easy to let your guard down when you get busy shopping and entertaining.

KeyBank partners with you to protect your money and your personal information, and offers the following tips and reminders for a joyous holiday season for all.

What you should do:

  • Monitor your accounts regularly and report anything suspicious. Fraudsters often try small dollar transactions to test the waters. If that is successful, they will move onto larger dollar transactions.
  • Be mindful of what’s posted about you on social media sites – including the games you play that require access to your contacts and other information. Fraudsters use this type of information to impersonate you (e.g., answer your challenge questions).

What we do:

KeyBank is focused on meeting and exceeding our clients' expectations with convenient and secure solutions adapted to today’s evolving user population. Using a layered approach helps ensure your online accounts are safe. Since no one method is completely fool-proof, layering allows multiple security controls to be in place at the same time in case one happens to fail.

Security controls currently in place:

  • Multi-factor authentication* (MFA) guards the "front door" of online banking applications. (* requires the user to provide something that only they should know, like a password; and something that the user has in their possession, like the unique ID of the computer you’re using at the time of signing in.)
  • Knowledge-based questions used to validate high risk transactions (e.g., ACH and wire transfers that are out of the ordinary pattern for a client) pulled from public records (e.g., what bank holds your mortgage?, what color was the Dodge Charger that you owned?) Increased number of challenge (security) questions with more effective use of them throughout the application.
  • Behind the scenes monitoring to help ensure it is really you logging in from a typical place, consistent time of day, type of transaction, and dollar amount.
  • Out of Band Authentication; a unique one-time-use passcode that is sent to you via phone or text message so that you can enter it into the online banking session.

As you prepare to spend the holiday season with family and friends:

Keep in mind that you may be a target in the eyes of hackers and cyber criminals. Pay attention to unsolicited email messages with links, telephone calls, and text messages that requests information about your KeyBank accounts.

Look for suspicious activity regarding your KeyBank accounts, and other financial information and talk to your Relationship Manager if something seems amiss. If you believe your account has been compromised, immediately contact KeyBank's Fraud Hotline at 800-433-0124.

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