Consumers Find Convenience, Security in Digital Wallets

Thursday, July 13 at 10:00 AM
Category: Personal Finance

It’s no secret mobile phones serve consumers as more than just a communication device these days.

Smartphones alternate as cameras, navigation tools, encyclopedias and other resources on a daily basis. And as digital devices offer more and more, the more irreplaceable they become to those same consumers.

Enter the digital wallet of the 21st century. Payment options like Apple Pay™, Android Pay™ and Samsung Pay are increasing in popularity among the digital consumer. This means more and more smartphones also are alternating as wallets for many consumers.

This is especially true among Millennials. According to an August 2016 study published in The Financial Brand, 21 percent of these digital natives don’t carry or use cash for purchases, and 53 percent choose to pay only by debit or credit card. The shift in payment preferences is also growing among consumers of other age groups, as they become more familiar with the benefits of using a digital wallet.

Arvest Bank believes mobile payments are an easier and safer form of payment than most consumers realize, and digital wallets have the potential to be the dominant form of payment in the future, although cash and credit will always be options.

The biggest advantage of the digital wallet is convenience. Consumers can leave their traditional wallets at home and use a mobile payment option for everything from ordering coffee to shopping to ride sharing.

The potential for identity theft gives wary consumers pause when it comes to trusting technology with their money, but financial experts say contactless payments are more secure than using cash or a debit or credit card. Whereas cash can be lost or stolen, and debit or credit cards can be compromised, digital wallets offer multiple layers of protection against identity theft.

A customer’s account number that is stored in a digital wallet is never shared with the merchant. Instead, the technology in the phone produces a different code for every transaction, greatly lowering the chance for identity theft. Many digital wallets also require a password or fingerprint to authorize and finalize payment, which is added security in the event a phone is lost or stolen.

Integration with pre-existing loyalty and coupon programs is another driver of mobile payment adoption, and web-based data and statistics company Statista projected mobile payments to rise from less than $10 billion in 2015 to more than $300 billion in 2020 in a recent report.

Similar to mobile phones, digital wallets are becoming more comprehensive in what they offer. As consumers increase their adoption and fuel broader integration among retailers, the future of the digital wallet could expand well beyond users’ expectations.

Tags: Financial Education, Mobile Banking, Technology
 

Android Pay™ and Samsung Pay Now Available!

Thursday, June 29 at 01:30 PM
Category: Arvest News
Android and Samsung users, the wait is over! Using your Arvest Bank debit card just became easier. 

Enjoy all the benefits and security of your Arvest Bank debit card while using Android Pay and Samsung Pay where it is accepted — simple, secure and private ways to make purchases right from your Android phone** and Samsung phone***.

Simply download the Android Pay app* or Samsung Pay app* (if you can’t find it already pre-installed on your device), snap a photo of your debit card and place your unlocked device near a contactless terminal to make purchases at a number of locations. Check out where you can use Android Pay* and where you can use Samsung Pay*.
 
If you have additional questions you can use Ask Arvest, visit Google’s Android Pay Help Center*, visit Samsung’s website*, visit our Android Pay web page and visit our Samsung Pay web page for details.

Start enjoying Android Pay and Samsung Pay today!

**Android Pay
 is only compatible on Android devices that are NFC- and HCE-enabled and run KitKat 4.4 or later. Android, Android Pay, and the Android Logo are trademarks of Google Inc. The Android Robot is reproduced or modified from work created and shared by Google and used according to terms described in Creative Commons 3.0 Attribution License.

***Galaxy S7 edge, Galaxy S7, Galaxy S6 edge+, Galaxy Note5, Galaxy S6 edge, Galaxy S6 active, Galaxy S6, Gear S2 (Beta with NFC only), and Gear S3 and other select devices.* Samsung Pay, Samsung Galaxy (and other device names) are trademarks or registered trademarks of Samsung Electronics Co. Ltd.

Google Play is a trademark of Google Inc. 

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.  
 
Tags: Technology
 

Tech Support Scams

Monday, April 17 at 09:35 AM
Category: Personal Finance

In a recent twist, scam artists are using the phone to try to break into your computer. They call claiming to be computer techs associated with well-known companies like Microsoft. They say that they’ve detected viruses or other malware on your computer to trick you into giving them remote access or paying for software you don’t need. But the purpose behind their elaborate scheme isn’t to protect your computer – it’s to steal your identity or/and to make money.

How Tech Support Scams Work
Scammers have been peddling bogus security software for years. They set up fake websites, offer free “security” scans*, and send alarming messages to try to convince you your computer is infected. Then, they try to sell you software to fix the problem. At best, the software is worthless or available elsewhere for free. At worst, it could be malware — software designed to give criminals access to your computer and your personal information.
 
The latest version of the scam begins with a phone call. Scammers can get your name and other basic information from public directories. They often try to gain your trust by pretending to be associated with well-known companies or confusing you with a barrage of technical terms. They may ask you to go to your computer and perform a series of complex tasks. Sometimes, they target legitimate computer files and claim they are viruses. Their tactics are designed to scare you into believing they can help fix your “problem.”
 
Once they’ve gained your trust, they may:
  • Ask you to give them remote access to your computer and then make changes to your settings that could leave your computer vulnerable.
  • Try to enroll you in a worthless computer maintenance or warranty program.
  • Ask for credit card information so they can bill you for phony services — or services you could get elsewhere for free.
  • Trick you into installing malware that could steal sensitive data, like user names and passwords.
  • Direct you to websites and ask you to enter your credit card number and other personal information.
Regardless of the tactics they use, their purpose is to steal your identity or/and to make money.

If You Get a Call
If you get a call from someone who claims to be a tech support person, hang up and call the company yourself on a phone number you know to be genuine. A caller who creates a sense of urgency or uses high-pressure tactics is probably a scam artist.
 
Keep these other tips in mind:
  • Don’t give control of your computer to a third party who calls you out of the blue.
  • Do not rely on caller ID alone to authenticate a caller. Criminals spoof caller ID numbers. 
  • If you want tech support, look for a company’s contact information on their software package or on your receipt.
  • Never provide your credit card or financial information to someone who calls and claims to be from tech support.
  • If a caller pressures you to buy a computer security product or says there is a subscription fee associated with the call, hang up. If you’re concerned about your computer, call your security software company directly and ask for help.
  • Never give your password on the phone. No legitimate organization calls you and asks for your password.
  • Put your phone number on the National Do Not Call Registry*, and then report illegal sales calls*.
If You’ve Responded to a Scam
If you think you might have downloaded malware from a scam site or allowed a cybercriminal to access your computer, don’t panic. Instead:
  • Get rid of malware*. Update or download legitimate security software and scan your computer. Delete anything it identifies as a problem. 
  • Change any passwords you gave out. If you use these passwords for other accounts, change those accounts, too.
  • If you paid for bogus services with a credit card, call your credit card provider and ask if they can reverse the charges. Check your statements for any other charges you didn’t make, and ask to reverse those, too.
  • If you believe someone may have accessed your personal or financial information, visit the FTC’s identity theft website*. You can minimize your risk of further damage and repair any problems already in place.
  • File a complaint with the FTC at ftc.gov/complaint*.
How to Spot a Refund Scam
If you paid for tech support services, and you later get a call about a refund, don’t give out any personal information. The call is almost certainly another trick to take your money.
 
The refund scam* works like this: Several months after the purchase, someone might call to ask if you were happy with the service. When you say you weren’t, the scammer offers a refund. Or, the caller may say the company is going out of business and providing refunds for “warranties” and other services.
 
In either case, the scammers eventually ask for a bank or credit card account number. Or they ask you to create a Western Union account. They might even ask for remote access to your computer to help you fill out the necessary forms. But instead of putting money in your account, the scammers withdraw money from your account. If you get a call like this, hang up, and report it at ftc.gov/complaint*.

Conclusion
You don’t need to be a victim of a tech support scam. Learn how these scams work, so you can detect them for what they are and protect yourself.

Information courtesy of Federal Trade Commission Consumer Information.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.  

Tags: Consumer Protection, Financial Education, Fraud Alert, Privacy and Security, Technology
 

Android Pay and Samsung Pay Compatibility Delayed

Tuesday, November 22 at 08:00 AM
Category: Arvest News

Android Pay and Samsung Pay availability to Arvest debit and credit cardholders has been delayed. Arvest is not able to move forward with the launch of Android Pay and Samsung Pay until our card processing partner completes its work. At this time we do not have a release date. We understand this is disappointing for you, our valued customers, and for us. We apologize for previously communicating Android Pay and Samsung Pay would be ready in late 2016.

Once Android Pay and Samsung Pay are available we’ll announce it on Facebook and Twitter

We’re sorry for this delay and are anxious to bring this capability to our customers.
 
Tags: Mobile Banking, Technology
 

Arvest ATMs Read Chip-enabled Cards

Tuesday, October 25 at 09:30 AM
Category: Arvest News

All Arvest Bank ATMs now read chip-enabled debit cards. The ATMs’ physical appearance has not changed, but the process to conduct transactions has changed slightly.

Now your debit card will remain in the ATM during your transaction. The ATM will eject your debit card before cash is dispensed or after the completion of a balance inquiry, transfer or deposit. If you want to conduct another transaction, you will need to reinsert your debit card. 

For your protection, if you forget your debit card in the ATM, then the ATM will capture the card, and it will be destroyed by the bank, rather than be left in the dip reader. If you have left your debit card at an Arvest ATM, please contact your local branch or call customer service at (866) 952-9523 to order a new card.

If you have questions about chip-enabled debit cards, check out our frequently asked questions. If you need ATM assistance, please call (866) 952-9523. 

Blog updated by Blog Admin on 10/25/16 to reflect ATM changes are now here.

Tags: ATM, Technology
 

Businesses – Beware of Ransomware

Wednesday, June 08 at 06:55 AM
Category: Business Banking

Ransomware is a form of malware that targets both human and technical weaknesses in organizations in an effort to deny the availability of critical data and/or systems. When the victim organization determines they are no longer able to access their data, the cyber actor demands the payment of a ransom, at which time the actor purportedly provides an avenue to the victim to regain access to their data. Recent iterations target enterprise end users, making awareness and training a critical preventative measure.

Infection Vectors
Ransomware is frequently delivered through phishing emails with malicious attachments or/and links. Early ransomware emails were often generic in nature, but more recent emails are highly targeted to both the organization and individual, making scrutiny of the document and sender important to prevent exploitation.

While the FBI normally recommends organizations invest in measures to prevent, detect, and remediate cyber exploitation, the key areas to focus on with ransomware are prevention, business continuity, and remediation.

Prevention Considerations
  • Focus on awareness and training. Since end users are targeted, employees should be made aware of the threat of ransomware, how it is delivered, and trained on information security principles and techniques.
  • Patch the operating system, software, and firmware on devices. 
  • Ensure anti-virus and anti-malware solutions are set to automatically update and regular scans are conducted.
  • Manage the use of privileged accounts. Implement the principle of least privilege. Those with a need for administrator accounts should only use them when necessary.
  • Disable macro scripts from office files transmitted via email. 
  • Implement software restriction policies (SRP) or other controls to prevent the execution of programs in common ransomware locations.
Business Continuity Considerations
  • Regularly back up data and verify its integrity.
  • Secure your backups. Ensure backups are not connected to the computers and networks they are backing up.
Other Considerations
  • Implement application whitelisting. 
  • Use virtualized environments to execute operating system environments or specific programs.
  • Categorize data based on organizational value, and implement physical/logical separation of networks and data for different organization units. 
  • Require user interaction for end user applications communicating with websites uncategorized by the network proxy or firewall. 
The Ransom
The FBI does not advocate paying a ransom to an adversary. Paying a ransom does not guarantee an organization will regain access to their data. Paying a ransom emboldens the adversary to target other organizations for profit and provides a lucrative environment for other criminals to become involved. 
 
Finally, by paying a ransom, an organization is funding illicit activity associated with criminal groups, including potential terrorist groups, who likely will continue to target an organization. While the FBI does not advocate paying a ransom, there is an understanding that when businesses are faced with an inability to function, executives will evaluate all options to protect their shareholders, employees and customers.

In all cases, the FBI encourages organizations to contact their local FBI Cyber Task Force immediately to report a ransomware event and request assistance. The FBI works with federal, state, local and international partners to pursue cyber actors globally and assist victims of cyber crime. Victims are also encouraged to report cyber incidents to the FBI’s Internet Crime Complaint Center*.
 
Information courtesy of the Federal Bureau of Investigation – Cyber Division. 

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Tags: Arvest Biz, Business Banking, Privacy and Security, Technology

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