The IFCU Blog

In today’s digital world, the convenience of online banking and mobile apps has completely changed how we manage money. Members can access their accounts with a few taps on their smartphone or clicks on a computer. While this accessibility is a major benefit, it also comes with responsibility—and risks.

Fraudsters are more sophisticated than ever, and your personal computer or mobile device can be their easiest way in. Credit union members, just like those at large banks, are targets. One of the most overlooked but critical steps to preventing fraud is ensuring that your computer system and software are up to date.

This blog post will explain why keeping your software updated is crucial, how cybercriminals exploit outdated systems, and what you can do today to keep your personal and financial information secure.

Why Credit Union Members Need to Pay Attention

Credit unions, known for their community focus and personalized service, also rely on technology to serve their members. Most members enjoy online banking, mobile apps, eStatements, and digital payments. But here's the thing: using these tools on an unprotected or outdated device is like locking your front door but leaving a window wide open.

Cybercriminals know that people are often slow to install updates or ignore security warnings. That’s why outdated software becomes a perfect entry point. Once they access your device, they can capture usernames, passwords, account numbers—even take over your online banking session.

Credit union members often assume that fraud prevention is the sole responsibility of the financial institution. While credit unions do a great deal behind the scenes to protect your account, it’s a shared responsibility. Think of it like this: your credit union locks the vault, but your computer is the key. If your key is weak or broken, you’re giving criminals a way in.

How Outdated Software Opens the Door to Fraud

Every software update you see—whether it’s for Windows, MacOS, your web browser, or a mobile banking app—includes improvements. But more importantly, these updates fix “security vulnerabilities.” These are weaknesses that hackers can exploit to gain unauthorized access to your system.

Here are a few ways outdated systems put you at risk:

1. Unpatched Security Flaws

Software developers frequently discover bugs or security holes in their programs. Hackers are always on the lookout for these flaws, and once one is discovered, they race to exploit it. If you haven't installed the latest updates, you’re using software with known issues—and that’s like leaving your door wide open.

2. Incompatible Security Software

Your antivirus, anti-malware, and firewall tools often require the latest operating system to work effectively. If your OS is outdated, these tools may stop working correctly, or leave gaps that hackers can slip through.

3. Phishing & Spoofing Scams

Outdated browsers or email clients may not recognize or block the latest scams. You may click on a fraudulent link or download a malicious file without any warning because your software doesn’t know it’s a threat.

4. Keyloggers & Malware

Cybercriminals use malware to record your keystrokes, steal your login credentials, and monitor your activity. Older operating systems and apps are easier to infect with malware, giving criminals a front-row seat to your financial activity.

What Can Happen If You Don’t Update? Real Consequences

Unfortunately, when fraud strikes, it can be devastating. Some common outcomes of computer-based fraud include:

• Unauthorized transfers or withdrawals from your account
• Identity theft leading to new lines of credit or banking accounts opened in your name
• Locked or frozen accounts due to suspicious activity
• Hours spent restoring access, filing fraud reports, and replacing cards
• Damaged credit scores due to fraudulent activity
• Emotional stress and a loss of trust in digital banking

The good news is that many of these issues are avoidable with a few simple, proactive steps.

Your First Line of Defense: Keep Everything Updated

The most important thing you can do today is enable automatic updates on your devices. Here’s how:

For Computers (Windows and Mac):

• Windows: Go to Settings > Update & Security > Windows Update. Turn on automatic updates.
• Mac: Open System Preferences > Software Update. Select “Automatically keep my Mac up to date.”

For Web Browsers (Chrome, Firefox, Edge, Safari):

• Make sure your browser is set to auto-update. Most modern browsers do this by default, but you can also check for updates manually in the settings.

For Mobile Devices:

• On iPhones, go to Settings > General > Software Update > Automatic Updates.
• On Android, go to Settings > System > System update, and turn on auto-updates.
• Also make sure your mobile banking app is updated via the App Store or Google Play.

For Antivirus Software:

• Open your antivirus dashboard and make sure it’s set to auto-update. Set reminders to run a full system scan regularly.

Other Smart Security Tips for Credit Union Members

Keeping your system up to date is the foundation, but here are a few more habits that help you stay secure:

1. Use Strong, Unique Passwords and Never Share:
   Avoid using the same password across multiple accounts. Use a password manager to generate and store complex passwords. Never enable your browser settings to save and autofill passwords.    
2. Be Wary of Public Wi-Fi:
   Avoid accessing your accounts from public or unsecured Wi-Fi networks. Use a virtual private network (VPN) if needed.
3. Know the Signs of a Scam:
   Never click on suspicious links or respond to emails requesting sensitive information. Your credit union will never ask for your password or full Social Security number via email or text. Always verify the source by contacting the organization directly through their official channels, such as their website or phone number.
4. Monitor Your Accounts Regularly:
   Check your account often for unauthorized transactions. Most credit unions offer real-time alerts—make sure they’re turned on.
1. Industrial Federal Credit Union members can easily enable account alerts inside Online and Mobile Banking.
1. In the Menu, select “Notifications” under the Services section.
2. Enable the notifications and parameters on specific accounts.
3. If you have a lost/stolen debit card, select “Remote Control Cards” under the Services section and “Disable” your card to prevent unauthorized transactions.
5. Think Your Device Has Been Compromised? Here’s What to Do Immediately:

If you suspect that someone may have gained unauthorized access to your computer or phone, it’s important to act fast to minimize the risk to your personal and financial information—especially if you access your accounts digitally.

Here’s what you should do right away:

1. Disconnect from the Internet:
   Immediately unplug your computer from the network or turn off Wi-Fi and mobile data. This stops any potential intruder from continuing to access your device or transmitting your information elsewhere.
2. Power Down the Device:
   Turn off the computer or phone. Leaving it on could allow malicious software to keep running in the background. Shutting it down helps prevent further damage.
3. Avoid Using the Device Until It’s Checked:
   Resist the urge to explore or "fix" the issue yourself unless you're experienced with cybersecurity. Continuing to use a compromised device can worsen the problem or expose even more of your sensitive data.
4. Contact a Professional Immediately:
   Have the device inspected by a trusted IT professional or technician who can scan for malware, remove any threats, and ensure your system is secure before you go back online.

Taking quick action not only helps limit potential fraud or identity theft, but it also protects your accounts from unauthorized access. If your compromised device has been used for online banking, it’s also a good idea to notify your financial institution right away so we can help secure your accounts and monitor for suspicious activity.

Credit Union Security + Your Actions = True Protection

At Industrial Federal Credit Union, we take fraud prevention seriously. We use secure encryption, monitor for suspicious activity, and educate our members about the latest scams. But we need your help.

Keeping your devices and software up to date is one of the most powerful ways you can protect yourself. It’s easy, it’s free, and it can save you from major headaches down the road.

Remember: your computer is a gateway to your financial life. Make sure the locks are strong, the guards are awake, and the windows are shut tight.

Need Help? We’re Here for You

If you ever suspect fraud, notice strange account activity, or receive a suspicious email or message that looks like it’s from us, contact us right away. It’s always better to be cautious and double-check.

For more tips on digital safety and fraud prevention, visit our Security Center here, or stop by your nearest Member Center. Our team is always happy to help you protect what matters most.

Stay smart. Stay safe. And keep your software updated.