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Power Financial Credit Union Stands Strong Against Rising Cybersecurity Threats and is Leading an Effort to Educate Its Community During Cybersecurity Awareness Month

October 3, 2024

Cybersecurity Awareness Month highlights the growing importance of cybersecurity in our daily lives and Power Financial Credit Union is committed to educating its members about the threats targeting their personal and financial information so they can stay safe online. 

Pembroke Pines, FL — As cybercriminals continue to evolve their tactics, Power Financial Credit Union is taking action to help members safeguard their financial information. With October marking Cybersecurity Awareness Month, we’re committed to educating our members about the latest threats targeting online banking, personal data, and financial security.


Growing Cybersecurity Threats in Banking

In 2023, reports of financial fraud and cybercrime surged, with nearly 75% of banks reporting a rise in cyberattacks. Cyberattacks happen every 39 seconds in the United States, with 2,200 cyberattacks happening per day and 800,000 attacks occurring each year. Phishing emails, social engineering scams and ransomware attacks are among the most common ways cybercriminals attempt to steal personal data and money. Scammers are becoming more sophisticated, often pretending to be trusted financial institutions or creating fake websites to trick users into providing sensitive information.

With more of our daily activities happening online, including banking, the risk of falling victim to these scams is higher than ever. A recent study found that identity fraud cost U.S. consumers $43 billion last year alone. At Power Financial Credit Union, we’re dedicated to empowering our members with the knowledge and tools to stay ahead of these threats.
 

What Consumers Can Do to Stay Protected

While the digital world offers many conveniences, it’s essential to remain vigilant. Here are a few steps to help protect yourself from cyberattacks:

1.    Use strong, unique passwords for each of your online accounts. Avoid using the same password across multiple sites and consider using a password manager to keep track of them.
2.    Enable multi-factor authentication (MFA) for an extra layer of security. This requires a second verification step beyond just a password to access your accounts. Your MFA code should never be shared with anyone.
3.    Use an authenticator app. After you enable MFA, set up Google Authenticator or Microsoft Authenticator as they are even more secure than SMS authentication.
4.    Beware of phishing emails and texts. If an email or message seems suspicious—such as asking you to provide personal details or click on an unfamiliar link—always verify its authenticity.
5.    Monitor your accounts regularly. Check your credit union, bank and credit card statements frequently for unauthorized transactions and report anything unusual immediately.
6.    Update your devices. Make sure your software, apps, and security systems are always up to date. This helps protect against the latest threats and vulnerabilities.
 

How Power Financial Credit Union Protects Our Members

Power Financial Credit Union takes your cybersecurity seriously. We’ve invested in state-of-the-art security technologies to protect your accounts and personal information, including encryption, layered security services, and secure multi-factor authentication systems.

We regularly monitor accounts for suspicious activity and notify members immediately if we detect any potential threats. Additionally, we conduct cybersecurity training for our employees to ensure they are equipped to identify and respond to emerging risks.

Throughout Cybersecurity Awareness Month, Power Financial Credit Union will be providing members with resources to recognize and combat the latest cyber threats. Our goal is to arm our community with the tools and knowledge to stay safe in the ever-changing digital landscape.

“We are constantly adapting our security measures to match the sophistication of modern cybercriminals,” said Michelle Diaz, Chief Information Officer of Power Financial Credit Union. “However, the most effective defense starts with an informed and vigilant member base. We want to empower our members to take simple but crucial steps to protect their financial wellbeing.”

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About Power Financial Credit Union

Serving the South Florida community since 1951, Power Financial Credit Union (PFCU) is committed to helping guide its members to better financial lives today and for generations to come. PFCU helps members achieve financial freedom by combining free financial education resources with a superior experience, and personalized banking solutions, many with great rates, low to no fees and exclusive discounts. PFCU’s customized personal and business banking solutions including mortgages, home equity loans, checking, savings, youth accounts, CDs, money markets, IRAs, credit cards, auto loans, personal loans, business accounts, business loans, merchant services, payroll services, investments, and more. Notably, PFCU was the first credit union in South Florida to eliminate overdraft and non-sufficient funds fees. To learn more, please visit www.PowerFi.org.