Before you carve that pumpkin or pick out a trendy costume at Spirit Halloween, there’s something else you should be thinking about this October. It’s once again Cybersecurity Awareness Month, and financial institutions across the country are using this time to share critical security insights that could save you from becoming the next victim of cybercrime.
For the past twenty years, the U.S. Department of Homeland Security and the National Cyber Security Alliance have designated October as a time to focus on digital protection. For banks, this means emphasizing one crucial message: your financial security depends on staying one step ahead of increasingly sophisticated threats.
The statistics paint a sobering picture. The Federal Trade Commission (FTC) estimates that consumers lost $12.5 billion to fraud schemes including phishing in 2024 alone, and the pandemic has only accelerated these threats. With cybercriminals using everything from artificial intelligence to deepfakes, the old rules of digital safety need an urgent update.
The Evolving Threat Landscape
Cybersecurity experts warn that “deepfakes, social engineering, and urgent texts or calls from your IT department all continue to be effective methods hackers use to gain access to your most important accounts and assets.” These aren’t your grandfather’s email scams—modern phishing attempts can be startlingly convincing.
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- Phishing has become the number one way attackers access accounts, with scammers creating emails and texts that look strikingly real. They’ll spoof caller IDs, use official logos, and even include your name to build trust. The key red flags? Messages claiming “your account will be locked,” requests to “verify your identity,” or offers that seem too good to be true.
- Social engineering attacks exploit human psychology rather than technical vulnerabilities. Scammers pressure victims with urgent deadlines or threaten serious consequences if immediate action isn’t taken. They know that fear and urgency make people act without thinking.
- Malware and ransomware threats continue to evolve, often delivered through seemingly innocent attachments or links. Once installed, these programs can steal personal information, lock your files, or even monitor your keystrokes to capture passwords and account numbers.
The key message for you is personal accountability. Every individual and organization must own their role in protecting their sensitive data.
Essential Security Measures Banks Recommend
Financial institutions emphasize that cybersecurity isn’t about becoming an expert—it’s about building consistent habits. As one cybersecurity professional notes, “Practicing good cyber hygiene isn’t about becoming a cybersecurity expert—it’s about building consistent habits and accepting a certain level of inconvenience for security’s sake.”
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- Strong Password Management: Banks universally recommend using password managers to create and store unique, complex passwords for every account. Start with a long master passphrase like “Running$makesmehappy5%” and consider adding a personal twist—a secret word only you know—to the end of each password.
- Multi-Factor Authentication (MFA): Enable MFA on all financial accounts without exception. This second layer of security makes it exponentially harder for criminals to access your accounts, even if they have your password. Banks particularly emphasize enabling MFA on email, banking, and cloud storage accounts.
- Verify Before You Trust: Banks stress this critical point: they’ll never ask for personal or account information through unsolicited emails, texts, or calls. As Busey Bank states, “At Busey, your security is our priority, and we’re committed to helping you protect what matters most.” When in doubt, contact your bank directly using the official number from their website or app. In a recent article from the women tech network, they recommend a simple rule: “Assume any email or text you didn’t expect is false until proven otherwise. If something feels off, trust your gut and verify with the sender through another channel.”
- Keep Everything Updated: Regular software updates patch security vulnerabilities and strengthen your defenses. Set your operating systems, browsers, and apps to update automatically whenever possible. These updates often contain critical security fixes that protect against the latest threats.
- Monitor Your Accounts Religiously: Check your bank and credit card statements regularly, and set up account alerts for transactions and withdrawals. The sooner you spot suspicious activity, the faster you can respond and limit potential damage.
Your Role in Digital Defense
The key message for you is personal accountability. Every individual and organization must own their role in protecting their sensitive data.
This means staying alert to the warning signs of phishing, never clicking on suspicious links, and remembering that legitimate institutions won’t pressure you into immediate action. When scammers try to create urgency, that’s your cue to slow down and verify.
Banks are doing their part by investing in advanced security systems, monitoring for fraud, and educating customers about emerging threats. But the strongest security system in the world can’t protect against a customer who unknowingly hands over their credentials to a convincing scammer.
Building Cyber Resilience
The cybersecurity landscape will continue evolving, and new threats will emerge. However, the fundamental principles remain constant: stay vigilant, verify requests independently, use strong authentication methods, and keep your systems updated.
Remember that cybercriminals count on people feeling overwhelmed by security advice. Don’t let perfect be the enemy of good—implementing even basic security measures significantly reduces your risk. Start with enabling MFA on your most important accounts, then build from there.
Your financial institution wants to be your partner in this effort, not just your service provider. Take advantage of their security resources, read their alerts, and don’t hesitate to contact them if something seems suspicious.
Stay vigilant, stay secure—your financial future depends on it.
Additional Resources:
- 11:11 Global Cyber Trends Report – 2025
- 11 Tips for Cyber Security Success
- 11 Tips for Cyber Security Success: How to fight back against ransomware
