Predators often commit fraud and identity theft by exploiting single-factor authentication that uses one piece of information – such as password – to validate identity. In response, regulators are requiring all financial institutions to implement multifactor authentication, which requires multiple pieces of information to validate identity.
It is a security feature that is more than a password. It is information that only you know. The security feature watches for uncharacteristic or unusual behavior involving your account. If anything out of the ordinary is detected, we will ask you to verify your identity.
Do I need to sign up for the new security system?
Expect to be prompted at some point while banking online to enter additional information. This may include choosing several security questions that only you know the answers to. Once this occurs you have added a layer of protection to your account!
At Bank of Monticello, we are constantly enhancing the security that is protecting your identity, money, accounts, and online transactions with state-of-the-art multifactor authentication capabilities.
Frequently Asked Questions
Q. Will I need to provide this information every time I log on?
A. No. At times, we may prompt for this information as an additional layer of security if your bank of Monticello Online session meets a pre-defined set of criteria.
Q. I already have anti-virus and a personal firewall. Why do I need this?
A. We are glad to hear you use antivirus and a personal firewall. Be sure that you keep both software programs up-to-date for the best possible protection against viruses, Trojans, and hackers. Our security feature protects against other kinds of threats such as stolen user name and password. It works with your other personal security programs, but does not replace them.
Q. Can I skip the security question page?
A. In order to insure the success of the additional security measures, you are not allowed to skip the security question page. You will be required to answer the security questions before you will be allowed login to Bank of Monticello Online Banking.
Your protections under “Reg E”
Banks follow specific rules for electronic transactions issued by the Federal Reserve Board. Known as Regulation E, the rules cover all kinds of situations revolving around transfers made electronically. Under the consumer protections provided under Reg E, you can recover internet banking losses according to how soon you detect and report them.
Here is what the Federal rules require: If you report the losses within two days of receiving your statement, you can be liable for the first $50.00. After two days, the amount increases to $500.00. After 60 days, you could be legally liable for the full amount.
If you have any questions, please call:
Bank of Monticello
706-7468-6418, Monday through Friday,
9:00 a.m.-5:00 p.m.