Banking online is convenient and convenient for hackers to access your funds, we have another cyberattack on credit unions so check your account.

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Banking Online

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There are lots of positives to online banking. The lack of overhead gives Internet banks advantages over traditional banks, including fewer or lower fees and accounts with higher APYs.

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Some of the disadvantages of online banking are they lack personal relationships, there are no proprietary ATMs and more limited services. Since the bank is online, thousands of hackers are always trying to hack into the systems putting your money at risk.

Cyberattacks on Banks

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Cyberattacks on banks are not just a Michigan thing, an American thing, but a global problem. You don't have to be in a country to tap into another country's banking system.  Hackers around the world spend countless hours trying to crack the codes of banking systems and steal cash as well as bankers' personal information. It's not the big banks that have to worry as much as the smaller institutions that have weaker cyber security.

Check Your Michigan Bank Account There's Been a Cyberattack on Credit Unions

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A massive ransomware cyberattack has been made on at least 60 credit unions according to CNN.

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The Nationa Credit Union Administration is currently working with the affected credit unions but they are not giving out the names of the 60 credit unions who have been hit with the attack. The only credit union mentioned as being attacked is the New York-based Mountain Valley Federal Credit Union.

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At this time, if you bank with a local credit union, you should make sure everything is still up and running. Until more information comes in, there is no word as of yet as to who exactly was affected. I bank with LMCU and just checked my online account and everything is still good you may want to do the same, especially if you deal with any out-of-state credit unions.

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