Understanding alerts and one-time passcodes

With Encompass Credit Union’s new digital banking, your security is top of mind, with some new features and benefits that you may be unaware of. The strongest addition to security with the new digital banking is the changes to alerts, and the addition of multi-factor authentication to help prevent fraud threats.

There are three categories of alerts: account alerts, security alerts and business notifications. Some of the account alerts need to be set up by the member, while other security alerts are set up by default, while all the business notifications are member-assigned. You can choose between any notification method: email, text message or push notifications for most of your alerts, or all three.

One Time Passcodes (OTP)

A new element of security is the addition of One Time Passcodes (OTP), which is a method of authentication that requires the member to provide a code which is sent to either their mobile phone or email address (which ever requested) to strengthen security and fraud prevention. An OTP would be considered multi-factor authentication, while a username and password would only be considered single-factor authentication.

One Time Passcodes have also replaced some of the alerts in our former online banking, such as adding a bill payee, password changes, password attempt lock, or adding an e-Transfer recipient, but also setting up autodeposit, updating contact information, inter-member transfers will also trigger an OTP. If a scammer or hacker somehow accessed your account via username and password, they wouldn’t be able to send themselves your funds without an OTP (sent to your phone, not his or hers) because an OTP would be required to add a new bill payee or Interac e-Transfer recipient.

Account Alerts

Account alerts are generally broken into further categories that are more about letting the member know what is going on with their accounts. For those that want to be aware of every deposit or withdrawal, there’s a transaction alert available. Balance alerts can be set up to send you a notification on a daily, weekly or monthly basis of that account’s balance. Insufficient funds alerts let you know if there isn’t enough in that account to complete a scheduled transaction or bill payment, while a failed transaction alert will let you know if that scheduled bill payment or transfer did not go through for whatever reason.

Security Alerts

Security alerts are less about knowing what’s going on with your account and it is more about protecting it from outside threats. A security alert that is optional is a successful login alert, which will notify you via text message, push notification or email if your account was successfully logged into. That likely will be you, but if it isn’t, you’ll immediately know. Password changes, new biometric access (like FaceID and fingerprint access to your mobile device) or a password attempt lock are set as a default and will automatically alert you via email, and cannot be turned off, but you can modify these alerts to include text or push notifications within your digital banking, under the alerts tab.

Business Notifications

Completely new to Encompass Credit Union’s digital banking are business notifications in the business tab of digital banking. These are all set up by the business member, allowing the business owner or account holder to receive notifications when there are transfers of funds to your accounts, another member, bill payments, and Interac e-Transfers, to keep you well informed of activity being done by yourself, or your delegates.

The changes to your alerts are immediate, and the alerts you receive via text message will come from a randomly generated phone number, so you will not be able to reply to that message. A new secure two-way messaging is available within your digital banking, just click on the mail icon. This service is only monitored during office hours, Monday to Friday.

If you are having trouble with digital banking login, you can use our 24-hour technical assistance at 1-888-388-9688. Or, you can click on “Live Chat” on our website’s home page or Contact Us page for assistance.

Wednesday | May 19, 03:43 PM
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