Online banking is arguably one of the most indispensable aspects of life today; this is because, using it, bank accounts can be accessed from anywhere in the world at any time.
However, it comes with its perils. Cyber threats are increasing and becoming sophisticated every day, meaning strategic measures have to be put in place to ensure online banking security.
Now, here we are going to tell you the most essential tips and best practices that will help you carry out safe processes of digital banking and secure your financial information from probable threats.
What are the risks?
Before we delve into the safety measures, it is essential to understand the risks at hand regarding online banking. Cybercriminals make an unauthorized way of accessing your financial information through several specific processes, and this includes:
- Phishing scams: Fraudulent emails or websites that spoof leading banking institutions to trick you into giving out sensitive information.
- Malware: Any malicious software designed to breach your devices and steal personal information, including login credentials.
- Insecure Wi-Fi: Many public Wi-Fi hotspots are not secure enough to protect against hackers who may easily intercept your online activities, from emails to passwords.
Select a Secure Online Banking Platform
The first measure to ensure safety in online banking starts from selecting a reliable financial institution that has placed safety on top of all else. Consider the banks that offer:
- Industry-Standard Encryption: Ensure that the Bank uses secure protocols such as SSL/TLS to safeguard against breaches during data transfer.
- Two-factor authentication: Bank only with institutions that provide additional protection that integrates the second identification requirement with one-time passwords or biometric verification.
- Fraud monitoring: The bank you would have selected should closely watch over the transactions, and in the event of abnormal transactions, it would alert you promptly.
Strong Passwords and Safe Security Questions
Your password is the first line of defense for online banking security. Follow these tips while building a solid password:
- Unique password: Do not use the same password that you use in your online account. Keep a different, strong password for your online banking account only.
- Mix characters: A mix of uppercase and lowercase letters, numbers, and special characters will create a password that is hard to crack.
- Don’t include apparent personal information: Do not include readily available information, such as a birthdate or address, in your password.
- Update passwords periodically: Do not maintain the same online banking password for a long duration. Update it after every few months.
Additionally, when setting up security questions, choose questions and answers that are not easily discoverable through public sources or social media.
Secure Your Devices
To ensure a safe online banking experience, it is essential to secure the devices you use to access your accounts:
- Keep software up-to-date: Updating one’s OS, browser, and antivirus regularly ensures protection against known vulnerabilities.
- Use an antivirus and a firewall: Download popular antivirus software and turn on your firewall to block the infection of your device by malware or malicious attackers.
- Enable password protection: Set up password or biometric authentication on your devices to protect them against any unauthorized access.
- Be careful when downloading: Download applications and programs only from known sources, which will help to protect against the accidental installation of malware.
Safe Browsing Practices
It is important to adopt safe browsing habits whenever one is banking online:
- Avoid public Wi-Fi: Try to avoid your online banking accounts when checking from a public Wi-Fi base, which is dangerously attack-prone. If you must stay logged in using public Wi-Fi, harness the power of a virtual private network (VPN) to scramble your Internet connection. You can find more info about VPN on their websites.
- Check whether the connection is secure: Remember, the webpage URL needs to start with “https” and there has to be a padlock symbol present to indicate a secure connection.
- Log out: Always log out of the Internet banking website after completing your session. Be extra cautious when using a shared or public device.
- Beware Links from Emails: Never click on the INCREDIBLE links in emails that seem to be forwarded by your bank. Always type the URL of the bank in your browser.
Monitor Your Accounts
It’s essential to regularly monitor your bank accounts so that you can quickly notice suspect activities being depicted:
- Enable account alerts: Set up email or SMS alerts on transactions, login attempts, password changes, etc.
- Periodic Review of Statements: Check your bank statements and transaction history regularly to identify possible unauthorized transactions.
- Promptly report discrepancies: Contact the bank quickly upon any variance or any unauthorized activity to put in place necessary remedial measures that may avert further loss.
Educate Yourself
Keeping abreast regarding cyber threats dynamics and changes, as well as the best practices online about online banking, is a continuous process:
- Stay aware of new scams: Continuously educate on new phishing, social engineering, and other emerging threats.
- Participate in security workshops: Attend online banking security workshops or webinars offered by the bank or any reputable agency.
- Knowledge sharing: Make your family and friends aware, thus empowering party members for safe online banking practices to create a secure financial ecosystem.
