Over the last decade, new technology has increasingly made it easier to do things online. The world wide web has truly paved the way for a more convenient life. Everything can now be done on the internet, from shopping to distance learning to managing personal finances. The web isn’t without dangers however—especially when it comes to security. Online banking is one of the most safety-critical actions done over the internet. Unfortunately, even with strict online banking security efforts and initiatives taken by financial institutions, we still have a long way to go before achieving completely safe online banking.
Banks and other financial institutions can only do so much to protect clients from online banking mishaps. Consumers and online or mobile banking users must also do their part to help ensure safety when making online banking transactions. Here are some important tips for safer online banking:
- Never use a public network to access your account. Public Wi-Fi networks may be easily accessible, but their security is often lacking or worse, non-existent. These networks are rarely encrypted, making it easy for hackers to steal important information like account details and passwords from unsuspecting users.
- Never log in to your online banking account or save financial transactions over an unknown network. For safe online banking, only use your own private network when doing online transactions with your bank.
- Only use sites that have https in the address. This means the site is secure and encrypted (they convert the data you input into difficult to translate formats before sending it, keeping your information safe online).
- Use two-factor authentication. This safety provision requires additional verification credential before an account can be accessed. This way, any unauthorized access can be detected and averted.
- Disable automatic log-in. Web browsers today have the ability to store and save your login credentials so that you have them available automatically the next time you choose to log in. Doing this can pose security risks and make it easier for hackers to gain access to your information. While this can be convenient for less important sites, it’s best to disable this feature for your online banking website.
- Beware of email and text scams. Learn how to recognize scams when you see them and check twice even when a message may appear to be officially coming from your bank.
- Create and apply strong passwords. Avoid setting easy to figure out passwords for your online banking accounts and follow your bank’s website guidelines for creating a strong password.
- Install an anti-virus software as an added layer of online banking security so you can be sure that your computer or device is free from spyware that may put your information at risk.
