It's 2021, you are using your mobile device more and more in your daily life. You read the news, chat with family and friends, shop, and manage your finances all on your mobile device.
Today most banks offer an app that gives you direct access to your bank account. You can pay bills, transfer money, and even pay directly from your phone. Even with all this convenience, there is one concern when banking online: security.
Security is essential in online banking
Secure banking technology on the back end needs to be in sync with alert customers on the front end. You have the responsibility to make sure you are doing your part to protect your account. The bank must adhere to strict regulations on security, compliance, and financial crime prevention.
Today banks put a great deal of effort into creating a safe banking experience for their customers. As the customer, you also have to make sure you are doing the maximum to stay secure. Here are some of the most important security features that can help keep your account secure:
Picking a strong and unique password is essential
Here are some things to avoid:
- Using personal information such as your name, date of birth, and address
- Choosing a short password
- Using common words or basic number combinations
- Always using the same password for many logins
- Not updating your password regularly
Here are some tips to improve your password security
- Choose a longer password
- Include a mix of uppercase and lowercase letters
- Include number and symbols
- Stay away from common combinations such as "1234"
- Don't keep your login details on your mobile app
Updating your password every 3 to 6 months can also help lower any risks for your password being decoded or stolen.
Two-factor or multi-factor authentication is a great way to boost your security when banking online. Most banks offer it so why not use it. Basically, it allows you to add another layer of security to log in to your online banking account. Once you enter your login and password you need to pass a second security question.
It can be in the form of a special code or an automated phone call. This makes it harder for a hacker to unlock your account.
Stay on top of your transactions in real-time. These types of alerts notify you of any activity on your account. Transactions, wire transfers, failed login attempts, and more. If you suspect any suspicious activity you can take the necessary steps to notify your bank.
Avoid Public Wi-Fi
It's best to avoid banking activity on public Wi-Fi. These networks can include malicious hotspots, malware and spyware, and data transmission over unencrypted networks.
Beware of email scams
Always check the sender's email before replying to a message that looks strange. Look closely at any emails that ask for financial or personal information. Many emails try to trick you into giving up personal information. If you think something looks wrong it most likely is. Tactics such as creating urgency and asking you for something on the spot are often used. Do not click on any links or reveal sensitive information.
You should be the one to type in your bank's website address into your browser
Some hackers send out "phishing" emails that appear to be from your bank. They're hoping you'll enter your login information on their fake version of the bank's site. Never click on links in emails that appear to be from your bank, even if they look legitimate. Instead, type the bank's web address into the URL bar yourself, or use a search engine to find the correct web page. You can bookmark the right page for later use.
Keep an eye on your account
It should be common sense but you can never let your guard down. Keep a regular eye on your bank account is one of the best ways to spot suspicious activity. Check your transaction history, account balances, and make sure your money is going where it is meant to. If you see anything odd then change your password right away and contact your bank. The sooner you report something that may seem suspicious the better.