People rarely rob a bank these days. With a few hits on the computer keyboard, robbers steal all the money online. This is why it’s important for you to improve online banking security and keep your account safe from hackers.
Banks and credit unions have policies to keep online customer accounts secure to safeguard your cash. Most banks employ security measures like anti-virus protection, firewalls, fraud detection, and website encryption where only the intended recipient can access it. As an account holder, you also have to ensure that your account is protected on your computer and other devices.
Phishing Scams
Many robbers send out emails or text messages posing as your bank in the hopes of deceiving an innocent customer. The message or a phone call might be about periodic account verification and ask for your bank password or Social Security number. Some might even send messages like, “you have won $100 million, but your account information is required for funds to be transferred”. If you send the information, the perpetrator would make purchases or withdraw money from your account. Always make sure that you or someone you know doesn’t reply to emails, texts, or calls that appear real or obviously look like a scam.
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How to Improve Your Online Banking Security?
- Choose an establishment that uses top-class security along with low fees and high-interest rates. After that, make sure to get a secure computer and internet connection.
- Banks offer multi-factor authentication. When logging in with a username and password, the financial institution might ask you for a one-time password or any other crucial key or information like a fingerprint for extra verification. It is difficult for robbers to access an account with multi-factor authentication. You can become alert if any banking page you are trying to access asks only for your username and password and close the page immediately. Most distinguished online banks and traditional banks that offer online banking services have these cyber security standards. That’s why it is advisable to find a large bank or credit union.
- You must not use public Wi-Fi for online banking. A public network can be unprotected, and some people can access what you send online. You can be safe if the page is encrypted, but you never know if robbers can access these pages also. The network security of your private home network is perfect. If you have to use online banking services when traveling, consider using your mobile internet plan instead of hotel Wi-Fi or even a virtual private network, commonly known as a VPN. Another tip you can have in mind is to check for web page encryption on the address bar on the browser to be “HTTPS.” The “s” indicates that the page is secure.
- Invest in paid anti-virus software and frequently update it on your home computers, tablets, and mobile phones.
- Update and shuffle passwords routinely. Create combinations that are challenging to figure out with uppercase and lowercase letters, numbers, and symbols totally unrelated to your personal details or date of birth. The more complicated the password, the more challenging it will be to decode, which would obviously provide some security.
- Opt for text alerts. Most banks have the option to receive alerts such as text messages or emails for any transactions, or whenever huge transactions are made, or if the balance decreases to a certain amount. You contact the bank immediately if you see a transfer you didn’t make and stop transactions until you find out who is behind the unusual activity. Moreover, you could dispute unapproved charges for 60 days after the bank statement is published.
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Conclusion
Though online banking comes with its own set of risks, there are also conveniences like monitoring your balances remotely, depositing checks, transferring funds to friends and family, and earning more interest — online-only banks always have the best rates. Thus, don’t try to avoid online banking services or online-only banks. Other than the server being down for maintenance when you need it, there are no notable disadvantages. You can enjoy the comfort of banking online after making sure your devices are protected, and the bank uses top-class security technology.
