From convenient money transactions to 24/7 account access, it’s no surprise that more than two-thirds of Americans are using online banking platforms. But how secure is online banking? Besides its many advantages, online accounts provide a potential avenue for hackers and malware. What’s worse, cases of cybersecurity attacks have been on the rise in the past few years. But this doesn’t mean that you have to go back to the traditional banking methods. With these five account security tips, you can enjoy the benefits of online banking with no worries of attacks.
1. Have a Strong Password Strategy
Even if you’re forgetful, avoid having the same password for all your accounts.
What’s more, ensure you choose a strong password for every account. This means mixing lower cases, upper cases, numbers, as well as special characters.
Also, avoid using phrases or words that contain your initials, names, or birthdate, or that of a loved one.
For maximum security, it’s recommended that you change your passwords after every couple of months. Some accounts may need you to verify your identity or confirm your email address before changing your passwords. Don’t forget to enable the two-factor authentication to back up the passwords.
2. Use Private Internet Networks
One of the most ignored online banking safety tips is on using public Wi-Fi networks. These networks are usually not encrypted and easily accessible by hackers.
To mitigate this risk, don’t log into your account using public Wi-Fi networks. For any financial transaction, it’s best to use your mobile data or private network at home.
Also, try to stick to only one internet network for all transactions. This is because the AI and machine-learning systems of online banking use predictive algorithms to recognize suspicious activities like logging into your account using an unknown network. To learn more, MRP has a comprehensive podcast on how AI and machine learning are incorporated into the online banking system.
3. Avoid Clicking Through Emails
It’s normal for your bank to send you emails and newsletters about your account status and updates. However, it’s advisable not to click through these emails to access your account.
Instead, log in using the official website. This will help prevent getting redirected to malicious websites through phishing emails. Most times the fake sites are exact replicas of the main site, so it’s difficult to tell the difference. What’s worse, even the securest email accounts can’t detect these emails.
Never respond to suspicious emails that ask you for your account number, username, or passwords. It’s always best to call your bank and confirm the issue.
4. Enable Account Notifications
For the safest online bank transactions, consider enabling your account’s notification button. This way, you’ll get alerted (via text or email) on every account activity.
If you notice any suspicious transactions through the alerts, you can take the necessary measures as soon as possible and mitigate the loss.
5. Choose a Financial Institution with Industry-Standard Cybersecurity
While you may want to bank with a financial institution that offers high interest rates and low fees, don’t forget to add advanced cybersecurity to your checklist.
Institutions with beefed up cybersecurity measures will ensure that your accounts are protected with the latest software and technology.
Account Security Tips That Go a Long Way!
With these account security tips, your account will be safer from malicious activities. You may also want to consider closing your inactive accounts and deleting third-party account connections.
For more practical tips on how to make your online life more secure, check out this article.
