Online banking has definitely made our lives easier. No more waiting in queues, and time and place are no longer barriers for making financial transactions.
But there is one question that comes to the minds of people considering online banking, is it safe? Online banking is a very safe option. Your account will be secured with a username and a password, and you will also be able to choose from many safety options. And unlike traditional banking, you have 24/7 access to your account, making it easier to detect any fishy things regarding your transactions.
But sometimes, we, as users, may unintentionally compromise the security of our banking information. So, here is what you need to do to ensure safe online banking:
Choose a Strong Password
Well, that is one of the most obvious rules you should follow to secure online banking. You need to create a strong password, make it random, and avoid using personal and predictable things like birthdays, anniversaries, etc. Create a random combination of symbols, numbers, upper- and lower-case letters. It is better if you change your online banking account’s password on a regular basis.
Keep an Eye on Your Account
Banks would notify you when they notice any unusual activities regarding your account. But there is nothing wrong with being extra careful, check your monthly bank statement to see if there are any suspicious transactions, and you can’t recall approving them.
And it is important to pay attention to your bank alerts. These alerts will send you notifications whenever a transaction is made using your account. So, in case you receive an alert mentioning a transaction you don’t approve of, you can contact your bank to report it and take the right measures.
Use Only Use Secure Networks and Sites
I mean, that does not apply only to online banking; it is a rule that you must follow if you are using the internet. Avoid using public wi-fi networks that are not encrypted, wait until you have access to a secured one.
Another important tip is to use secured websites when making any online purchases or transactions. These websites can be identified with the lock symbol in the web address bar and “HTTPS” before their domain name; the “s” here actually stands for secure. If the website you are using has these two, it means it is encrypted. The data sent through the site will be transformed into an unreadable language that will keep them safe.
Activate Multi-factor Authentication
Banks now offer multiple ways to protect your data including pins, fingerprints, and face recognition. And they will also allow you to use multi-factor authentication, where they will send you a unique code or a ‘one-time password’ ‘OTP’ to your registered phone number or email. You need to enter the sent code to go through with the transaction you are making. Using an extra layer of security will help you avoid any forms of identity theft.
Beware Falling for Phishing Scams
This is one of the most common ways to get your personal information stolen, especially if you have the habit of sharing your data without carefully checking for who exactly is asking for them.
Phishing mainly tricks you into thinking one of your trusted contacts is the one you’re asking you for your information.
For example, you will receive an email that looks as if it is sent by your bank, but it is actually not. The email would state that you need to update your bank information, and a link will be attached to it. Once you click on this link, you will be taken to a dummy website where you will be asked to fill in your personal information.
That is why it is important to check for the sender’s name and address before opening any links. If it seems off to you, then avoid clicking on the links sent. And to be extra careful, whenever you receive any emails asking you to share information, contact your bank’s customer service to make sure it is legitimate.
The Bottom Line
While banks are constantly working on updating their security measures to protect you as a client, you also have an important role to play in ensuring the safety of your online banking transactions as a user. Never share your passwords with untrusted parties, make sure you are using the right websites, and enjoy the convenience that online banking has to offer.
