Around 65.3% of the US population will use online banking in 2022, meaning users need to know safety tips to keep their bank accounts secure. While many things seem like common sense, some online banking users still make mistakes every day that put their security, identity, and funds at risk.
This article will guide you through all the essential safety tips you should know when banking online. By ensuring you follow the advice below, you can guarantee that your bank account and identity remain safe.
1. Create a strong password and change it often
The first safety tip that online banking users need to know is to create a strong password. This should be a password of at least 14 characters in length, with a mixture of letters, numbers, and symbols. Avoid passwords like ‘Password1’ or ‘123456’, which are easy to guess. Never use the same password for online banking and any other accounts you have.
You should also change your online banking password frequently. We recommend doing so every few months so that you are less susceptible to brute force attacks.
It is also a good idea to install and use a password manager to generate extremely strong passwords with the app and store your online banking passwords in a safe place. This makes it easier to remember your password and change it frequently.
2. Never share your online banking credentials
Whether you use online banking via a browser or mobile app, you’ll likely have many credentials. These could include your password, PIN, a unique bank number, or app passcode. Make sure that you never disclose any of this information to a third party, and don’t write it down in an obvious place.
For example, if you receive an email with a suspicious link or a phone call from your bank asking for any of the details above, don’t disclose them. Most banks won’t ask for sensitive credentials like your PIN or password, and you’re likely talking to a scammer if they do.
The most popular way for fraudsters to scam internet users out of money is through phishing scams. These can be sent via emails or text messages and include a link to a third-party website where you are required to enter your banking details.
If you accidentally share your details with a third party, you could be at risk of many dangers such as identity theft or having your money stolen.
3. Only use official banking apps
Only use your bank’s official mobile app, and make sure you get it from the Google Play Store or App Store, depending on the device you use. If you use a third-party app or download one from a suspicious website onto your phone, you could be unknowingly sharing your banking details with fraudsters who have created the app.
4. Activate two-factor authentication
Most banks have several layers of security verification before you can access your bank account. However, some allow you to also enable two-factor authentication, which adds additional security. You may need to verify your login attempt via your phone or by entering a code with an authentication app.
5. Get banking alerts on your phone
An excellent safety tip for online banking is to sign up for banking alerts. This means if you make an online payment, need to approve a transaction, or set up a new payee reference, you’ll get an SMS alert on your phone.
This is a great way to keep an eye on activity going on in your account while you’re out and about. Plus, if you notice anything suspicious, you can immediately contact your bank to block and report the activity.
6. Check your online bank statements
Online banking means you can see your bank statements online instead of getting paper copies. You must check your statements at the end of each month to see if any transactions seem odd.
Many people believe that they don’t need to check their monthly statements with online banking because they can see their latest transactions by logging into their app. However, some card payments could go unnoticed if you don’t look at your statement every month. Therefore, you should view your statement so that you can keep an eye on your spending and see if any unexpected transactions appear.
7. Don’t access your bank account on public Wi-Fi
Public Wi-Fi networks are incredibly unsafe. Since they are open and usually free, anyone can connect to them. For this reason, hackers often use public Wi-Fi networks to snoop on unsuspecting users. If a hacker has the means to do so, they can view your internet traffic and steal your details, including your bank account credentials.
If you are out and about and need to make a quick online payment using public Wi-Fi, use a VPN. This will hide your banking activity and give you protection on public networks.
8. Avoid public computers for online banking
Just like you shouldn’t use public Wi-Fi to carry out online banking, you shouldn’t use public or shared computers to bank online. Many browsers save login information, so you could unknowingly be saving your banking password on a computer that many other people use. This makes you more at risk of becoming a victim of hacking since some of your account information is already accessible to strangers.
9. Use antivirus software
Antivirus software does more than just protect your operating system from malware. It can also protect you while you bank online. Most antivirus solutions come with anti-phishing software to stop you from clicking on suspicious links in emails or accessing unsafe websites that could act as fake bank sites. You can install antivirus on your phone too, which makes it great if you’re using a mobile banking app.
10. Keep your devices up to date
Our final safety tip for online banking is to ensure your device software is up to date. Many people don’t realize this, but having functional software with the latest updates ensures that you are protected from internet threats such as malware. This guarantees that your online banking isn’t compromised by any third-party viruses that could infiltrate your device.
Hi, I'm Madeleine. I'm a British writer with a global background, currently based in the UK.
I have always been interested in the online world and how it connects people worldwide. My keen interest in the internet led me to ...
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