In 2019, Business Insider undertook a study to see the extent of online banking and its impact on the market. The report from the study revealed that a majority of US respondents depend on mobile banking channels. Furthermore, over 70 percent indicated that online banking is the primary way of accessing their bank accounts. The growing dependence on technology will lead to more people resorting to online banking.
However, there are certain risks that technology exposes one to. These risks include the heightened cybercrimes that would affect financial transactions exposing customers to online theft. That would raise the question of how safe online banking is. Also, you need to choose the best bank that provides online account safety. Here are a few things to consider.
Create a Strong Password
The surest way to ensure safety in online banking is to have a strong password. While your password should be easy to remember, you do not want to have a too obvious password. Online transactions are susceptible to personal data breaches. It is thus important to create strong usernames and passwords to prevent malicious fraud. A strong password is between 10 and 14 characters, including upper and lower case letters, special characters, and numbers.
The longer and more unique a password are, the harder it is to access an online account. If you are worried about not remembering your password, you can try modifying old passwords. Lastly, your password is your personal property, and no one should have access to it. You can rely on password managers to secure the password if you are worried you might forget your password.
Change Your Password Often
You may think that having one password is the game-changer for ensuring safety in online banking. However, changing your password every so often is a great way to deter online scammers. Most hackers depend on familiar passwords to key-log into an account. Similarly, do not use one password across the different digital platforms you use to access your account.
Do Not Use Email Links
When logging into your account on a web browser, always type the bank’s URL instead of clicking an email link. Email links can make a bank account vulnerable. That is because hackers can replicate email links, so they are almost similar to the bank’s URL. Duplicate email links will open to a new window. When you input your bank account information, the hackers will gain access to your account and engage in fraudulent activities.
Install Anti-Virus Software
Regardless of the computer you have, you require to install licensed antivirus software. The software keeps your computer free from any bugs. Downloading antivirus software from random websites may introduce malware to your computer. As a result, hackers may access your bank account information. Remember to update the antivirus software, so your computer’s performance is excellent. Obsolete systems slow down your computer’s performance hence the insistence of genuine software.
Sign Up for Notifications
Banks provide notifications to their customers on any activity about your account. You can choose to receive the notifications on your phone or email. These notifications will give you an overview of your bank account activity. That way, you can notice any unusual activity and inform your bank immediately.
Monitor Your Account
Signing in to your account is easy on any digital device. Take advantage of that convenience and monitor the activity on your bank account. You can review a statement of the recent transactions you made. Therefore, you can spot any unusual transaction or activity.
Choose Your Sign-In Device
No matter how badly you need to sign in to your account, do not sign in on any device. For instance, signing in to your bank account on a public computer makes it easy for cybercriminals to access your details. Also, do not sign in to your account when using public Wi-Fi. Some hackers work tirelessly to access the details of other people and might fall victim. Always ensure that you sign in on a private device and using a protected Wi-Fi network.
The convenience that online banking offers is the reason that it will stick around for long. With increased use and preference for online banking, it is no doubt that the risks will be equally high. It is important to be aware of the risks that online banking poses and how you can be safe from them. Taking the proper precautions for your best online bank account will lower the chances of getting into any cyber theft as you handle your financial transactions online.
