There are few things more important and valuable than your money. One of the most common ways to lose money in the modern age is through identity theft. And while this threat is no doubt scary, it’s also preventable.
It’s important to take precautions and follow some basic guidelines to make sure that you do everything you can to protect what you have. In this article, we will outline 10 tips for safe online banking, from the very first thing that you should do, how you should go about transferring money, and what kind of device is most suitable for making online transactions.
Use a reliable device
The first and most important principle is to use a reliable device when connecting to your online account. Your computer, tablet, or smartphone (preferably with appropriate security) is the best choice, as you are more likely to notice any suspicious activity or strange behavior on it. If possible, avoid using borrowed or public devices.
Keep an eye on your internet connection
Not all internet connections are safe for online banking or payments. Public Wi-Fi at your favorite coffee shop or in the town square may not be the best option for checking your account balance or paying your bills. If you can’t avoid using public networks, use a VPN (Virtual Private Network) solution to keep your communications private and your data out of the wrong hands.
Keep your computer up to date
Keep your operating system up to date. Downloading and running regular security patches immediately will help close the vulnerabilities that attackers are looking for, as unpatched bugs and vulnerabilities can allow them to infect your computer. Many programs automatically install security updates, bug fixes, and scan for new versions without user intervention. This can save time and maximize your protection at the same time.
And our security solution
Before you connect to your online account, install a reliable, multi-layered, and up-to-date security solution. A complex internet security application protects against different types of viruses and malicious scams that masquerade as harmless emails or websites to trick victims into giving up their confidential details.
Create a robust and individual password
One of the most important rules is to use a different unique password for each login location. Using the same password for your online account, social media platforms, or multiple accounts could easily lead to disaster if your password is leaked from any of these sites. A handy and easy-to-remember alternative is to use passphrases, or we can use a password manager that stores all our passwords, and we only need to remember one master password.
Use two-factor identification
If your bank offers two-factor authentication (2FA) for your online account, take advantage of it. This way, the bank can double-check that we want to connect to our online account with our device. If our password falls into the wrong hands, we will not log in successfully without the second authentication.
Don’t fall for the traps
Cybercriminals will try anything to get hold of your confidential data. They pretend to be bankers, send fake notifications, or ask you to change your password via a link sent to you by email. These are just some of the lies they try to tell to get your card details or account password. If you receive any message asking you to change your login details or click on an attached link, do not do so under any circumstances; your bank will never send you such a message. In case of suspicion, it is best to contact your bank by phone or in person.
Sign out when you’re done
When you are done, log out of the site. If an attacker tries to hijack the online banking process, they can do minor damage by disguising themselves to trick victims into giving up their confidential information. Create a unique and robust password. One of the most important rules is to use a different unique password for each login location. If you use the same password for your online account, social media platforms, or multiple accounts, it could be a disaster if your password is leaked from any of these sites. A handy and easy-to-remember alternative is to use passphrases, or we can use a password manager that stores all our passwords, and we only need to remember one master password. Use two-factor authentication If your bank offers two-factor authentication (2FA) for your online account, take advantage of it. This way, the bank can double-check that we want to connect to our online account with our device if the cause is if we are not logged into our account. Fortunately, most net banks will automatically log you out after a while, but it’s not worth relying on this.
Activate SMS notifications
It’s helpful to keep an eye on your online balance. The easiest way to do this is to request SMS alerts from your bank about all the money in your account, making it much easier to spot suspicious activity.
Choose a virtual debit card
All banks now have a dedicated electronic (unembossed card) virtual card for online purchases, which you can enter on various sites, even with the three-digit CVV verification code. However, you should only transfer the required amount to this sub-account via your online bank immediately before making a purchase, which will only take a few minutes to fill up your otherwise empty virtual account. This way, we will never have to enter our “real” credit card details on websites.
Conclusion
The internet has made banking much more convenient for many people. While convenient, bank fraud has been on the rise in recent years, with many cases reported in the media. A bank’s online system is one of its most vulnerable points, so it’s crucial to take security measures when accessing your account.