Essential Safety Tips for Online Banking

With the majority of our banking now taking place on our mobiles and computers, we put ourselves more at risk of cybercriminals and hackers. However, these services are a great way for us to take control of our finances and manage payments. Therefore, it’s vital we make efforts to protect our account security.

Below, we discuss some key precautions to ensure you reap the benefits of online banking without incurring any safety issues.

Create a secure password

Your password is your main line of defense against unwanted people accessing your account. Don’t give fraudsters the opportunity to guess this correctly by creating a unique password containing a mix of letters, numbers, and symbols.

Keep this password in a secure place and never share it with anyone else. Some banks will also ask you to set up multi-factor authentication, which you should agree to. For example, you may be required to enter an additional PIN or input biometric data.

Be wary of suspicious networks and links

Anywhere that offers free Wi-Fi, such as hotels, airports, and bars, renders you more susceptible to being hacked. This is because it can lack encryption, enabling hackers to set up fake networks where they can install malware or steal information. When using your online banking, always make sure you use a secure connection. Configure your device to prevent it from automatically connecting to these hotspots.

Additionally, be wary of any emails or texts that claim to be from your bank or credit card provider. Cybercriminals will often try to steal your information using phishing scams or links. If you’re ever unsure, contact the customer service number on your bank’s official website.

Use a VPN

While the majority of banks will have robust safety measures in place, breaches can still occur. By using an online VPN, you greatly enhance your security and privacy, whether you access your online bank on a smartphone application or desktop browser.

The VPN encrypts your sensitive data before it leaves your device, meaning no one is able to see your traffic. This data instead goes to a server where it alters your IP address. The new information is then sent to your bank’s website. Connecting to public Wi-Fi is thus less risky since your information is encrypted.

Should the worst happen

Occasionally, things don’t go the way you intended; for example, you may send a payment to the wrong account, or you may notice something strange has come out of your account. Regardless, you should always contact your bank as soon as possible.

Most online systems allow you to instantly freeze your card in the app. This ensures no other payments can be made until you resolve the problem; you can then resume activity on your account without the need to order a new card.