10 Tips to Keep your online bank account Safe
Gone are days when you needed to get down to the banks through traffic and your busy schedule just to deposit or withdraw money. With the advent of the 21st-century banking has become a lot easier and a matter of a few Taps and clicks from your smartphone or a laptop. A simple click and tap can transfer and withdraw money with ease and super quick.
More and more people globally are opting for online banking services as it makes banking more convenient. It has many pros but one of the major cons is it attracts a lot of threat actors. Hackers are known to breach online bank accounts to get direct access to the user’s bank account. Your personal details and bank information can be compromised, you need to be safe and secure against this danger. In this article, we will provide you with 10 Tips to Keep your online account Safe.
How cybercriminals steal your cash?
Hackers have overuse many different ways when it comes to stealing your money from social engineering scams to spear phishing. Crooks will even go out and pose to be calling from the bank to earn your trust and willingly share private bank details of your account with them easily.
Spear phishing email tactics are used by criminals to copy the logo of your banking institution or spoof your mobile banking app. Users who are used to receiving baking information digitally tend to get mislead by such dummy emails.
In other cases, users are scammed by cybercriminals, who send smishing ie sending malicious text messages. This lures users to share or enter their login credentials via text.
Earlier last year money was withdrawn from a man’s account after the scammers managed to change the mobile number of the victim with the bank and managed to withdraw and transfer money from his account.
Scammers also use a fake website that looks identical to the original desktop or mobile banking site. You need to be careful when you enter your detail when you are directed to such fake sites via links in your emails, SMS, or even your group chats on WhatsApp.
10 Tips to Keep your online bank account Safe
1. Do not share your details:
At times account holders tend to receive calls from scammers posing as bank employees. They may ask for your bank details such as your Pin number or OTP password. Just remember genuine calls you receive from banks will never demand such information. So just be sure never end up sharing your critical detail such as password, user id, Pin number or OTP with anyone.
2. Frequently Change Your Passwords:
Frequently Changing your passwords is annoying at times, but it can surely go a long way when it comes to protecting your online banking account. Keep the basics simple avoid using easy passwords and follow the best password security practices.
If you find remembering a lot of passwords difficult you can use password managers, to store them securely. It makes it convenient as you will no longer need to reset them.
3. Avoid using Public WiFi:
Public WiFi does not have a secure internet connection which makes it prone to hacking attacks.
These cyber attackers can view the entire public WiFi with ease and this includes your bank account login.
Using encrypted or secure sites can protect you, ensure you see a proper padlock icon to the left of the URL. This goes to show that the website passes information between the bank server and the browser privately. You will notice the URL reads as HTTPS and not as just “HTTP.”
It is best in your interest to avoid using public WiFi altogether, you still use it with adequate protection like the Ivacy VPN. A VPN can go a long way in securing your network as it allows you to login anonymously and the browser remains private.
Always try to use a personal connection or a fixed connection dedicated for your banking transaction or use your personal mobile connection to transact. Use the bank’s official app to access from your smartphone and carry out the transactions.
4. Enable Two-Factor Authentication:
Enabling Two Factor Authentication will provide you with an additional layer of security along with a strong password. Normally banks take security as an important aspect offer multiple step login processes. When you opt for Two Factor Authentication, you will get a text message along with a one time password every time you log in to your account. At times you may find it a bit irritating but is am important when it comes to securing your bank account.
Once the option for Two Factor Authentication is enabled, when someone tries to gain unauthorized access to your account, you will receive a text with a code. You can immediately inform the bank that it is not made by you and stop the hacker from running away with your money.
Recently many mobile banking apps come with fingerprint scanning options as an additional mode of verification. While using fingerprint scanning it is safe to have your smartphone’s password protected as well.
5. Avoid Opening Suspicious Emails:
Phishing is widely used to bait people to open the email, these emails can be misleading as they trick you into disclosing your bank and credit card information. On opening the email they look almost to have come from legitimate sources. A small mistake in identifying a fake email can lead you to reveal your details to the hacker.
Always remember to scan the emails properly and sharply to confirm they are from a legitimate source. If an email you received from a financial institution demands too much of your bank details it’s better to avoid opening such emails entirely or report it to your bank. Above all avoid clicking through links, especially if they ask for login or other personal identification information.
6. Do not use Auto Login:
The use of auto-login saves your username and password on your browser. You do not have to enter or remember your details every time you try to login to your account. It makes it easy and quick for you to log in to your bank account, but it is not safe.
Especially if you are using a smartphone for your online banking transaction avoid using the Auto-login feature. In case your smartphone tends to fall into the wrong hands they can simply Tap to login and access your bank account. It is important your disable this feature on your phone and your desktop right away.
7. Keep Your Computer and Mobile Device Updated:
Both your smartphone and desktop systems receive regular updates, don’t forget to update your devices and systems. Every update comes with the latest protection against security breaches and malware. IT does take some time when it comes to downloading the updates and applying them but surely helps in securing your devices for sure.
8. Secure Your Mobile Device:
Latest smartphones come with a number of security features from the Fingerprint scanner, FaceID, PIN number etc. Try to maximize the security of your smartphone by trying to implement as many features you can on your phone, this will certainly make it impossible for anyone to get their hands on your information if your smartphone is lost or stolen.
9. Set up your phone for Text Alerts:
Do not think twice if your bank offers you to set up your phone for Text Alerts. Once you are registered for this service every time a transaction is made or money is withdrawn from your account you will receive a text alert informing you about the transaction.
In case someone else manages to somehow withdraw money from your account you will be immediately notified via SMS. Enabling you to take prompt action and inform the bank to quickly put the transaction on hold.
10. Track Your Bank Statements Regularly:
Keep track of your monthly bank statements regularly. Sometimes it may happen your bank might have neglected a fraudulent activity and have failed to alert you. Once you go through your bank statement you will be able to scrutinize for such strange transactions. You can it sorted out by contacting your bank as soon as possible.
Online activities are not always safe and secure, following the above-mentioned practices will keep you away from fraudsters and having a security issue with your online bank account. For staying safe all you need to do is use your common sense. Stay away from anything that looks fraudulent and sketchy. Don’t forget to react promptly with your bank to block your card or stop a payment transaction etc.