Tips for safe online banking
For busy professionals who live and breathe OTs and barely have the time to enjoy lunch, online banking is a godsend. From 24/7 access to paying bills without queueing, the benefits of online banking are many and varied.
This doesn’t mean, however, that online banking is all candies and rainbows. As always, criminals go after money – hackers, malware, and all sorts of digital threats are eager to unlawfully gain access to passwords and the money they supposedly safeguard.
Fortunately, you don’t need to overly stress about online banking security. With a few sensible measures, you can have peace of mind while you click your way into managing your finances.
Don’t Be Lazy In Changing Passwords
I know it. You know it. We all know it: it’s such a bother changing and actually remembering new passwords. But the safety of your password is paramount – they’re your most important measure against the siege of hackers intending to breach your security. So if you’ve heard or read news about bank security lapses and you suspect that your personal data may be at risk, don’t waste any time and update your passwords NOW.
Have Better Security Questions
Security questions are there for a reason – they’re an additional layer of protection. So if your security question is something as banal as your wedding anniversary or your father’s middle name, you need to level up. Try something that can’t be researched online.
Look For HTTPS
Your bank’s website should be encrypted (they convert data into something indecipherable before sending out) so the first thing you should look for when you’re online banking to verify that it’s encrypted is the ‘https’ at the start of the web address or the padlock symbol at the web address bar. If the webpage you opened doesn’t have these markers, get out immediately.
Ask Twice
You may consider it tiresome, but two-factor authentication prevents identity theft. When enabled, your bank would send a unique code to your email or your phone number that you will need to input to successfully log-in and do your online banking. If hackers were effective in compromising your password, two-factor authentication will save you.
Too Good To Be True
If you receive an ‘official’ communication from your bank telling you that you’ve won a contest that you don’t remember joining or a rewards program that you’re only hearing of now, take heed: you’re probably getting scammed. Like in real life, if something is too good to be true, someone’s trying to play you. Ignore these crude attempts to dupe you.
Bury The Bluetooth
There’s no good reason to keep your Bluetooth on all the time – not only can it drain your phone’s battery, an open Bluetooth can also be used to hijack your phone (and possibly get the credentials on your mobile banking app). If you’re not purposefully using your Bluetooth, deactivate it.
Don’t Bite The Bait
It’s a warning given time and again by your bank: they will NEVER ask you to “confirm” your password, account number, and other personal details. Your bank will NEVER send you a link that would ask you to provide sensitive information. When you receive an email/link like this, ignore it. It doesn’t matter if it looks exactly like your bank’s website – ignore it. Better yet, forward it to your bank so they know something fishy is going on.
Confirm Carefully
If you receive an email from someone you don’t know or you’re curious about an official-looking document that you’ve received from your bank and you want to confirm, pick up the phone and verify the identity/contents of the email. But don’t use the number provided in the questionable email – get the number from the official website, from the yellow pages (if you’re still using one), or any public listing.
Avoid Using Public WiFi
Don’t use free public WiFi when doing your online banking – it’s just too fraught with danger. Since these networks are often unencrypted, it’s easier for hackers to steal information from freeloading users. Bank online when you’re safely at home and using your own network, or use your mobile data.
Limit The Personal Information In Your Social Accounts
Just because you have your social media pages doesn’t mean you have to divulge everything about yourself. Be particularly careful about details normally used by official accounts – like your birthday, full name, address, parent’s names, pet names, etc. If you’ve used a particular data about yourself when you signed up for online banking, make sure that data is present nowhere else on the Internet.
Use The Mobile App
Your bank’s mobile app is probably more secure than their website. Just make sure that you’re downloading from the official store (Google Play/Apple App Store) and that your app is always updated to get the latest security patches.
Monitor Your Account
Checking your bank account monthly is good so you can investigate if there are unauthorized transactions there. But with 24/7 access, online banking enables you to have greater monitoring control over your account. If possible, you should also enable account notifications – your bank will automatically inform you over SMS or email when there’s activity in your account. It’s a quick and effective way to know instantaneously if someone was able to hijack your account. You can contact your bank immediately to mitigate the damage.
Log Out. Always.
Logging out when you’re done with something makes sense, given the number of digital attacks that happen every year. When you’re managing your finances online, this advice zooms up from ‘good advice’ to ‘must do’. Additionally, you can even use the Incognito Mode in your browser when banking online – just to make things a little safer.
Online banking is incredibly convenient, but there’s also danger there – just like in real life. To be safe, follow the tips we gave you, always think before you click, and as Mad Eye Moody always says, “Constant Vigilance!”