Online banking safety tips
In the digital era, many errands that once required leaving the house can be conducted from the comforts of home. Groceries and meals can be ordered online and delivered to consumers’ doorsteps, while bills can be paid online, saving men and women from having to drive to their nearby post office.
Online banking has revolutionized the way people manage their money. Investors can buy or sell stocks with the click of a mouse, and money can be moved across accounts just as easily and instantly. Many consumers now even do their banking on their mobile phones. In fact, a 2016 study from the Federal Reserve found that 67 percent of millennials use mobile banking, suggesting that mobile banking is the wave of the future.
While online or mobile banking makes it easy for consumers to manage their money, it is also potentially much riskier than in-person banking at a financial institution. Unseen hackers and thieves are lurking online and in places where Wi-fi is open and free, so online and mobile banking enthusiasts must exercise caution when accessing their accounts.
Sign up for twofactor authentication:
Some banks and credit card companies now provide two- factor authentication, and some may even insist their customers use it. Two- factor authentication requires two forms of verification before users can log into their accounts. The first might be the traditional username and password, while the second might be a temporary code texted or emailed to users after they log into their accounts. Some consumers may feel two- factor authentication is tedious and slow, but it is an effective safety measure that should only delay online or mobile