As online banking becomes more popular, scammers are looking to take advantage. Their aim is to steal money from unwary people, including you.
Fortunately, there are tips and tricks you can learn to avoid scammers.
Before that, let's get to the basics of online banking.
Online Banking
According to Investopedia, people can make financial transactions over the internet with online banking, adding that it is sometimes referred to as web-banking or internet banking.
Similar to the services offered by physical banking, customers can also utilize online banking to access practically all of the services such as deposits, transfers, and online bill payments. Almost every banking institution offers some type of internet banking, which is accessible via desktop and mobile apps.
Since online banking is accessible everywhere, bank account owners will no longer need to visit a bank branch to conduct most of their basic financial operations. In addition to its convenience, consumers will be able to do their banking errands at their leisure, wherever they are at home, at work, or on the go.
To enjoy the benefit it brings, it is worth noting that a device, an Internet connection, and a bank or debit card are all required for online banking. Additionally, Investopedia also clarified that clients must first register for their bank's online banking service to use the service.
Despite the convenience it provides, clients must keep in mind that several cybercriminals are taking advantage of this.
Fortunately, there are four online banking tips and tricks to keep you safe from scammers.
Read Also: FBI Warns Mobile Banking Apps Highly Targeted by Hackers: Here's How to Secure Your Accounts
4 Online Banking Tips and Tricks To Keep Your Money Secure
1. Change Password Combinations Regularly
Senior vice president of technology risk management for BITS Financial Services Roundtable Murray Kenyon stated through Nationwide that there are some important factors to consider when creating passwords.
One of which is using a combination of upper- and lower-case letters, numbers, and special characters instead of a single word.
Kenyon also noted that those associated with their personas, such as your mother's maiden name, or the name of your pet, are far too easy to guess. Additionally, he emphasized that the longer the password, the better it is.
Most importantly, changing passwords every 90 days is the best way for customers to protect themselves.
2. Avoid Using Public Wi-Fi for Online Banking Transactions
Apart from changing passwords regularly, one of the useful online banking tips and tricks is to not utilize public Wi-Fi when doing online banking transactions.
Nationwide explained that you must anticipate that your browser history and password are accessible to others if you use public Wi-Fi. As a result, any activity, like banking or reading email, requiring you to log in and provide sensitive information puts you at risk.
3. Use 2FA Always
Duo explained that Two-factor authentication (2FA) is a sort of multi-factor verification (MFA) that improves access protection by requiring two methods to validate your identity. 2FA safeguards your logins against phishing, social engineering, and brute-force password attempts, as well as attackers who use weak or stolen credentials.
4. Be Mindful of Your Downloads
Forbes stated that the first step in using mobile applications to the bank is to make sure you are using your bank's official app. The second step is to be cautious about who you provide access to your online and mobile banking information.
In addition to this, the best way to download a legitimate banking app is through their website.
Related Article: Mobile Banking Scam: How to Keep Your Account Secure, Stop Hackers
