Online banking security: How to protect your information

Managing your finances is incredibly straightforward thanks to the innovations in digital banking, encompassing both online and mobile platforms. These technologies allow you the flexibility to take care of monetary transactions such as paying bills, depositing checks, and transferring funds on the go. Their unmatched convenience has cemented online and mobile banking as the go-to methods for financial management, with a substantial 78% of Americans expressing a preference for these digital options.

However, questions linger about the security of online and mobile banking platforms and the safety of users’ sensitive information within them.

It’s important to acknowledge that while trustworthy financial institutions are at the forefront of implementing robust security protocols to protect clients’ data, there still remains a proactive role for customers. Taking personal security measures is crucial in bolstering your defense against potential cyber threats, ensuring your financial and personal information remains secure.

Online Banking Security Tips

#1 Change Passwords Regularly

Regularly updating your passwords is a critical step in protecting your online accounts from unauthorized access, ideally every three to four months. This practice narrows the window of opportunity for cyber intruders who may have obtained your credentials. If you find the task of coming up with new passwords daunting, consider using a password generator. Tools like TeamPassword’s generator produce secure, random passwords, streamlining the process significantly. Establishing robust and distinct passwords for each of your accounts serves as the foremost defense against potential cyber threats.

#2 Provide Only Basic Information to Buyers

If you have a business, of any size, you have to give customers your details. This customer data does not pose a threat to your business but does not reveal anything unnecessary, including your identity.

By the way, you can change your location for security reasons or to expand your reach on Facebook Marketplace. For this purpose, VPN for business is actively used. Considering that only regional offers are available in the marketplace, changing the region is the only solution. If you’re looking for a more specific tool, take a look at VeePN.com and its VPN service. It has 2500+ VPN servers and a ton of security features that allow you to safely and easily change regions. VPN also protects your information from everyone: ISPs, hackers, large corporations, etc.

#3 Enable Two-factor Authentication

Take advantage of multi-factor authentication if it’s available through your bank or credit union. This security measure, also known as two-factor authentication, layers an additional safeguard by requiring two separate types of verification before granting access—typically your password combined with a numeric code received via text message or email, ensuring safer login sessions.

#4 Avoid Public Wi-Fi

While the prospect of managing your finances, like depositing checks or transferring funds, from the comfort of a cozy café might seem appealing, it’s important to consider the safety risks. Savvy hackers could potentially intercept your data from just a few seats away. Mistakenly connecting to a fraudulent Wi-Fi network can also leave your device vulnerable to malicious software attacks. In situations where you have no alternative but to use a public Wi-Fi connection, take precautions: look for “https” in the website’s URL to ensure a secure link, or set up a VPN on your mobile device or laptop for an extra layer of protection.

#5 Be Wary of Phishing Scams

Phishing ranks as one of the most prevalent tactics deployed by identity thieves to obtain sensitive personal and financial data. Typically, this fraud involves deceptive techniques aimed at extracting your confidential details.

Various guises of phishing scams exist, though they often manifest in the form of deceptive emails or text messages. Take, for instance, receiving an email that bears a striking resemblance to official communication from your financial institution, prompting you to sign into your banking portal to submit updated personal details.

Upon clicking the provided hyperlink, you’re led to believe you’re accessing a legitimate website; however, it’s a counterfeit façade. Alternatively, engaging with the link may inadvertently install malicious tracking software on your device, thereby enabling thieves to record your keystrokes and steal your credentials.

In either scenario, your login information is compromised, albeit unbeknownst to you. Hence, it’s vital to approach emails requesting your financial or private data with heightened vigilance and discernment.

#6 Choose Reliable Financial Services

While fintech applications, such as those for mobile banking, are convenient for financial transactions like managing bank accounts, paying bills, transferring funds, and making purchases, their security levels vary.

Prioritize security when selecting a mobile banking application by ensuring you’re using a legitimate app from your bank. The safest route to download is directly through your bank’s website. Should you choose to download from the App Store or Google Play, take a moment to confirm the authenticity of the app by examining the listed developer’s information and browsing through user feedback.

Exercise caution when deciding to share your online and mobile banking credentials with any third-party applications, particularly budgeting tools that require such information to synchronize and summarize your financial status. This could expose your sensitive data to potential vulnerabilities.

Conclusion

Experience the ease and empowerment of managing your finances with online banking. Enhance your financial security by taking charge and safeguarding your sensitive banking data. By staying vigilant, you greatly reduce the chances of unauthorized access to your personal information.

Reference source: Finance

Compiled by the DTSVN author group - Digital transformation solutions for the Finance and Banking industry.

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DTSVN is a pioneering Digital Transformation Company providing the latest digital solutions specifically for businesses in the Finance - Banking industry in Vietnam; Helping banks and financial institutions quickly complete technology systems for digital transformation.

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