As online banking becomes more popular, scammers are looking to take advantage of it. Their goal 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.
According to Investopedia, people can conduct financial transactions over the internet with online banking, adding that it is sometimes referred to as online banking or internet banking.
Similar to the services offered by physical banking, customers can also use online banking to access virtually any service such as deposits, transfers, and online bill payments. Almost every banking institution offers some type of internet banking, accessible through desktop and mobile apps.
With online banking accessible everywhere, bank account owners will no longer need to visit a bank branch to perform most of their basic financial transactions. Adding to its convenience, consumers will be able to do their banking at their leisure, wherever they are at home, at work or on the go.
To enjoy the benefits it brings, it should be noted that a device, an internet connection and a bank or debit card are all required for online banking. Additionally, Investopedia also clarified that customers must first register with their bank’s online banking service to use the service.
Despite the convenience it offers, customers should keep in mind that several cyber criminals take advantage of it.
Fortunately, there are four online banking tips and tricks to protect yourself from scammers.
Read also : FBI Warns Mobile Banking Apps Heavily Targeted by Hackers: Here’s How to Secure Your Accounts
4 online banking tips and tricks to keep your money safe
1. Change Password Combinations Regularly
Senior Vice President of Technology Risk Management for the BITS Financial Services Roundtable, Murray Kenyon, told Nationwide that there are important factors to consider when creating passwords. pass.
One of them uses 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 characters, such as your mother’s maiden name or your pet’s name, are far too easy to guess. Moreover, he pointed out that the longer the password, the better.
More importantly, changing passwords every 90 days is the best way for customers to protect themselves.
2. Avoid using public Wi-Fi for online banking
Along with changing passwords regularly, one of the useful online banking tips and tricks is not to use public Wi-Fi when banking online.
Nationwide explained that you should make your browser history and password available to others if you use public Wi-Fi. Therefore, any activity, such as banking or reading emails, that requires you to log in and provide sensitive information puts you at risk.
3. Always use 2FA
Duo explained that two-factor authentication (2FA) is a kind of multi-factor verification (MFA) that improves access protection by requiring two methods to validate your identity. 2FA protects your logins from phishing, social engineering, and brute force password attempts, as well as attackers who use weak or stolen credentials.
4. Pay attention to your downloads
Forbes said the first step in using mobile apps for banking is to make sure you’re using your bank’s official app. The second step is to be careful who you provide access to your online and mobile banking information.
Besides that, the best way to download a legit banking app is through their website.
Related article: Mobile Banking Scam: How to Secure Your Account and Stop Hackers