Security Tips for Online Banking
Effective ways to stay secure
Online banking is one of the fastest, most efficient forms of monetary transaction these days, and millions of people take advantage of it on a daily basis. In fact, Forbes cites a 2019 survey by the American Bankers Association which reported that a whopping 73% of Americans engage in online and mobile banking. But, is it secure enough?
With the popularity of smart devices and mobile baking apps, there is an obvious need to ensure customer security. Online banking is a major area of attention for cybersecurity professionals who help prevent security breaches from happening. Still, as a customer it’s important to remain vigilant and to maintain your own cyber literacy. While banks invest many resources into making transactions safe, there are some things you can do on your part to help further improve your own security – so you don’t have to stress about cybercrime.
Here's what you can do:
- Enable two-factor or multi-factor authentication. This drastically reduces the chances of your bank account to get hacked. This security tool is hassle free and simple - you can usually access it by a single touch on your smart phone.
- Use unique and strong passwords. Use a mix of uppercase letters, lowercase letters, special characters, and numbers to create a unique password. And don’t use the same password everywhere! If you have trouble remembering your passwords, consider trying a password manager like LastPass.
- Avoid public Wi-Fi. When banking online or handling personal information, always use a secure Wi-Fi connection – NOT public Wi-Fi. Choose secure browsers and operating systems as well!
- Sign up for regular bank alerts and notifications. Monitor your bank accounts regularly and be on the lookout for anything suspicious. Early detection of suspicious activity can save you a lot of hassle in the long run!
- Patch your devices regularly. Update devices and software to the latest version and don’t install apps without verifying their legitimacy first. Only use verified app stores to download apps, like App Store and Google Play.
- Be cyberaware. Avoid scams by learning how to spot tricks that cybercriminals use. Get started by learning the Four P’s of cybersecurity, checking out our CyberAware website, and listening to our CyberAware Podcast.