Online banking has made it extremely easy to pay bills, subscribe to a service, check the balance and even transfer money within a few seconds. Everything is available at your fingertips.
It has helped to take care of financial manners efficiently. Even though online banking has many benefits, it comes with its own risks.
Cyber threats have become a real issue for online banking. The convenience of online banking can become a real-life horror threat if proper precautions are not taken. Here are a few online banking securing tips to stay safe.
1. Avoid using public Wi-Fi
Public Wi-Fi has many security loopholes. Firstly, anyone can see your internet activity using public Wi-Fi. If you search for What Is My IP to know your IP address using public Wi-Fi, the chances are high that your internet activity is visible. Similarly, if you use public Wi-Fi to do online banking, you put your financial data at a higher risk. Therefore, if it is not extremely urgent, avoid using public Wi-Fi.
Similarly, avoid using public computers to log in to your bank account. If you need to use a public computer, delete the history and cache of the browser. Do not save the password of your accounts on a public computer.
2. Create a strong password
Having a strong password is the most important online security tip and the most overlooked one. Firstly, try to create different passwords for different accounts. This will safeguard your other accounts, even if the password of one account is compromised.
To create a strong password, go for non-dictionary words. Further, include numbers, special characters and a mix of the upper and lower case to create a strong password. Keep changing the passwords at regular intervals.
3. Ensure that you are using the official website or app of the bank
If you ever receive an email asking you to do a transaction through a link, avoid clicking a link. Phishing emails are cleverly crafted to fool the receiver into believing that the mail is from an official source. A careful inspection of the same is required.
Whenever you receive such an email, check the sender’s email address. Further, avoid clicking the link and visit the official website or app directly.
4. Switch on two-factor authentication
Most banking services support two-factor authentication. If two-factor authentication is available from your bank, you should switch it on to get an additional layer of protection. When you turn on the two-factor authentication, you need to enter an additional code sent to your phone or email in addition to the password.
In such cases, even if someone guesses the password of your bank account, the two-factor authentication will prevent them from accessing your bank account.
5. Install an antivirus or anti-malware software
Antivirus or antimalware service will not only protect your device from viruses, malware and ransomware but will also protect the privacy of your information. Keep updating the software to ensure that all the latest cyber threats are covered in the software update. Go for licensed anti-virus software.
Also, update your operating system whenever possible. The updated apps and operating systems often have fixes for previous security loopholes and bugs that protect your device from an attack.
6. Sign up for banking alerts
Signing up for banking alerts will notify you when an action is taken in your bank account. The instant notification can be extremely helpful in taking timely activities. Also, such notifications inform you about suspicious activity too.
Sign up for banking alerts to stay updated about all the changes in your bank account; if you notice any suspicious activity, change the passwords and notify your bank immediately.
7. Log out of your account
Always remember to log out of your banking account after you are done doing the activity. Whether you are using a private or a public laptop, it is essential to log out of the computer. Additionally, do not keep the password of your bank saved in your computer system. Even though a saved password increases the convenience, it also increases the risk too.
By following the above tips, you can enjoy safe online transactions through online banking. Online banking is designed for convenience, but it still comes with its own risk. However, the risks can be mitigated with the right cybersecurity approach.