Gone are the days where you have to drive to a local bank for depositing or getting cash. Banking has evolved so much thanks to the rising technologies and has become so convenient. You can do the transaction from anywhere in the globe via a single click.
Few financial advances have been as revolutionary in terms of convenience as online banking. What used to necessitate standing in huge lines can now be completed from the comfort of your own home. Therefore, it’s no surprise that online banking has become a significant element of the banking business.
As per online banking statistics, more and more individuals in the United States are adopting digital banking. While 61 percent of consumers utilized digital banking in 2018, the figure is expected to rise to 63.8 percent by 2020. According to projections, the percentage will likely climb to 65.3 percent by 2022.
While online banking is efficient, it does not come without particular concerns. If you are not cautious, your identity and bank account details may be exposed.
The Federal Bureau of Investigation received approximately 761,790 cybercrime complaints in 2020, totalling more than $4.2 billion in damages to people and companies.
Scammers can use a variety of ways to try to access your bank account, ranging from fraudulent emails asking you to confirm your login and password to malware that steals your information while you’re using public Wi-Fi.
So, how can you secure your bank account from cyber threats, scammers, and identity theft? If you follow these measures, you can improve the security of your bank account online with confidence.
6 Tips On How To Secure Your Bank Account Online
1. Use two-factor authentications
When it comes to securing your online banking details, multi-factor or two-factor authentication can help you improve your security concerns.
In other words, it enables you to add a second degree of security verification while accessing your mobile and online banking account. You need to provide your username and password, followed by a double security test.
For example, you could be required to provide a unique code, confirm your account via an automated phone call, or verify a pre-selected image. That can make it more difficult for a hacker or identity thief to gain access to your account.
2. Don’t use public Wi-Fi
There are several drawbacks to using public Wi-Fi. Not only is it often leggy, but it also does not always provide a protected internet connection. When hackers connect to a public Wi-Fi network, they can view everything, even your bank account login information.
Encrypted webpages, on the other hand, can protect you from hackers’ probing eyes. Check to see if your bank’s URL begins with “https://” rather than “http://.” The letter “s” indicates that the domain is secure to use.
You can also try establishing a virtual private network normally known as a VPN. It establishes a private network that only you have access to.
3. Create unique passwords for your accounts
You’re undoubtedly aware that having a strong password is essential. However, when it comes to protecting your bank account from hackers, one password, no matter how secure, may not be enough.
If you are using a single password for many accounts, all of them are at risk. If a hacker discovers the one password, it may be easier for them to access your other accounts. It might include bank accounts containing sensitive financial transactions or payment details.
Install a password manager to keep track of all your passwords, including those for your bank account. Password management software saves passwords, so you don’t have to remember them, and many can even generate secure passwords for you.
4. Don’t open spam emails or links
Phishing emails are those that request personal information from you. These emails attempt to dupe you into disclosing your bank and credit card details. The emails may appear from a reputable source, but the guy on the other side is virtually always a hacker.
Just keep in mind that your bank would never ask for personal information over email or message. Report it to your bank if you get a text or email from a “financial institution” that sounds a little too nosy.
5. Enable banking alerts service
Banking notifications and alerts are the most convenient methods to keep track of your banking activities and security. You can enrol in email or SMS alerts to receive updates depending on how your bank functions.
Notifications for debit transactions, unsuccessful login alerts, password reset alerts, and outbound wire transfer alerts are examples of alerts you can wish to set up. For instance, if a cybercriminal tries to log in to your account, you will be warned immediately.
6. Only do online banking through an official banking app
Install your bank’s mobile application and use it instead of the desktop version. Sadly, computers are the most vulnerable to malicious assaults.
While any device has the potential to be hacked, it is less likely with mobile devices. Most security comes from connecting to your cell phone network and authenticating into your bank account.
Online banking has its own set of concerns and is among high paying careers today. Still, it also has its benefits, such as the ability to monitor your accounts to avoid costs, deposit checks, transfer money to family and friends, and generate more interest from online-only banks that provide better rates.
Research Prospect account specialists said: “The demand for cybersecurity pros in the UK is at an all-time high. Here’s what you need to know about how much money they can make and if that career might be right for you! The job outlook across industries looks good; according to one report compiled by ISC “91 out 100 companies expect additional headcount needs” – which means there will always be plenty of work available no matter who applies.”
Combating the rising threat of widespread denial-of-service assaults against banks will necessitate more than just keeping up in a technological arms race; it will also necessitate better sharing of information among banks and other cybersecurity authorities.
Take precautions to safeguard your accounts and ensure that your bank employs industry-standard security technologies. This way, you can appreciate the advantages of online banking while retaining your accounts secure.
Check out: Why Banks Need to Partner with Fintechs to Accelerate Digital Banking Transformation
Author Bio:
Casey Harward is a technical writer and editor with experience in research-based content. She also has an MFA in Creative Writing from the University of Lancaster, UK. Casey specializes as a professional editor and Dissertation writer at Research Prospect. She loves reading articles, blogs, magazines, newspapers and books in her free time.
