Over the years, technological developments in the financial industry have made it possible to send money from our mobile devices with just a few clicks. We can now pay bills, purchase products or deposit checks from anywhere in the world.
However, while these advancements have brought about convenient online banking and digital transactions, your money and data are not automatically safe. Despite the various security measures used by banks and financial institutions, you also have a role in protecting yourself.
Effective ways to protect your online banking activities
As serious as online banking security sounds, safeguarding yourself isn’t as difficult as it seems. Usually, all you need to do is make use of effective safety measures that decrease your risk to common security threats when making online money transfers.
Here are some strategies to consider if you use online banking services on your mobile device:
Secure your apps with strong, secure passwords
One of the easiest and most effective ways to secure your online banking apps is to set a unique, strong password.
When creating a password, a common mistake you want to avoid is using your personal information, such as your name, your child’s name or date of birth. Hackers and malicious actors can guess the information easily since it is often available in public spaces.
You also want to avoid passwords with common words or number combinations like “Password” and “1234”. Instead, choose a mix of uppercase and lowercase characters that are difficult to guess.
You should also update your passwords from time to time. The best approach is to use a password management tool that creates strong, new passwords periodically.
Use multi-factor authentication (MFA)
Most online banking apps allow users to set up two-factor authentication (2FA), but some go the extra mile by providing multi-factor authentication (MFA). This lets you complete different verification steps to confirm a transaction.
For instance, you’ll need to log in to your account using your secure password and complete other security checks. These can include entering a one-time password (OTP) sent to your phone or email address and using biometrics such as facial recognition or fingerprint to validate transactions.
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Use only secure connections
Many people use public Wi-Fi at various locations, ranging from restaurants to hotels. It’s super convenient to access these public networks and stay connected when on the move. However, what many fail to understand is that Wi-Fi networks aren’t big on data privacy or security.
When using your online banking tools, it’s best to completely avoid public Wi-Fi since you can’t vouch for its security. Instead, use a secure connection like your home or personal internet.
Even if the owners say their network is safe, you can’t be so sure. Incidentally, a compromised network can expose you to numerous risks, including a man-in-the-middle attack that monitors your banking activities, malware and unencrypted data transfers.
If you have no alternative to public Wi-Fi, ensure you deactivate public file sharing on your device and consider using a virtual private network (VPN) to encrypt your data.
Opt-in for notifications and alerts
Banking alerts and notifications can be a chore, especially if you do not have unlimited SMS on your mobile device. However, these alerts are very effective account management tools you should consider.
When transactions occur, your bank will send you a notification almost immediately, informing you of the transaction. This way, you can be quickly informed if a fraudulent or authorized transaction is initiated.
You can also opt-in for email and SMS alerts for low or high balances, password changes, account information updates, card transactions and failed login attempts. Setting up these notifications will help you act proactively when you get a notification regarding unauthorized activity.
For instance, you can change your online banking password or deactivate your credit or debit card if you are notified of fraudulent or suspicious activities.
Avoid links you don’t know
One of the most common methods hackers and malicious actors use to access people’s personal information and financial details is through compromised links. Usually, they send you links that seem legitimate, urging you to click on them. This process is called phishing.
A typical phishing scam can take place over email or text. Sometimes, the perpetrators may even clone an email that looks like that of your bank, asking you to take an action like updating your information.
The moment you click on the link, they’ll put tracking malware on your device, which helps them monitor your transactions. Sometimes, they even log people out of their accounts and drain the funds out of their account.
To avoid such an issue, avoid links you don’t know. Before clicking, verify that the sender is genuinely from your bank. You should also hover over links you are unsure of to preview where they will take you.
Note that your bank will never call or text you to ask for your personal information. Any phone call or message requesting sensitive details is most likely a scam.
Don’t overshare on social media
There’s a general saying that “less is more”. The same rule should apply to your digital footprint. Nowadays, hackers use social engineering tactics to trick people into oversharing personal details. For instance, you may see tweets asking what your salary range is or what the name of your first dog was.
These little details may expose you to security risks, especially if some personal details double as your password or security questions for online banking tools.
Update your device’s security software
Keeping your devices protected goes beyond having secure passwords for them. It’s crucial to have the latest security software on them to reinforce them against potential security breaches. So, keep your banking devices updated by downloading the latest operating software when released.
Conclusion
Online money transfers are efficient ways to send money but protecting yourself while using online banking is paramount. We’ve highlighted the best security measures to adopt. Taking these steps will help keep your banking information secure and prevent scammers from stealing your funds or data.
