The 21st century has seen the rise of mobiles, internet banking, paperless loan approvals, and instant money transfers around the globe. While online banking is convenient, it doesn’t come without its fair share of risks. Your identity and bank account information can be compromised if you are not careful. So, the next time you decide to log in to your online bank account, keep these handy tips in mind to keep your bank account safe. Read more…
Keep your Bank Account Safe
In today’s time, there are convenient ways of managing your finances, making purchases, investments, paying bills, and transferring funds. You can get it all done by a simple click. You no longer have to get out of your pyjamas and drive to a local bank to deposit a check; you can get every transaction done on your phone or computer in the comfort of your home. While this makes our lives so much easier, it also makes it extremely important to be extra careful at all times. Therefore,
[toc]we have 5 tips to offer you that will help you keep your bank account safe and protect credentials.
1. Choose a strong banking password
Having a complex and frequently-changed password will help protect your account from hackers. A password that is easy to guess can grant access to the account and allow someone to drain your account of your finances or steal your personal and financial information. Therefore, while setting your password, remember to keep an alphanumeric password with at least one special character. Also, use a mix of capital and small case. Keep in mind to not use your name or date of birth in your password and keep the length of the password at least 8-10 characters. Moreover, do not use your banking password for any other login. Most importantly, change your password once every 5-6 months.
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2. Opt for two-factor authentication
ost banks will give you the option to enable two-factor authentication (2FA). While the two-factor authentication has its strengths and weaknesses, it still gives you extra protection for your sensitive account information. When you sign up for 2FA, you’ll typically receive a text message with a one-time password every time you log in to your account. It might seem like an inconvenience to go the extra step, but it’s worth it. If a hacker tries logging into your account, you’ll get a text with a code. Once you realize that you didn’t make this request, you can intercept the hacker right away.
3. Sign up for account-related alerts from your bank
If your bank gives you the option to get text alerts about your account, don’t hesitate to sign up. Every time a large sum of money is drawn from your account, you’ll get a text. Hopefully, you’ll only get texts when you’re the one taking out cash. Text notifications allow you to pounce on any suspicious activity in your bank account. If you receive a text that your balance has suddenly dropped, and you haven’t made any transactions, you can contact your bank and quickly put a stop to any fraudsters. On several occasions, receiving an alert or a notification on time is enough to take corrective measures and keep your bank account safe.
4. Only download an app if it is secure
As a result of the advancements in technology, today, we have apps that can automatically pay bills or track payments and update regularly. While each of them is convenient, not all of them are secure. Before you download any app that requires your mobile banking login credentials, you must ensure that the publisher of the app is genuine. Before you grant access to any app, make sure that you read its reviews and are completely sure about it being secure.
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5. Stay alert against phishing scams
Phishing scams are methods used to trick you into giving your bank account credentials to thieves and miscreants. Emails that ask for your personal information are called phishing emails. These emails try to trick you into divulging your bank and credit card information. The emails may look like they come from a legitimate source, but the person on the other end of that message is almost always a hacker. Just remember that your bank will never ask you for personal information through email or text message. If you ever receive an email or text from a “financial institution” that seems a bit too nosey, make sure to report it to your bank.
Although online banking can potentially lead to hacking and fraudulent charges, using these above practices will help you avoid any problems and keep your bank account safe. Remember, you do not have to be scared if you stay careful. So, take control of your credentials and who you share it with. We hope that the tips mentioned above help you protect your bank account credentials by avoiding the common mistakes that most people make.
