With everyone opting for online banking, learning how secure it can be is essential. Online banking has always been challenging. It is a convenient way to make payments, check your balance, transfer money, and manage your finances. However, just like with anything online, there are so many risks with banking online.
These might include; your account getting hacked, your hard-earned money taken straight from your account, or even your personal information stolen. Despite this, various security measures can help improve the security of your online banking account.
1. Add Two- Factor Authentication
Consider setting up two-factor authentication if your digital provider or bank offers it as an extra layer of protection. This process involves measures where, even after you enter your login details, your bank will send a code to your nominated email address or mobile number, which you must enter to access your account. Visa Secure and other security codes provide that second layer of protection and make it easier for someone else to log in and access your account with the unique code. You can set up two-factor authentication in your physical bank.
2. Make The Most Of Your Bank’s Safety Features
Your bank’s main priority is to keep your money safe. Many financial institutions have additional features that ensure you are the only one who can access your account. Talk with someone from the bank about what they offer to help secure your account. Some banks let you set up a daily transaction limit so that you can only take large amounts with your approval. This allows you to keep track of unauthorized transactions, and Incase of anything, you can contact your bank.
3. Use A Strong Password
The best protection for online banking is a strong password. Never use your name, date of birth, a child’s name, street name, or anything else that could be easily determined by someone else. Creating a password with a good combination of special characters, numbers, and upper and lower-case letters is recommended. Also, ensure you put a strong password or passcode on all the devices connected to your online bank account. These could include; a laptop you use to access your account or a smartphone where your banking app is downloaded.
4. Only Use Secure Devices
Only use public computers or even public WiFi on your own devices, as this can increase the risk of someone else accessing your bank information. Always ensure you use a secure device like your laptop or smartphone while accessing online banking. Also, do it when you are on a secure internet connection; that could be your home WiFi or a trusted friend or family member.
5. Understand How Your Bank Communicates With You
We receive many spam messages and emails daily. Scam bank messages can look genuine and very convincing, so you need to be vigilant and not reply to just any message. Knowing how your bank engages with you is the best way to avoid getting conned. For example, a bank will never ask for your online banking password. If you ever receive a message or email that you are still determining, contact your bank directly.