Tips for a safer online banking experience

Online banking is fantastic—very convenient and user-pleasing. However, like with everything else in life, there are dangers involved. As with using ATMs, there is a danger of having a card cloned or the user being robbed. Similarly, internet banking exposes the user to attacks, this time of the cyber type. Follow these five key recommendations to help you minimize financial risks and feel secure while banking online:

Ascertain that all of your computer software, including any antivirus applications, is current

Whatever you use your computer for, it is critical to have up-to-date security and anti-virus software. With a properly configured firewall and an up-to-date operating system, you can guarantee that no security gaps exist, keeping you and your personal information secure from hackers, Trojans, and keyloggers.

Avoid logging into online banking accounts when using public Wi-Fi

Log onto your online bank account only from a computer or network that you are certain is secure and trustworthy. Because WiFi hotspots are public, you and your financial information may be vulnerable to assault.

Utilize VPNs

It is always prudent to use a virtual private network (VPN), but this is especially true if you want to access your online bank account from places you cannot be certain are secure or trustworthy. From which you may access your bank account, VPNs enable you to create an encrypted internet connection to your work or home network. To ensure that the websites you are visiting are secure and being accessed through an encrypted connection, always check that your browser’s tiny padlock symbol is visible and that the websites you are visiting have a URL that begins with “https”.

Maintain frequent oversight of accounts

Just as we used to check our physical bank accounts daily to ensure they remained secure and unharmed, we must now monitor our online bank accounts as well. Checking online bank account statements at least once a month is a good practice to determine if any unauthorized transactions have happened. To be extra cautious, I would suggest checking online bank accounts regularly, particularly now that we all have 24/7 access, since this may help you identify and resolve account irregularities quickly.

Always use secure passwords

This is often ignored by internet banking users. However, it is necessary. If your online bank account needs a user-generated password to access accounts, ensure that it is very secure. To do this, ensure that your password includes a combination of capital and lowercase letters, numbers, and special characters, and is at least eight characters long—this will reduce the likelihood of it being guessed. Additionally, avoid using popular phrases or readily decipherable terms, and never mention your name, initials, or date of birth. As an added measure of security, update your bank account password frequently—every few months is excellent. If you’re concerned about forgetting your passwords, why not use a password manager?

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