switching to online banking

The 21st century has brought many changes with it as the world moved online. This includes banking services too. Now you no longer need to drive down to the bank as almost every type of transaction can be conducted online over the computer or on your smartphone.

However, switching to online banking has its share of risks too; so here are some tips on keeping your online bank account secure:

Automatic Login

While it may seem convenient, never go for automatic logins. As your device will already have the username and password saved, anyone getting it fraudulently could swipe off your savings.

Passwords

Remember to use complicated passwords consisting of symbols and upper and lower case letters. And though it may seem irritating, you need to change passwords frequently to stay safe from hackers.

2FA

Also known as 2 Factor Authentication, it involves an additional step where you are sent a one-time password SMS every time you try to log in. It might feel cumbersome, but it’s worth keeping your account details safe.

Mobile banking app

Since computers are more likely to be hacked into, it’s always better to download the banking app on your mobile device and use that for banking instead.

Public Wi-Fi

While they may be free, never use public Wi-Fi as they are unsecured internet connections. Even if you are using encrypted web pages, it’s better not to use public Wi-Fi for online banking.

Emails

Never open suspicious emails. Phishing emails can trick you into revealing your personal banking information, especially credit card details – something which your bank will never ask for.

SMS Alert

Sign up for SMS alerts for any account activity. This way, if someone removes money fraudulently, you will know immediately.

Mobile Device

Secure your mobile device so that even if it’s stolen, the culprit cannot unlock it and access your mobile banking details.

Bank Statements

Similarly, keep an eagle out for any strange transactions in your monthly account statements. Inform your bank immediately ASAP if it happens.

Update Devices

Even though updates may take up several minutes or even hours (depending on your internet speed), do keep your computer and smartphones updated so they are well-protected from hackers and malware.