Learn These 8 Tips for Safer Online Banking
Online banking is convenient and pleasant. However, there are certain risks involved. Just as people are robbed at ATMs or have their cards cloned, internet accounts are a point of risk. If you follow these eight recommendations, you may reduce the threats to your finances and bank safely online:
1. Select a two-factor authentication account.
Try to open a bank account that has two-factor authentication for internet banking. Many, but not all, banks now provide a tiny gadget that generates a unique code each time you log in. This code is only good for a limited time and must be used in conjunction with your login credentials to obtain access to your online account.
2. Make a secure password.
If your bank requires a user-generated password in order to access online accounts, make it a strong one. Making it long and a combination of upper and lower case letters, numbers, and special characters is the best way to accomplish this.
Never use common terms or phrases in your passwords, and never use your name, initials, or date of birth. Change your password every few months if your bank allows it. If your bank asks you to answer some typical security questions when you set up online banking, keep in mind that the answer you give does not have to be the correct one.
So, instead of responding “Thumper” to the name of your first pet, make it something else, as if it were a password. If you’re worried about remembering everything, use a password manager!
3. Keep your computer secure and up to date.
Security software is now required regardless of how you use your computer. At the very least, ensure you have a firewall and antivirus software installed. This will protect you from Trojans, keyloggers, and other malware that could be exploited to access your financial data. You should also keep your operating system and other applications up to date to guarantee that no security gaps exist.
4. Avoid clicking on emails.
No reputable financial institution will send you an email requesting your login information. If you receive an email that looks to be from your bank and requests such information, be skeptical because it could be a phishing effort to deceive you into passing over your credentials.
Similarly, be wary of links in emails that appear to be from your bank – this is a common tactic used by the bad guys to get you into a website that appears to be your bank. When you log onto ‘your account,’ they will steal your username and password, as well as your money.
