Online Banking: Is it Safe?
Updated: Sep 5
Online banking options have grown in popularity over the last few decades. Many of the major banking institutions offer online transactions and account management. However, you might be concerned about the security of this technology. Banks and financial institutions invest millions in order to secure online platforms and protect your financial data. Regardless, all online activity carries inherent security risks. We compiled some tips to help you safeguard your accounts from fraud and hacking.
Choose a Reputable Bank
The larger, more established banks have a proven record of rigid security features. They can devote more resources to cybersecurity and privacy than smaller banks. It may be tempting to opt for a cheaper option, but the major institutions are substantially more secure. Even with poor credit, this site can help you get approved for a credit card.
Use Strong Passwords
Don’t neglect the importance of creating strong, unique passwords for online accounts. Using a strong password greatly reduces your risk of compromise. Your password should be at least 10 characters long and contain symbols, numbers, uppercase letters, and lowercase letters. Never use the same password for multiple accounts. If your bank offers it, enable multi-factor authentication to further secure your information.
Be Careful Online
Make sure that you only enter your information into your bank’s official online banking app or website. Third party apps don’t have the same security measures. Beware of phishing emails or text messages that claim to be your bank. If a link looks suspicious, avoid clicking on it.
Use a Secure Network
When connecting to your mobile banking platform, make sure your internet connection is trusted. It's preferable that you only log in through your home or work connection. Be wary of public Wi-Fi; these networks may be more susceptible to security threats.
Monitor Accounts Regularly
Keep an eye on your mobile accounts for suspicious transactions or log-in attempts. The sooner you identify and report unauthorized activities the better chance at recovering your funds and preventing further charges. You can also enable account notifications in order to receive transaction alerts.
Never Share Sensitive Information Online
Never share your login information over email or over the phone, even if the inquiry appears to be legitimate. Most banks will never ask you for your login credentials unless you are banking in person.
Online banking is safer than ever, but security threats are still out there. By implementing these practices, you can mitigate the risk associated with mobile banking and stay protected from cyber crime.