What Additional Steps Can You Take to Secure Your Online Banking?

Needless to say, the Covid-19 pandemic has changed this world for good. Most companies are now working in a hybrid environment. They have employees coming to the office and some working from home. The same goes for banking. Most people now enjoy online banking as it’s easier than visiting the branch

Of course, you wouldn’t want to go to the bank just to transfer a little amount of money to someone else’s account. Similarly, you wouldn’t want to leave your home only because you want to pay someone for a service or a good. Online banking provides you with the ease to stay in-house and control all your finances; however, it has its downsides, too. 

Although online banking is quite safe, people are still concerned about its security. If you’re concerned about it as well, you’ve come to the right place. The following are a few ways you can make your online banking more secure:

Choose a Unique Password 

Starting with the basics, you must have a unique and strong password for your online bank account. While you may not realize it, a weak password is usually the culprit as it provides an easy opening to the hacker. Hence, the most important thing is to have a strong password. 

Make sure to not use your personal information when setting up your password; for example, your date of birth, your year of birth, your name or surname. Also, make a habit of changing your password regularly. It only takes a minute to change your password and it’s always worth it to change it once a month. 

Use Two-Factor Authentication 

Almost all the online banking apps now provide two-factor authentication. It adds a second layer of security to your online bank account. When you try to log in, it first asks for your password, and then sends a pin code to your phone number or email address. Using that pin code, you log into your online bank account. 

If you weren’t aware of this option before, call your bank and ask them if you’re offering two-factor or multi-factor authentication, and secure your bank account right away. Adding a second layer of security is imperative as people around you can easily overlook or guess your password. 

Switch on the Banking App Alerts 

It doesn’t take a dollar to switch on your banking app alerts, so you must do it immediately. If someone tries to log into your online bank account, you’ll get a notification immediately. Even if you miss the notification, you’ll be notified if someone tries to move the money or make an online transaction. 

Banks always send out notifications when someone updates their personal information, changes the password, links external accounts to the current one, and takes out the online bank statement. It also notifies you in case of failed login attempts.

Avoid Using Public Wi-Fi

A public Wi-Fi is a blessing in disguise as it helps you stay connected to your friends, family, and work, even when you’re on the go. However, where there are pros, there are cons. Yes, a public Wi-Fi isn’t safe for online banking. Hackers can easily hack into your bank account as public Wi-Fis aren’t well-encrypted. 

Although it’s best to avoid using public Wi-Fi altogether, if you must use it for an immediate online transaction or a mobile top-up, use it with a VPN. A number of free VPN options are available out there. Simply download one and keep it in your smartphone for all such desperate times.

Ensure the App is Trustworthy 

Not all online banking apps are as trustworthy as others; thus, you must ensure that the application you use is trustworthy. Always use your bank’s official app as they use industry-standard security. Not to mention, bigger banks and financial institutions back their apps with robust technological systems. 

Also, these large-scale financial institutions have active policies against phishing scams. When it comes to online banking, phishing scams are extremely common. Identity thieves usually take your personal information using the bank’s name; hence, it’s on the bank to make security policies to curb phishing scams and they do. 

The Takeaway

Everything that you do comes with a few risks. To mitigate them, be sure to change your password every month and turn on the two-factor authentication. Besides that, please check your account statement religiously so that you know about every transaction that takes place. Keep following the aforementioned tricks and I’m sure you’ll be good to go.

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