Online banking has become the major way of storing and managing money or you can use it for online shopping. We use online banking more than ever. This digital era has changed the way we do business, but it also brought some challenges with it – security, convenience, and speed to transact anywhere and anytime.
A modern bank can manage a wide array of different products, from checking accounts up to loans, mortgages, or savings accounts; from issuing cheques to accepting payments, delivering payments, and making payments.
Online banking can be a safe and convenient way to make purchases, pay bills, and transfer funds. However, there are some common problems with online banking that you should be aware of.
One issue with online banks is phishing scams which can steal your login information and other personal data. To avoid this, make sure you use strong passwords that are unique for each account.
Another issue is people losing their cards or accidentally giving their card info to someone else. Nowadays, it’s easy to change your password or contact a bank representative if you lost your card – either on the phone or online chat.
To prevent that, let’s learn how to be more secure using Online Banking…
- 1 What is an Online Fraud?
- 2 Why You Need a Secure Online Bank Account
- 3 Ways to Improve Your Overall Security on the Internet and Reduce the Risk of Fraud
- 4 How to Stay Safe When Banking Online
- 4.1 1. Create strong passwords
- 4.2 2. Change Your Password Regularly
- 4.3 3. Use two-factor authentication when using Online Banking
- 4.4 4. Type HTTPS protocol Into Bank’s web address Browser
- 4.5 5. Use mobile banking apps that use two-step verification for online banking
- 4.6 6. Set up shareable security questions for online banking
- 4.7 7. Use antivirus software
- 4.8 8. Monitor your account activity regularly
- 4.9 9. Don’t access your bank accounts on public Wi-Fi
- 4.10 10. Use password manager
What is an Online Fraud?
Online frauds, which are a major problem in today’s world, affect both large and small businesses. Organisations are being hassled for legal reasons by customers or clients who claim they have been defrauded by them. The fear of lawsuits can also make some companies reluctant to admit their own mistakes.
Online frauds include credit card scams, scam emails, phishing attacks on corporate accounts, spam campaigns and even malicious code that can take control of a company’s systems and stop internal transactions from running smoothly or steal data from the computers of the company’s staff members (such as keystrokes).
Why You Need a Secure Online Bank Account
A secure online bank account is crucial for your financial security. This should be one of the first things you do when you start setting up your online banking and investing in a new bank account.
There are different types of bank accounts, each being a different digital wallet, and it is important to know what they do. A “digital wallet” allows users to make purchases and transfer money from their bank account, but it is also the most common type of wallet for cryptocurrency.
Ways to Improve Your Overall Security on the Internet and Reduce the Risk of Fraud
The Internet has become one of the most dangerous places for businesses and individuals alike. While the Internet has been around for a while, it is now being recognized as an unsafe place for any business or individual to be. The rise of hacking and security breaches is becoming more frequent every day.
There are many ways in which you can prevent your data from being hijacked by cybercriminals, but the most effective way to do so is by using a strong password.
When you use a strong password to secure your accounts on the Internet, it will be much more difficult for cybercriminals to steal your passwords and identity. Using a strong password also helps you stay safe from other malicious hackers and spammers.
How to Stay Safe When Banking Online
While online banking is considered safe and simple to use, it is also a very convenient option for people who have the habit of making small payments frequently.
People need to be careful while doing their online banking transactions. They need to know about the types of information that are being stored by banks and what they can and cannot do with it.
The information that is kept on your account, everything that you have done there, whether you make any purchases or not, what type of cards you use etc. can all be used against you when you apply for credit cards or loans in the future.
This section discusses various risks associated with online banking transactions and other financial services:
1. Create strong passwords
Your online banking password should be a complex, long, and unique string of characters
It’s not just your bank account that you should be concerned with protecting. It’s your online banking password too! You should have a complex, long, and unique string of characters.
2. Change Your Password Regularly
Any time it is recommended that you change your password, it is a good idea to change it as soon as possible and never use the same password twice if at all possible. Not only will this keep your information more secure but also deter potential hackers from guessing your password during a cyber-attack.
3. Use two-factor authentication when using Online Banking
In today’s technology-driven world, it is more important than ever to keep your clients safe. This is particularly true when it comes to Online Banking. Sometimes you can’t just log in and use your bank accounts without a two-factor authentication (2FA) code that only you know.
Online banking offers many possibilities for your clients to secure their accounts. Some of them are to reduce the risk of fraud, or even misuse of the account information by others.
4. Type HTTPS protocol Into Bank’s web address Browser
HTTPS (https://) is the most secure way to access web pages. It is also a good practice for web developers and companies that want to protect their data and privacy.
The HTTPS protocol is a cryptographic method for encrypting and authenticating communications between two parties on the Internet. It protects all the data that pass through an untrusted third-party server from eavesdroppers, hackers, and other malicious parties. This technology is widely used in e-commerce to protect credit card transactions, financial transfers, online sales, and other sensitive information.
Bank’s website uses HTTPS protocol to protect your credit card data from hackers. By using HTTPS encryption, it is a lot harder to steal your information by eavesdropping on the connection between your computer and Bank’s website.
5. Use mobile banking apps that use two-step verification for online banking
Mobile banking apps have become more popular in recent years. They are used by a wide range of industries and are used by a variety of users. They require the user to authenticate themselves when they first try to access the app, and then any subsequent transactions for that user go through only after an additional layer of security is put into place.
A security question is a randomized string of characters used to protect the security of online banking services.
The purpose of the security questions are to protect customers from possible fraud and money laundering. When an account holder opens their online bank account, they have to enter a few details – name, address, date of birth and PIN code. Opening an account online is fast and easy. But when the bank decides to open an account with a more complex password, it can be hard for customers to remember it or write it down on paper with their pen or stylus.
7. Use antivirus software
Antivirus software is a great tool for online banking. It can protect your computer from cyber fraud, malware and other malicious threats. However, it is important to remember that antivirus software does not prevent all kinds of attacks and data theft.
8. Monitor your account activity regularly
Monitoring the activity of your online banking is a must, as it helps you to keep track of the amount of transactions that you are making.
A lot of people use online banking and online shopping sites. But they often forget to check their account activity and make sure that everything is on track.
If you are not careful then you can go through your account activity and see what kind of transactions are done in your bank/credit card or other companies’ sites. Some payments might be regular but some may be occasional or from unknown sources and have no business logic behind them.
9. Don’t access your bank accounts on public Wi-Fi
If you use public Wi-Fi, then do not try to access your bank accounts or other financial institutions on it. Since the Wi-Fi traffic does not provide any data privacy, hackers can get hold of sensitive information like passwords, credit card numbers, and more.
Did you know, If you are using public Wi-Fi, hackers can easily access your computer to steal personal information and data? This is due to the fact that many people don’t know the security risks of using public Wi-Fi networks.
10. Use password manager
There are many ways you can protect yourself when online banking. You should check your bank website for security guidelines and use a secure password manager such as LastPass or 1Password. You should also look out for terms of service on your bank site that dictate what information they will collect, how long they will keep it, etc. Finally, if you want to use a mobile app to check your balance or pay a bill, make sure you do so from a trusted device with an updated operating system and antivirus software installed on it.