The popularity of online banking nowadays is increasing. This is because online banking offers great benefits to consumers, like convenience, ease of access, and faster transactions. However, aside from the benefits that online banking offers, the security risks it poses shouldn’t be neglected. Fortunately, there are ways that you can increase your online banking security and protect your money and your information from cybercriminals.
If you’re considering transacting with your bank online, below are tips to increase the security of your online banking experience. This way, you will never have to worry about your information being at risk.
Only Transact With Reputable Online Bank Institutions
The first thing you should remember when doing online banking is to ensure that you’re transacting with a reputable bank. When you start exploring the world of online banking, you’ll surely encounter dozens of online bank institutions that offer their services to customers like you who are looking to shift their banking transactions online.
However, be wary as not all online banking platforms are legitimate. Others are taking advantage of the popularity of this industry and using it to victimize customers. That’s why you should be careful in choosing online banks for your finances.
Legitimate online banks, like Gateway Bank, are FDIC-insured. Federal Deposit Insurance Corporation or FDIC protects customers against any failure a bank might face. Additionally, legitimate online banks will have positive reviews from their customers. That’s why checking for customer reviews is vital before you decide to transact with a specific bank online.
Establish a Strong Password
Even if you determine that the online bank is legit and trustworthy, you still shouldn’t be too complacent. The next thing you need to do is to establish a strong password. The number one thing that makes a password strong is its length and complexity.
That’s why using passphrases when creating your login password is highly recommended. If you think that passphrases are too lengthy, then you can still opt for a shorter password as long as it’s unique and doesn’t include any of your personal information like birthdays, anniversaries, or nicknames.
You can use a password manager if you’re not sure about the password you have in mind. Password managers will help you create a strong and unique password to increase the security of your online bank account.
Use Two-Factor Authentication
After you establish a strong password for your online banking account, the next thing you must ensure is to use two-factor authentication. Two-factor authentication, or 2FA, is a security mechanism that demands two independent forms of identity to grant access to your online banking account.
Passwords are the first factor, and biometrics, such as your fingerprint, face, or retina, would be the second factor. Moreover, the second authentication factor could also be a text with a code delivered to your smartphone.
Using two-factor authentication can improve the security of your online banking account, which gives you peace of mind. Before utilizing your online account, some banks need you to set up 2FA. On the other hand, some allow you to activate 2FA through your account settings. But whatever your bank prefers, it’s still best to use the 2FA of your online bank to increase security.
Don’t Login Using Public WiFi
Aside from making sure you’re using a legitimate bank and securing your login credentials, it’s also worth noting that you mustn’t log in to your online banking account using public WiFi. If you use public WiFi, there is a huge chance that you’ll get hacked.
You should consider that cybercriminals are tech-savvy and utilize a combination of free tools and their technical know-how to enter unsecured networks like public Wi-Fi. Once they sneak into these WiFi signals, they can steal sensitive information from users who access the compromised WiFi.
Therefore, avoiding logging into your banking account or any other account while connected to public WiFi is best. Only access your account using a secure connection like a private WiFi connection at home.
Only Use Secure Devices
Aside from using a secure WiFi connection when accessing your online banking account, you must remember only to use secure devices. Never log in or make online banking transactions using a public computer.
Only use your computer devices when accessing or transacting with your online bank. It will help ensure your safety and the security of your personal information. Remember that various individuals use public computers. You wouldn’t know if a hacker has installed malware on the computer to gather information from other users like yourself.
Malware can capture keystrokes, which means once you type in your login credentials, the malware will record the details. As a result, cybercriminals will have easy access to your online banking account. They can now perform any actions they like on your account, including withdrawing your funds.
To Sum It Up
The advancement of technology has brought convenience to transactions and our daily activities. However, there will also be drawbacks to these technological advancements. That said, you must follow the tips above to ensure that your online banking experience will be good.