Online and mobile banking make managing finances easier. Paying bills, depositing checks, and transferring money is easy with digital banking. Mobile banking and online banking are both popular due to their convenience. The question is, how secure are online and mobile banking? Is your information secure? Despite reputable financial institutions implementing security measures, you can take some steps to protect your personal and financial information. Here's how to keep your security bank online info safe.
1. Make your passwords strong and unique
If
you don't realize it, your password can open doors for hackers.
Online
banking password mistakes include:
- Use your
name, address, or birth date
- Shorter
passwords
- Using simple
words or numbers
- Reusing
passwords
- Keep your
passwords up to date
While
they are easier to remember, they are also easier to guess by hackers. Here are
some online banking security tips for creating stronger online
banking passwords:
- Instead of
using a single word as a password, use a phrase
- Mix
uppercase and lowercase letters
- Use special
characters and numbers
- You should
avoid common sequences like "1234"
- Use your
pet's name rather than your name, date of birth, etc.
- Online
banking and mobile apps shouldn't store your login details
- Wallets and
debit cards aren't the best places to store passwords
Keep
your online banking passwords up-to-date. To make your password less
susceptible to theft or decoding by hackers, change it every three to six
months.
Password managers make it easier to create complex and longer passwords.
2. Turn on two-factor authentication
Adding
two-factor authentication to online banking can increase its security. A second
security test follows your login name and password.
It
might be a special code, an automated phone call, biometrics, or identifying a
picture. Online or mobile banking passwords make it difficult for hackers or
identity thieves to access your accounts.
Your bank or credit union may offer two-factor authentication.
3. Avoid public Wi-Fi
It’s
convenient to use public Wi-Fi while you’re on the go, but it’s not secure. A
consumer cybersecurity company, NortonLifeLock Inc., cites the following risks
posed by public Wi-Fi:
- Man-in-the-middle
attacks, where hackers electronically listen to your online banking
activity
- Unencrypted
data transmissions
- Malicious
hotspots
- Malware and
spyware
When
using a public Wi-Fi network, it's best not to use online or mobile banking.
Using public Wi-Fi to access online and mobile banking is safe.
- Turn off
public file sharing. You can find instructions for your
operating system online.
- Choose
secure sites. Your browser will display the lock
icon if the URL includes "https". Firewalls on laptops and
mobile devices may automatically flag unsafe sites.
- Use a virtual private network (VPN). You can only access this network if you do this. A VPN service is available on your mobile device or laptop.
4. Register for banking alerts
You'll
get alerts when certain things happen. Any suspicious or fraudulent activity
occurs almost instantly. There are often email or text alerts for:
- High or low
balances
- Transactions
with credit and debit cards
- Linked
external accounts
- Login
failures
- Password
changes
- Personal
information updates
Get
in touch with your bank or credit union immediately if you suspect fraudulent
or suspicious activity.
5. Avoid Phishing Scams
Identity
thieves use phishing to access personal and financial information. It aims to
trick you into divulging your personal information.
Scams
involving phishing often take the form of emails or texts. You might get an
email from your bank telling you to update the info on your account.
Clicking
the link leads to a dummy site that looks legit. Your keyboard strokes track
when you click a link or download tracking malware.
It
doesn't matter how you get your login details. It's essential to scrutinize
financial or personal emails.
To
avoid online banking phishing scams, follow these banking security tips:
- Check the
email address. Check your email from your bank.
Make sure the email address is correct.
- Hover over
links. A
hover-over can reveal where a link leads.
- Share no personal information. Verify that the email from your bank is legitimate before providing any information.
6. Invest in trustworthy financial apps
You
can use financial apps to make payments, pay bills, send money, and shop with
them. However, they aren't equally safe. Use your bank's app if you plan to use
its mobile app. You can download the app from your bank's website. Verify the
developer details and reviews of the app before downloading it from the App
Store or Google Play.
Consider which apps can access your online and mobile banking information. You might manage your finances better by using a budgeting app. It is risky for your data if you use these apps and share your login credentials. Before downloading a financial app, check its ratings. Check the app's security policies and past data breaches.
Online banking: Is it safe?
The
best way to manage your money online is to follow strict banking
security protocols and be aware of potential threats.
Banks
use data security measures. Among them are:
- 256-bit or
128-bit encryption
- Email
encryption
- Mobile and
online banking with automatic logout
- Authentication
with two factors
- Monitor your
account continuously
- Checking electronic signatures
How Do Banks Protect Data?
A
bank's data security strategy refers to how they protect customers' data.
Unauthorized access to personal information is the primary objective.
Among
the most commonly used data security measures in the U.S. banking industry are:
- Authentication
with multiple factors
- Encryption
- Policy and
training on privacy
- Monitors for
fraud prevention
A
bank must notify regulators within 36 hours if a data breach is likely to have
a material impact on its operations. As part of the rule, the Federal Reserve
Board of Governors, FDIC, and OCC have partnered to enhance accountability in
the banking industry. Banks are more likely to protect customers' data with
this new rule.