One of the most common methods of obtaining financial information is through online banking. You probably logged into your account from a computer or an app on your phone, avoiding the drive and long bank line. However, how secure is this practice, and how can it be made even more secure?
The Importance of Secure Online Banking Online banking is common and convenient. As of 2021, 21 percent of respondents of all ages only used digital banking, never visiting a physical bank to manage their funds.
Many people even open digital bank accounts by signing the paperwork online with an online signature, allowing them to start banking from home. However, customers are more susceptible to hacking as digital finance management grows in popularity.
When they involve your hard-earned money, cybersecurity breaches are especially devastating. For instance, in February 2023, Optus leaked a man's personal information on the dark web after a data breach at Medibank resulted in a loss of more than $20,000 for the man. He had saved his entire life for this sum.
Hackers who gain access to your bank account information can not only steal your money, but they can also:
Open accounts for credit cards.
Use your name to get loans.
Inquire about government benefits.
Receipt tax refunds
Protecting your bank account information to the greatest extent possible is essential due to the high stakes.
How to Increase Your Online Security These are the best cybersecurity practices to use when banking online.
Make a Strong Password Make sure to come up with a long, one-of-a-kind password that uses uppercase and lowercase letters, numbers, and symbols. You can make it even more difficult for hackers to break in by using a passphrase. A passphrase is a random string of words like "Gate shirt sugar taste 2" that can be stored in a password manager or memorized.
Alternately, create a password that doesn't make sense by using a meaningful phrase. For instance, "I think my wife is number one in Texas" would be changed to "Itmwi#1iT." When creating a password, you should avoid using the names of your loved ones, friends, pets, or places where you currently reside or have previously resided. Your birthday and other significant dates should not be included. Last but not least, avoid common characters like "12345" and "qwerty."
Change Your Password Frequently At the very least once every few months, you should change your password. If you've used the same password for multiple accounts, change it right away. Every online account, particularly online banking, should always have a different password.
A hacker entering just one account is extremely unlikely. However, if you provide them with twenty distinct accounts with varying degrees of security, all they need to do to gain access to the others is break into one of them.
When checking your account from a computer, always use an incognito tab and log out after each banking session. Press Control + Shift + N to open an incognito page. This gives you a little more security because the browser won't save anything you type.
Always log out of your account and close the tab when you're done checking it. You may be automatically logged out of some banks. However, your account may remain accessible for a short period of time—enough time for someone to view it without your knowledge.
Use a Secure Network The worst place to conduct your banking is a coffee shop with free Wi-Fi. People can also simply peek at your screen while you're not looking, in addition to intercepting your network connection. To access your financial account, always use a private, secure network. The safest place to manage your money is at home.
Activate Two-Factor Authentication Two-factor authentication, also known as multi-factor authentication, occurs when an online account sends a temporary code to your phone or another device prior to allowing you to log in. Hackers would need to steal your phone and login information to breach your bank account, so it provides an additional layer of security.
While 2FA isn't available from every bank, if yours does, always enable it. The fact that you will need to enter a PIN in order to unlock your account is minor compared to the high level of security.
Sign up for banking alerts and have your bank notify you by phone, text, or email whenever you make any changes to your account. In this manner, you will be notified whenever another person logs into your account.
Regardless of whether you have signed up for alerts, the majority of banks will notify you of any suspicious activity on your behalf. The bank may call you if you make a significant purchase or use your credit card in another state. However, signing up for additional bank alerts improves your online safety slightly. An email or text message should be sent to you even after you log in to your account.
Open your bank account on a regular basis to see what's going on. If you notice a payment that you didn't remember making, You can get in touch with the bank or find out where the card was used.
If you discover someone has robbed you, you can immediately freeze your funds by looking at your account. If you don't check your account for several weeks, someone might steal a few dollars at a time or even completely empty your account. Review your bank statement every week at least once.
How to Spot Phishing Scams If you have an email or phone number, you will almost certainly come across phishing scams from time to time. The most common way to steal bank account information is through phishing.
This kind of cybercrime affects even big businesses. In 2015, a series of phishing emails caused the tech company Ubiquiti to lose almost $50 million. How can you recognize a suspicious email because your bank will need to send you one at some point?
Strange Email Addresses A fake email address, such as wellsfargo or bankofamerica, might have one letter changed. Or, it could end up with the wrong domain, like bankofamerica@yahoo.org or wellsfargo@gmail.com. Examine the address carefully to see if there are any inconsistencies.
In contrast, hackers might spoof the email address so that it appears to be coming from the intended recipient. To determine whether the message is genuine, you will need to rely on additional clues.
Unusual Requests Your bank will never send you an email asking for your account number, home address, or password. It is likely a phishing scam if you receive a message asking for these details. If you need to change any of this information, you can do so by calling the bank or going in person.
It goes without saying that your bank will never send you an email asking for money from you. Any message informing you that you owe fees or deposits ought to set off an immediate alarm.
Urgent Requests You might receive a message informing you that someone has hacked your account and requesting that you quickly change your username and password on a form that you can fill out. Alternately, the email may state that you need to provide your personal information in order to use your credit card again because the bank has frozen your account due to unusual activity.
If there is a real emergency with your account, the bank will call you. They will also send you an email, in which they probably will tell you to get in touch with a bank representative or use the mobile app to access your account. Unless you are certain that the link in an email came from your bank, never click on it. Call the bank first if you're in any doubt.
Bad Writing Emails Written by Professionals Will Not Contain Spelling Errors, Missing Commas, or Language That Sounds Like It Was Written By A Bot Your guard should go up if you notice even one typo in an email that claims to be from your bank.
Additionally, keep an eye out for odd phrasing or translation errors. Your bank probably won't start a message with "Dearest sir" or end it with "We do thank you kindly" unless you live in the 19th century.
Of course, even professional bankers make mistakes in their writing, but hackers who phish for data do so more frequently. It's almost cliché to send an email asking for your data with poor grammar.
Anything Too Good to Be True An additional red flag is a message claiming to be from your bank and informing you that a significant deposit has been made in your account. The message frequently includes an odd tale about a charitable relative or member of royalty. It's possible that other emails using this strategy will inform you that you received an IRS refund or that a shipment was delayed.
By being very specific, hackers try to make the amount sound more real. You got $4,543,912 instead of five million dollars. Obviously, if you want to claim the money, they will ask for information about your bank account.
Is it true that someone is attempting to transfer $4,543,912 to you? Don't worry; the bank will call you if you actually make a deposit of that size. A relative will probably also call to inform you that a long-lost uncle left you a bequest in his will.
When it comes to your financial security, you shouldn't take chances. Protecting Your Online Bank Account Because you never know where your online bank account information might end up, you should handle it with even more care than you would if it were printed on paper. You can help ensure the safety of your funds, personal information, and login credentials by taking appropriate cybersecurity measures.
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