The internet has made paying bills and monitoring our money super easy—just a few clicks, and it’s done! But with great convenience comes a risk if we are not careful. Following some key online banking safety tips and using handy tools, we can bank from our laptops without worrying. Read on to learn about these essential tips for banking online.
1. Ensure Strong Security Measures
Security should be your top priority when banking online. Follow these tips to keep your accounts and information safe:
A. Use Strong Passwords and Update Regularly
Your password is the key to unlock your online bank accounts. A weak one makes it easy for crooks to sneak in. So create a password that’s at least 12 characters long, with uppercase and lowercase letters, numbers and symbols all jumbled up. Stay away from obvious passwords like using your pet’s name or birthday. And to stay extra secure, choose a whole new password every few months.
B. Turn on Double Authentication
Turn on double authentication to double-check that you’re logging in. After you enter your password, a code will be texted or emailed to you that you must also type in. Even if a scammer somehow gets your password, they still can’t access your account without that code. Make sure double authentication is working on your bank’s website and app.
C. Don’t Bank on Public Wi-Fi
Using public wi-fi to access your online bank opens the door for hackers to see what you’re doing and steal your login details. So avoid anything to do with your money when connected to coffee shops or hotel networks, no matter how handy they seem! Do your banking business only on your home network.
2. Regularly Monitor Your Accounts
Vigilantly monitoring account activity helps you quickly catch and report fraudulent transactions or billing errors before they escalate:
A. Check Transactions Frequently
Log into your accounts routinely throughout the month to review recent transactions, ensuring valid charges. Verify unfamiliar transactions by comparing to your statements. Report unauthorised charges ASAP.
B. Review Bank Statements Monthly
Downloading and thoroughly reviewing official bank statements monthly provides another opportunity to catch suspicious activity. The statements also help you monitor fees and better understand spending habits.
3. Use Official Bank Apps and Websites Only
While third parties often advertise conveniences for accessing your accounts, they also present security risks. Follow these guidelines:
A. Avoid Third-Party Apps
Steer clear of any app that asks for your banking username and password. These apps can use this information to drain your accounts and steal personal information. Only download your bank’s official app.
B. Bookmark the Official Website
Type your bank’s website address directly into your browser or save it as a bookmark. Avoid clicking on links claiming to go to your bank, as these could be fraudulent sites trying to steal your data.
4. Set Up Alerts and Notifications
Your bank likely offers customisable alerts and notifications that can notify you of important account activity:
A. Transaction Alerts
Set alerts to notify you of transactions over a defined threshold so you can catch fraudulent charges quickly. Get alerts on common triggers like online purchases or ATM withdrawals.
B. Balance Alerts
Balances dropping below a minimum or exceeding your typical high balance because of a suspicious deposit can also trigger alerts. Receive these to monitor account spikes and drains.
5. Utilise Additional Banking Features
Explore whether your bank offers these convenient features:
A. Scheduled Payments and Transfers
Automate recurring payments for bills so you can meet deadlines. Schedule future dated transfers between your personal accounts to plan your finances better and prevent overdrafts.
B. Budgeting Tools and Spending Trackers
Specialised tools show common spending trends and project future cash flow based on income and spending habits. These insights help you better budget and save.
6. Keep Your Banking Information Private
Prevent avoidable security breaches by keeping your personal account information private:
A. Avoid Sharing Login Details
Never share credentials allowing access to your accounts, even when asked by companies promising financial services or aid. Provide only on your bank’s secure portal.
B. Beware of Phishing Scams
Delete messages claiming to be from your bank asking you to verify account details, as providing information risks identity theft. Your bank will never ask for sensitive data through email.
7. Update Contact Information Regularly
To ensure reliable account security and monitoring:
A. Keep Email and Phone Number Updated
Since security codes and alerts are tied to contact information, update any changes so they can reliably reach you to detect and stop fraud.
B. Ensure Mailing Address is Correct
Update shifts for accurate paper statement mailings, which you should still review even if you switch to e-statements. Tax forms are also mailed, so don’t overlook address changes.
Conclusion
By embracing strong security, staying vigilant, and utilising helpful banking tools, you can feel at ease managing your money online while avoiding fraud. Follow the tips outlined to position yourself for banking success today and in the long term.
