Avoiding Risks When Banking Online

August 17, 2018

Online banking, it’s convenient as it is risky. With the power to do most banking transactions right from our digital device, it’s critical to protect our personal information.

Following these tips can help guide you in the right direction to safer online banking:

  • Use stronger authentication. Always opt to enable stronger authentication when available, especially for accounts with sensitive information including your email or bank accounts. A stronger authentication helps verify a user has authorized access to an online account.
  • Make strong and complex passwords. Create a password with 8 characters or more and a combination of upper and lowercase letters, numbers, and symbols.
  • Use unique passwords. Use different passwords for different programs, accounts, and devices. By having multiple passwords, even if attackers do get one of your passwords, they will not have access to all of your accounts. Do not choose options that allow your device to remember your passwords.
  • Check your account statements regularly. Review your banking, credit card, or payment service statements regularly to ensure there are authorized charges or withdrawals.
  • Know your applications. Be sure to review and understand the details of an app before downloading and installing it. Be aware that apps may request access to your location and personal information and determine what information you want the app to be sharing or transmitting. Delete any apps that you do not use regularly to increase your security
  • Review social media permissions. If a payment service is linked to your social media account, your payment or purchase history could accidentally be shared with your larger network.