Online and mobile banking make managing finances easy and convenient. You can pay bills, deposit checks and transfer money in between scrolling Facebook and playing Candy Crush. Gone are the days of visiting a branch to handle routine banking tasks.
While online banking is convenient, it doesn’t come without its fair share of risks. Your identity and bank account information can be compromised if you’re not careful. So, the next time you decide to log in to your online bank account, keep these tips in mind.
Choose an institution that uses industry-standard security. Many of the larger online banks — and traditional institutions with online accounts — adhere to these standards, so it should be easy to find a bank or credit union that fits the bill.
Skip public Wi-Fi for private banking. With a public network, you can’t be totally sure who sees what you send online, unless each page you visit is encrypted. Nevertheless, even if a page has encryption, it’s still better to avoid public Wi-Fi altogether.
Keep anti-virus software current. Install antivirus software on all the devices you use for online banking and make sure it is up to date.
Change passwords regularly. Having a complex and frequently-changed password will help protect your account from hackers. Check how to create a strong password which is long and can be easily remembered.
Sign up for text alerts. Text notifications allow you to pounce on any suspicious activity in your bank account. If you receive a text that your balance has suddenly dropped, and you haven’t made any transactions, you can contact your bank and quickly put a stop to any fraudsters.
Keep an eye on your statements. By going over your statements, you can scan for any strange transactions. If you do happen to find any, you must contact your bank as soon as possible.
