Author: Ary Armstrong
It’s now simpler than ever to keep track of your finances, whether binge-watching your favorite program at the supermarket. From depositing a check to making a bill payment, online and mobile banking provides several perks.
With all the advantages of online banking and digital finance, it is crucial to maintain security and protect your bank account from fraud at the forefront. This is since cybercriminals are becoming more dangerous, particularly as they seek to steal personal information online using increasingly sophisticated tactics.
So, how can you keep your bank account safe from scams and fraud? To make your online banking experience more secure, follow these simple actions.
For each account, use a unique password
You’re undoubtedly aware of the significance of using a complex password. However, when protecting your bank account from hackers, even the most robust password may not be enough.
If you use the same password for many accounts, they might all be compromised. If a hacker manages to get their hands on your one password, they may be able to get access to your other accounts with ease. This might include bank accounts that contain sensitive financial or payment data.
Start with a strong password and gradually add more complex characters
The notion of maintaining several passwords isn’t as daunting as you would think. There are lots of strategies and solutions out there to assist you. When setting account-specific passwords, choose a phrase containing letters, numerals, and symbols. Then, add a new password to this master list for each account.
Use a password management service
You may wish to use a password manager to keep track of all of your passwords, including the one for your bank account. It is possible to save passwords without remembering them using a password management tool.
Keep your passwords up to current at all times
Should you inquire about the frequency and change your bank account and other financial and personal passwords? When it comes to protecting your bank account from hackers, you must use a variety of passwords rather than just changing your passwords regularly.
Two-factor authentication should be used
Two levels of security are better than one when protecting your bank account against fraud. So, two-factor authentication is a must-have feature. To log into an account using this technique, you’ll need your password and some additional form of identification. A hacker who obtains your bank account login credentials will have a tough time logging in without further verification.
Two-factor authentication may only be used for particular tasks to safeguard your bank account from hackers. The Enhanced Account Verification service offered by Discover is a good example. This may be active when you’re signing into your account from an unknown device or updating your personal information.
Be careful while connecting to public Wi-Fi networks
Public Wi-Fi may be found anywhere, from your favorite coffee shop to your neighborhood library. Are public Wi-Fi networks safe? It is okay to check out the latest headlines or read blogs. Still, it’s better to avoid anything that requires entering your login credentials, such as registering into your online bank account. The open connection between you and your bank’s website might enable attackers to possibly capture your login and password when you utilize public Wi-Fi.
A virtual private network (VPN) encrypts everything if you must use public Wi-Fi. This gives the impression that your connection originates from a different place, making it more challenging to track your online activities and reducing the risk of fraud.
Keep your software up to date and patched often
It’s a good idea to pay attention to those annoying software updates on your gadgets. If you don’t upgrade your device, you might be in danger. Hackers always look for security flaws in every system they can find.
Keep your software updated and patched to protect yourself against phishing, a typical email scam in which criminals pose as reputable companies to steal personal information such as passwords and credit card numbers. Malicious software can’t infect your computer if you keep your software up to date and avoid downloading it via phishing.
Install an ad blocker
Ads may harm you, even if they’re on a good website. Another fraud that might expose your bank account is malvertising, when thieves generate adverts tainted with dangerous malware.
To understand how malvertising works, what is it? If you notice an ad for free software, you could take a look. After clicking on the ad, malware may be downloaded to your device, which might steal information about your identity, Weisman warns. When a tainted ad is loaded into a website, it may be enough to cause an attack.
With ad blockers, however, you can prevent malvertising and safeguard your bank account from hackers. Several free and easy-to-use ad-blocking programs exist. Weisman adds that disabling advertising eliminates the risk of seeing an infected ad.
Make the most of your bank’s services and resources
Research your bank’s security procedures as you attempt to safeguard your bank account against fraud. Keeping your personal information secure is simpler if you use all of the bank’s security tools. Discover Bank, for example, provides safe online and mobile banking, which encrypts all personal and account data.
None of the tips above are unique, but they all boil down to intelligent practices that consumers and service providers should embrace. Whether you’re signing up for cards, opening a new brokerage account, or buying online from a marketplace website, it’s essential to be mindful of your identity when dealing with any platform that handles your info. Using the approaches we’ve highlighted here, you can make yourself less of a target and more secure than your average consumer.