Online Banking Safety Rules

Online Banking Safety Rules

Online banking has made our lives easier. Thanks to this revolutionary technological advancement, we can make transactions and access our financial information easily and quickly. But technology and convenience bring a new set of challenges, and so does online banking.
Hackers and cybercriminals actively look for opportunities to steal the sensitive personal information and financial data of web users. So, it is very important to be aware of and follow online banking safety rules.

Use a Unique Password

Your password is the first line of defense against unauthorized access to your online accounts. So, you need a stronger password that is hard or impossible to crack. Most importantly, avoid easy-to-guess passwords like your birth date, the name of a loved one, your card number, etc.

Here are some important guidelines for setting a strong password for your net banking:

  • Keep your password between 8 and 32 characters.
  • Use a mix of lowercase, uppercase, special characters, and numbers.
  • Your password should be case-sensitive.
  • Do not use common sequences like ‘1234’.
  • Do not save your password on a public computer, and do not save your login details in mobile apps or internet banking.

Switch Up Your Password Regularly

Ideally, you should change the password of your online banking every three months. You can set reminders at regular intervals to change the password so that you never miss this important task. Changing your password regularly will not just prevent any potential harm from hackers, it has many other benefits as well.

Updating your password regularly protects you from phishing attempts in case of a password breach by your bank or credit card company. Another instance is when you forget to log out of your account from a computer; regularly changing your password will limit others from securing that sensitive personal information.

Consider using a secure and top-rated password manager to switch up your passwords frequently with ease. Choose a password manager that lets you create, access, and manage your passwords on your mobile device or computer. Other features may include activity logging, secure encryption, 2FA, and the option to share credentials with groups.

Enable Two-Factor Authentication (2FA)

Cracking two-factor authentication is much more challenging to crack for cyber criminals than cracking passwords. It adds a layer of protection to Internet banking because it requires you (the account holder) to confirm your identity twice before accessing your account. For example, it may be a combination of a special code and an automated phone call or biometric verification and a captcha. 

Some banks ask you to set up 2FA mandatorily while you set up your online account while others make it optional. However, setting up 2FA is highly recommended.

Never Use Public Wi-Fi

Public Wi-Fi might be convenient, but it is highly insecure since you can easily get hacked. Cybercriminals use their technical know-how and tools to steal sensitive information on unsecured networks. This could include your net banking password, banking details, or other information.

So, you are advised to avoid using internet banking when you are connected to a public Wi-Fi network. But if you have no other option than using public Wi-Fi, here are some tips you must follow:

  • Disable public file sharing.
  • Log on to safe and secure websites only.
  • Consider using a trusted VPN – Virtual Private Network.

Using a VPN is a recommended solution because it keeps your identity protected while allowing for secure access to online banking. A trusted VPN like tuxlerVPN helps protect your sensitive personal information even if you are using public Wi-Fi.

Use Trustworthy Financial App Only

If you are using a mobile banking app, make sure you download it from the bank’s official website only. If you are downloading the app from Google Play or Apple’s App Store, make sure the app is legit by checking the developer’s details and reading users’ reviews.

You should also be equally wary when using a financial app like Google Pay. Such apps ask for your banking credentials, thus fetching your financial picture and putting your data at risk. So, be sure to read reviews and check ratings before you download and start using any financial app.

Be Aware of Fake Email Scams

You might have received many fake emails that seem to be delivered from your bank or a business you trust, like your credit card provider. But before you click any link or reply to such emails, it is important to verify whether they are fake or legit. Otherwise, you may end up becoming a victim of a cybercrime.

Such fake emails often ask for your sensitive personal information like your account number, mother’s maiden name, or social security number. So, never answer any such email. If you are doubtful, you should call your bank.

Check Your Bank Statements Frequently

Online banking provides greater and easier access to financial services. To ensure secure remote banking, you are advised to check your bank statements regularly to identify any discrepancies. Combining remote baking with proven security practices increases access to online banking while minimizing any risk of cyber threats.

Other Tips and Rules for Online Banking Safety

  • Never share your PINs, account numbers, and card numbers without anyone, even with people you know and trust. Keep these sensitive details confidential.
  • Always type the URL of your banking website in the address bar of your browser. Never click a link from an email. Stop as soon as the web page looks unprofessional or suspicious. In this situation, close your open browser, clear your cache, and restart by typing the URL of your bank’s website.
  • Keep your devices (mobile phone and computer), apps, and software up to date. Older versions may lack important security updates that are necessary to keep you safe when using online banking.
  • Avoid using dubious ATMs. 

Follow these online banking safety rules. Safe banking and peace of mind.