Online and mobile banking make managing finances easier. Paying bills, depositing checks, and transferring money is easy with digital banking. Mobile banking and online banking are both popular due to their convenience. The question is, how secure are online and mobile banking? Is your information secure? Despite reputable financial institutions implementing security measures, you can take some steps to protect your personal and financial information. Here's how to keep your security bank online info safe.

1. Make your passwords strong and unique

If you don't realize it, your password can open doors for hackers.

Online banking password mistakes include:

Use your name, address, or birth date
Shorter passwords
Using simple words or numbers
Reusing passwords
Keep your passwords up to date

While they are easier to remember, they are also easier to guess by hackers. Here are some online banking security tips for creating stronger online banking passwords:

Instead of using a single word as a password, use a phrase
Mix uppercase and lowercase letters
Use special characters and numbers
You should avoid common sequences like "1234"
Use your pet's name rather than your name, date of birth, etc.
Online banking and mobile apps shouldn't store your login details
Wallets and debit cards aren't the best places to store passwords

Keep your online banking passwords up-to-date. To make your password less susceptible to theft or decoding by hackers, change it every three to six months.

Password managers make it easier to create complex and longer passwords.

2. Turn on two-factor authentication

Adding two-factor authentication to online banking can increase its security. A second security test follows your login name and password.

It might be a special code, an automated phone call, biometrics, or identifying a picture. Online or mobile banking passwords make it difficult for hackers or identity thieves to access your accounts.

Your bank or credit union may offer two-factor authentication.

3. Avoid public Wi-Fi

It’s convenient to use public Wi-Fi while you’re on the go, but it’s not secure. A consumer cybersecurity company, NortonLifeLock Inc., cites the following risks posed by public Wi-Fi:

Man-in-the-middle attacks, where hackers electronically listen to your online banking activity
Unencrypted data transmissions
Malicious hotspots
Malware and spyware

When using a public Wi-Fi network, it's best not to use online or mobile banking. Using public Wi-Fi to access online and mobile banking is safe.

Turn off public file sharing. You can find instructions for your operating system online.
Choose secure sites. Your browser will display the lock icon if the URL includes "https". Firewalls on laptops and mobile devices may automatically flag unsafe sites.
Use a virtual private network (VPN). You can only access this network if you do this. A VPN service is available on your mobile device or laptop.

4. Register for banking alerts

You'll get alerts when certain things happen. Any suspicious or fraudulent activity occurs almost instantly. There are often email or text alerts for:

High or low balances
Transactions with credit and debit cards
Linked external accounts
Login failures
Password changes
Personal information updates

Get in touch with your bank or credit union immediately if you suspect fraudulent or suspicious activity.

5. Avoid Phishing Scams

Identity thieves use phishing to access personal and financial information. It aims to trick you into divulging your personal information.

Scams involving phishing often take the form of emails or texts. You might get an email from your bank telling you to update the info on your account.

Clicking the link leads to a dummy site that looks legit. Your keyboard strokes track when you click a link or download tracking malware.

It doesn't matter how you get your login details. It's essential to scrutinize financial or personal emails.

To avoid online banking phishing scams, follow these banking security tips:

Check the email address. Check your email from your bank. Make sure the email address is correct.
Hover over links. A hover-over can reveal where a link leads.
Share no personal information. Verify that the email from your bank is legitimate before providing any information.

6. Invest in trustworthy financial apps

You can use financial apps to make payments, pay bills, send money, and shop with them. However, they aren't equally safe. Use your bank's app if you plan to use its mobile app. You can download the app from your bank's website. Verify the developer details and reviews of the app before downloading it from the App Store or Google Play.

Consider which apps can access your online and mobile banking information. You might manage your finances better by using a budgeting app. It is risky for your data if you use these apps and share your login credentials. Before downloading a financial app, check its ratings. Check the app's security policies and past data breaches.

Online banking: Is it safe?

The best way to manage your money online is to follow strict banking security protocols and be aware of potential threats.

Banks use data security measures. Among them are:

256-bit or 128-bit encryption
Email encryption
Mobile and online banking with automatic logout
Authentication with two factors
Monitor your account continuously
Checking electronic signatures

How Do Banks Protect Data?

A bank's data security strategy refers to how they protect customers' data. Unauthorized access to personal information is the primary objective.

Among the most commonly used data security measures in the U.S. banking industry are:

Authentication with multiple factors
Encryption
Policy and training on privacy
Monitors for fraud prevention

A bank must notify regulators within 36 hours if a data breach is likely to have a material impact on its operations. As part of the rule, the Federal Reserve Board of Governors, FDIC, and OCC have partnered to enhance accountability in the banking industry. Banks are more likely to protect customers' data with this new rule.

Source link: - https://www.itscybertech.com/2022/09/how-to-boost-your-banking-security-tips.html

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