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5 ways to protect your bank accounts

5 ways to protect your bank accounts

24 November 2020

Thanks to the advances in technology, everything is just one click away, including online banking. Instead of going to the bank, people are now able to manage their bank accounts from the comfort of their homes, which is very convenient. However, even online bank accounts can get hacked just like social media accounts or emails.

The number of online transactions is increasing more and more every day. Almost every bank account has a username, password, and PIN. We have to accept the fact that online banking isn’t going away anytime soon. Even if you don’t use your online bank account on a daily basis, it’s important to protect yourself from becoming a victim of fraud. It’s better to be safe than sorry.

Online banking isn’t something new. Thanks to the technology advancement, electronic payment systems enable customers of a bank or other financial institution to make online transactions through the institution’s websites. More and more people decide to go cashless even for transactions of small amounts.

We have prepared some tips for you to prevent online banking frauds.

  • Always use a strong and unique password

Even though it’s not recommended to use the same password in multiple accounts, many Internet users still do that just because it’s easier to remember. Unfortunately, this can make them an easy target to hackers. That’s why it’s recommended to use a unique password for each account.

Also, it’s not recommended to use your birthday, your children’s birthdays, pet’s name, and other personal information that other people may know. Instead, your password should be at least 8 characters long, contain lowercase and uppercase letters, numbers and special symbols. This will make it more difficult for hackers to gain access to your bank account.

  • Use a password manager

It’s hard to remember several different passwords, that’s why we recommend using a password manager. This program will help you store and manage all your passwords. Instead of remembering all your passwords, you will need to remember just one master password.

  • Use two-factor authentication

A two-factor authentication is an additional layer of defense for your bank accounts and can minimize security breaches. After entering your password, you will receive a code which can only be used once and it will help you access your account. That code will be sent to you through email or to your phone by text or a call. This will make it harder for hackers to get into your accounts.

  • Beware of phishing emails

Phishing is the fraudulent practice of sending emails in order to trick recipients into revealing personal or financial information. Hackers usually pose as bank or credit card companies and send fake emails just to steal the recipient’s personal data or to direct a payment their way.

Nowadays, hackers have become more sophisticated and these fake emails may look very realistic. However, no bank or credit card company will ask for such personal information through an email. If you receive one of these emails, don’t open it. If you open it, be careful and don’t click any of the links inside. Contact the institution in question to make sure the email is not fake.

  • Avoid using public Wi-Fi for financial transactions

When you are using public Wi-Fi, your connection is not private. Public networks aren’t secure, which allow hackers to read any data passing along it, including your passwords or credit card numbers.

Instead, make transactions only when you are connected to your home network or use your smartphone’s data. What else can you do to protect your bank account?

  • Keep the operating system of all your devices up to date, along with the apps that are on them. These updates will fix the security vulnerabilities and make it more difficult for attackers to hack your devices.
  • Lock all your devices with a PIN, a password, a fingerprint, or face recognition. This will even help you if your device gets lost or stolen.
  • Use a VPN, which is a virtual private network that can help you encrypt all your information and provide private browsing. It’s recommended to use a VPN when you are connected to a public network.
  • Install a security solution software on all your devices. This software will defend you against the latest virus, malware, and ransomware attacks, plus it will protect your privacy.
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