5 Top Online Banking Tips | Wangechi Njogu
Don’t we all love the convenience of online banking! Gone are the days when you would need to queue for hours at your bank to access your hard-earned money or pay your bills. While online banking is a worthwhile convenience, it does come with its share of risks. From identity theft to phishing scams and data breaches, there are countless risks, and some outweigh the benefits of online banking. Luckily, there are tried-and-tested measures you can use to protect yourself against these threats.
- Steer away from public Wi-Fi
As a freelance content writer and marketer, I often find myself working or holding meetings in cafes and restaurants, mostly at local malls. And I have to admit that I used the readily available public Wi-Fi a couple of times before I learned of the apparent risks. I agree that public Wi-Fi can be a convenient and free avenue to browse the internet. However, it can be risky, particularly when it comes to banking operations or other sensitive data. A study by Forbes found that 40% of users had their data compromised while using public Wi-fi. I recommend trustworthy connections such as personal mobile data when using online banking platforms. Afterall, the cost is barely significant in comparison to the threats you’re exposing yourself to.
2. Use strong passwords
I probably rolled my eyes several times when a webpage prompted me to use a stronger password. You see, remembering passwords doesn’t come easy for me. And just like most people, I often opted for simpler passwords as opposed to stronger ones. And that’s where most folks fail in protecting their online banking data. Cybersecurity experts recommend incorporating symbols, numbers, and a mix of upper- and lower-case letters. You could also consider using a memorable phrase and abbreviating it, creating a secure password. So, before you go for your usual simple login prompt, remember that a complex password can protect your data better from malicious threats.
3. Use two-factor authentication
While a strong password can protect users from malicious attacks, two-factor authentication is an additional layer of protection for data protection. Two-factor authentication is a prompt that requires individuals to verify ownership of accounts before accessing any information. Thus, a person who has access to a password but does not have the authentication prompt is deterred from accessing any data. Some common types of two-factor authentication are voiceprints, push notifications, security questions, fingerprints, and retina scans. Users could also opt for a one-time code to mobile phones or emails as an added layer of protection.
4. Sign up for banking alerts
While most individuals ignore banking alerts, these messages provide an additional layer of security for your financial accounts. Receiving real-time notifications about activities relating to your accounts, whether large withdrawals, unusual transactions, or changes to your account information helps users report any suspicious or unauthorized activity quickly. Some banks now charge account holders a fee to receive these alerts. Folks who are searching for ways to stretch budgets during difficult times sometimes opt out of the alerts owing the cost. However, the cost is quite fair and is incomparable to losing your funds through malicious attacks.
5. Use authorized VPNs
You might want to hop on to VPNs (virtual private networks) if you want to safeguard your banking data. VPNs play a crucial role in enhancing the security and privacy of online banking. These tools encrypt data, creating a secure connection between a user’s device and the banking server. VPNs are also some of the most effective tools for preventing unauthorized access and safeguarding personal and financial details from prying eyes. Folks can also use these tools to mask their IP address, providing an additional layer of anonymity and reducing the risk of targeted attacks. However, most individuals struggle with finding the best VPNs. I have heard great reviews from VPNs such as Express VPN, Surfshark, and NordVPN. However, I encourage users to be on the outlook for security and privacy features, user-friendly interface, malware protection, and performance.
Bottomline
Online banking provides secure ways to access and manage money. However, navigating the realm of online banking necessitates a combination of caution, knowledge, and proactive measures. Other than choosing a reputable financial institution, users should implement strong security practices like staying vigilant against phishing attempts. We also encourage individuals to monitor their accounts regularly and verify contact information regularly. Take note of these simple online banking tips and rid the constant worry of losing your hard-earned money.
