Tips For Safe Mobile And Online Banking
With the advent of technology, online banking has brought the convenience of transactions right at your fingertips. However, with the progress, it has become imperative that you understand the necessity of keeping your bank account safe from external hazards. If you do not follow the right steps to keep your money safe, it can turn out to be disastrous. Some tips on safe online and mobile banking have been shared here for you to understand what has to be done. In this digital society, vulnerability to a situation has become very normal and this needs to be fought.
As per a survey conducted by the American Bankers Association, almost 40 percent of residents are users of online banking. Amongst these 40 percent, 26 percent of people are users of mobile banking and people between the age group of 18-29 are these users. Meanwhile, people over 65 years of age used online banking. With this growing usage, stealing your hard-earned money by hackers is also becoming very common. People who play online slots also can make their payment or withdraw money through online banking.
Few tips to keep in mind in order to keep the transactions safe are given below.
Create a very strong password which should be changed regularly
With so many online accounts, it is tough to remember all of them. But it is pivotal that you use something unique and not anything which is easy to derive. Using the names of your family members, pets, the locality where you grew up is not a smart move. Just try and avoid those. Also, try and combine small lower and upper-case letters along with numbers and special symbols to keep it secure. Try and update your passwords every 90 days so that hackers are unable to trace it.
Using two-factor authentication is a must
To have a better experience of banking, get this two-factor authentication activated which is worth it. You need to set a few questions, depending on how your bank systems process it. There might be some usual questions or a one-time login password required for operating a transaction. With this, there is no possibility of the hacker to permeate the protected layer and they will avoid the consequences.
Never use automatic logins for your bank account
Yes, you can definitely save a lot of time in automatic logins, but is that even safe? Well, the answer is not as it is saved in the sign in page of the system. Have you ever thought about what can happen if you lose your phone or if your computer gets hacked? This will simply lead to your money getting stolen. So, an automatic login option is an absolute no.
Always lock your phone with security pins or patterns
Locking your phone is very important to maintain your privacy as this is one device where all your data will be stored. These days, smartphones have a lot of options on how to lock your phone; they also have thumbprint verification and facial recognition. This further makes it difficult for thieves and hackers to hack your phone. Hence all your significant financial information becomes inaccessible.
Always install and use the mobile app developed by the bank
Hacking the website of a bank is easier than gaining access via an app as they are better encrypted. Apps are developed with such care where data reaches are lesser comparatively. The apps need to be regularly updated as they come with safer and secure updates.
Regular check at your bank account and statements
Always keep a regular check on your account details to monitor the transactions. This ensures there has been no issue in your account because if there was any, you will immediately identify it. Also, keep a subscription to your bank statements which can be checked in the website or via the app.
Completely evade the public Wi-Fi
Public Wi-Fi is good when you have to entertain yourself but not when it comes to online banking. Browsing through your social media accounts or texting your friends at fast speed is the perk of using common Wi-Fi. But online banking and transactions should only be done via your own internet connection or private Wi-Fi as they are safe and encrypted. Understand the importance of encryption here and for your account’s well being stop using online banking and credit cards activity while using public Wi-Fi.
Keep Bluetooth turned off when not in use
This is another great feature available in all mobile phones and you need one such earpiece to converse with someone while driving or even walking. But when not in use, please turn it off and Bluetooth is another means by which hackers can hack your phone and take control.
Signing up for instant emails and text alerts is unavoidable
We sure understand how getting frequent text messages and emails can be bothersome. But when it comes to your banking options, it is a must. In fact, this is a service which should not be avoided at any costs as they are only there to help you keep a check in your account. They even send you a message whether you have applied for a password change and if you have not, you can block them. All forms of updates, transaction details, and suspicious activities will be messaged to you instantly which is a boon. The bank is only trying to help you from hackers and keep your money safe but alerting you.
Everyone is on-the-go and need simpler solutions and apps to help them simplify their work hence financial transactions are also completed via Smartphone. Gone are those days when you write a cheque and go to the bank and stand in a queue to complete the work. Hence, safety and security are extremely mandatory to take care of to keep all your information protected. To keep your account and transactions safe, simply follow all the tips that have been listed above to boost your mobile banking security. They are only beneficial to you and you will realize the importance of keeping your device and account safe in the long run.