By banking online, you can be sure that your account is protected from hackers. However, online accounts can seem like an easy target for consumers: as opposed to hitting a bank, cybercriminals can intercept your money with just a few clicks.
To address these issues and protect your money, credit and bank unions have put in place policies to keep customer online accounts safe. Standard measures include antivirus on bank computers, monitoring for fraud, website encryption, and firewalls, which encrypts data so that only the intended recipient can access it. If you are banking online, your bank is likely to use these guarantees.
Hacking into your bank account or stealing your financial or personal information can cause several issues. For example, money might be deducted from your account through fraudulent transfers. Alternatively, an identity thief could use your information to open credit cards in your name and indulge in shopping. This is one of the reasons why it is important to make sure that your Internet Service Provider (ISP) is reliable and provides you with a secure connection. If you are not sure and wish to shift to another ISP, you can consider Cox. Cox Internet offers a secure connection, with a wide range of internet packages at affordable prices. They also do not require any long-term contracts or impose a termination fee.
Concerns about the security of internet banking should be taken seriously. After all, you work hard to earn your money, and protecting it is your top priority.
What is online banking?
Internet banking is a bank that provides services predominantly via the Internet. Without a physical presence, online banks can save on the traditional costs of running a branch. This allows online banks to offer competitive annual percentage returns.
Instead of talking to bankers and or the like, you communicate with the online bank through their online chat, email, or mobile app on the bank’s website, or call their support number.
Is it safe?
Yes, online banking is secure. You just have to ensure that it is supported by the Federal Deposit Insurance Corporation.
To open an online bank account, you need a computer, a secure internet connection, and some personal information such as your social security number and official ID. The process for opening an account online is akin to opening an account at a branch, but take some safeguards to protect your personal information from cyberattacks.
Make sure the network you use to connect to the app is secure. Public Wi-Fi networks should not be used. One way to keep your connection secure is to use a VPN.
It is also important to create a unique password that will be hard to guess. This makes it harder for hackers to break into the account and steal your identity.
Online banking is secure when secure banking technology at the back end meets attentive users at the front end. As an account owner, you must ensure that your accounts are secure.
Large-scale data breaches make headlines, but criminals are also operating on a smaller scale, targeting users directly. For example, scammers often use phishing scams, where they send messages or emails posing as a financial institution in the hope of capturing a gullible consumer.
The message may indicate a problem with your account and ask for your social security number or password. Alternatively, they might say you won some cash prize but your account information is required to transfer the money. If you respond, the criminal may use this information to withdraw money or make illicit purchases from your account. Do not reply to emails or follow links that seem even slightly suspicious.
How to ensure your online safety?
1. Analyze the financial institution
You probably already need a bank or credit union that offers accounts with higher interest charges or lower fees. You also need to add high-quality security to your list. Then, make sure your online accounts are supported by trusted technology. Security features can be described on the bank’s website or mentioned in the fine print. You can contact the company directly if you are having trouble finding this information.
2. Avoid public internet
On a public Wi-Fi, you cannot be completely sure who views what you post online, unless every page you visit is encoded. The private secure connection at your home network is optimal. If you need to sign in on the go, consider using a mobile data plan instead of Wi-Fi or a virtual private network i.e. a VPN. Whichever way you are logged in, check the website’s encryption by making sure the address in your browser starts with “HTTPS” where the ‘s’ signifies that your connection is secure.
3. Sign up for text alerts
Many institutions allow customers to choose whether they want to receive text or email notifications when any transaction occurs from their accounts or when the balance drops below a certain amount. This allows customers to contact the bank immediately if they see a transfer or purchase they did not make and protect their account from further fake activities. In addition, customers can contend unauthorized charges within a set period after receiving their bank statement.
The final word
Online banking comes with several risks, but there are also conveniences: checking your balance to avoid fees, paying checks, transferring money to family or friends, and getting more interest from online banks with better interest rates.
You can ensure your financial safety by making sure your bank uses standard security technologies. This allows you to enjoy the convenience of online banking while protecting your accounts.