Tips for Secure Online Banking

Joshua Lybolt, a successful entrepreneur and financial analysts provides tips to help online banking users have safer banking experience.

Gone are the days of compulsive going to bank before any transaction can be done.  Life has been made easier and banking has never been convenient, thanks to online transactions. From paying bills to transferring money anytime and anywhere, online banking is truly a lifesaver.

However, with the growth of internet banking comes the threats: hacking, phishing, scam, viruses, and many more are the major concerns of the day. This calls for security measures to be taken in order to keep our hard-earned money safe. What are these security measures? Read on as Joshua Lybolt, shares safety tips to practice while using online banking.

Create a strong password and get it changed from time to time:

I got it.  Having to change your password over and over again especially when you have to use uppercase, numbers, and symbols can be stressful. How will you even remember all these passwords? Well, isn’t it better to go through this hassle than being a victim of online banking fraud? Hence, create a strong password, not with your date of birth, name, or commonly used words but password with a mix of uppercase, lowercase, special characters, and numbers. You can also safely keep all your passwords in a password manager if you are worried about forgetting it.

Access your accounts only on secure network and location:

If you are accessing your account over free wifi, understand that your bank security can be easily compromised as anyone can access your history and password. Moreover, don’t go to cyber cafes, libraries, crowded areas or use common computers for your online transaction. They are crowded places and you stand at risk of someone monitoring you. Moreover, make sure you are browsing over an encrypted website to keep your information safe and secure.

Secure your PC or mobile phone:

Whether you are using a PC or mobile phone, security prevents them from being susceptible to malware.  Install good antivirus software that will keep you informed if your devices have been attacked and don’t forget to get the software updated regularly. Moreover, use strong password protection so that important information won’t be easily stolen.

Make use of account notifications

Whether its withdrawal, changing account information, or suspicious logins, most banks provide notifications to their users on any activity carried out. This notifications will let you be on guard and know when your account is being accessed. Plus, you will be able to take necessary actions in case there is anything out of place.

Only use the bank official app for transaction

“The increased use of mobile devices has led to an uptick in the amount of fraud carried out on mobile channel than any other one. Yet, mobile users aren’t security-conscious making them vulnerable to threats, ” Joshua Lybolt says.

Therefore, for smartphone users, the official banking app is probably the most secure place you can carry out your transactions. The apps are encrypted, safe, and are rarely a target for hackers. If, however, you are using PC, type directly in your bank URL rather than going through links send on emails or messages.

Close monitoring of account is important for safety

Keep a close track of your account and monitor it to make sure your money isn’t going to where you never send it to. If you notice any discrepancies, change your password and contact your bank immediately.

Online banking is cool but never let your guard down while using it. Stay vigilant, stay secure!