Safe Online Banking: Protect Your Finances from Cybercriminals

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Original passwords

Passwords are a solid defense against cybersecurity threats, but only if they are strong and unique. It’s essential that the password is complex and doesn’t contain personal information (such as birthdays, addresses, parents’ or siblings’ names, etc.).

The best way to create a password is to turn it into a phrase instead of a short word, using a mix of lowercase and uppercase letters, numbers, and symbols. Along with updating your password regularly, keeping it stored safely is vital. Password managers like Keeper and 1Password generate complicated passwords and then organize and safely store them for you.

Always use two-factor authentication

Once you’ve successfully created a unique password, the next step is to set up two-factor authentication. This is critical to online banking as it adds a second layer of security. The first factor is logging in with your username and password, and the second is either a biometric scan, code sent by SMS, one-time passcode, phone call, or the identification of an image.

In addition, we recommend paying attention to your bank’s updates, as some are already rolling out support for passkeys. Passkeys are the most advanced form of passwordless authentication and are currently considered the best and most reliable credential verification method.

Don’t take the bait

Phishing is a particular concern when banking online. Hackers impersonate the bank in an email, directing users to software or websites where they may mistakenly divulge sensitive information, such as login details. The website itself may also be an exact copy of the bank’s site, so always double-check the URL before inserting any sensitive information.

Always abstain from opening suspicious email links and check previous emails from the company to compare the differences. You may notice tiny or even glaring mistakes with the logo, grammar, spelling, font style, text sizes, spacing, etc. If it’s not authentic, the best method to avoid future phishing attacks is to flag the email as spam.

Watch your back

Internet security software like Bitdefender and TotalAV offer antivirus protection with features like an ad blocker extension, firewall, or VPN for maximum security while browsing online.

But the most effective way to stay safe is to always vigilantly monitor for suspicious activity. Keep an eye out for email notifications claiming you’ve logged into your online banking with a different device, which may contain malware links. Additionally, never click on a link in an email that asks for a payment update.

An extra way to protect yourself is ensuring that your mobile and computer are set to automatically update to the latest security upgrades. Plus, antivirus software like AVG Ultimate and Kaspersky offer extra security tools with their anti-phishing and antimalware defenses.

Keep your banking app updated

Naturally, banks do all they can to protect their customer’s privacy, like rolling out updates to their apps with the latest security patches. Unfortunately, it’s important to mention that hackers might attempt to exploit vulnerabilities in these apps before the updates are applied, so ensure your banking app is always up to date.

Securing other financial accounts

Taking stock of your security

If you’re currently investing or trading stock, or even just tracking the market on different apps, you want to ensure that none of your financial and personal information is up for grabs. The first step is to make sure you have a different password for every account. This way, even if one of your accounts is breached, the others stay safe.

Aside from the obvious, like never unnecessarily giving out your address or credit card information, other ways to fight these threats include not using free or public Wi-Fi when accessing your accounts. But if you have no choice, always use the shield of a VPN to ensure the utmost security.

Get hold of yourself

Identity theft is terrifying, but it can be averted altogether. Some measures to dodge identity theft include keeping your personal information secure, monitoring your stock accounts for suspicious activities, asking questions directly to the company when personal information is requested, and investing in internet security software like McAfee. It not only comes with antivirus but also includes phishing and identity theft protection.

In addition to ensuring that passwords are unique for every one of your accounts, make sure set up two-factor authentication for all of them. Lastly, set up email and SMS alert notifications about transactions so that you can track and trade investments while remaining vigilant about email links, suspicious activity, phishing schemes, and personal information requests.

Add to cart: secure online transactions

Being cautious is the most reliable way to secure your precious credit card information. You can stick to using one purchase account to limit risk or only buy from known and trusted websites. Browsing via a secure network and acquiring thorough internet security software is also essential.

Another measure includes getting virtual account numbers, a temporary one-time card number for each online transaction. Check with your bank if this alternative buying method is available to you.

Once your credit card information is safe, you need to also secure your transactions when making online purchases. These precautions include never saving bank card details anywhere online and managing transactions in a private window.

Take control of your online security

While hackers can always crack a password or hack a phone, the more security roadblocks you put between them and the sought-after information, the harder you make it for them. You don’t have to be a victim or wait until it’s too late and you’re prey to a cybersecurity attack. All you have to do is be vigilant and proactively take some of the many preventative steps to ensure your privacy and security remain intact.