Online banking came into the scene with its many perks and benefits, but just like any good thing out there, it also has its own share of dangers and maladies. Most banks already offer online banking services and users are adopting the system.
Online banking faces threats from hackers, malware and fraudsters who are ready to steal online-banking passwords and the money they protect. To safeguard yourself and your money, check out the following online-banking security tips you should follow to ensure a safe online-banking experience.
Do Not Use Online Banking Over A Public Network
Public Wi-Fi networks are often not encrypted, making it easier for hackers to steal information from unsuspecting users. Use a private network or the cellular-data connection provided by your network provider. You can also subscribe to a VPN service (virtual private network) that creates a secure tunnel through all Wi-Fi hotspots.
Ensure the Website Is Encrypted (Https)
Sites with SSL encryption will keep your private information safe online. You can double-check by looking for a padlock symbol in your web address bar and the letters “https” at the beginning of the web address. The address bar may also be green if the site is protected and most browsers will alert you when you open an unencrypted site.
Disable Automatic Login
Do not allow your web browser to store private username and password information for your online banking websites. Some web browsers automatically store login credentials, so if that’s the case for your browser of choice, disable this feature for your bank’s website.
Beware Of Email and Text Scams
Note that your bank will never email or text you to ask for your account details. If you receive an email or text message asking for your private details like BVN, ATM pin, bank account and so on, ignore it. Such messages or phone call is an attempt to fraudulently withdraw money from your account through internet banking. Report any such case to your bank.
Monitor Your Accounts Regularly
Check your accounts regularly to make sure all transactions posted are ones you authorized. Report any fraudulent or suspicious activity to your bank. Keep an open eye out for every credit / debit alert you receive and make sure the transaction was performed by you.
Do Not Share Your Banking Details with Anyone
Sharing your online banking credentials with anyone will ultimately put you at risk. Even if they are well meaning people, they may not be as security conscious, hence putting your details at risk of being stolen. Immediately change your passwords if you have accidentally revealed your credentials to anyone.
Use Antivirus and Keep Your Device Software Updated
Antivirus software will safeguard your computer, scanning your email and browsers to block viruses and other malware. Always keep the antivirus updated so it can detect new malware signatures. Also update your device to install valuable security upgrades that prevent malware infection.
Use the bank’s mobile app
Your bank’s encrypted mobile app is probably more secure than the bank’s website, as the app is less susceptible to the dangers that lurk on the web. Be sure to update the app as often as possible to ensure the app is armed with the latest security credentials. Always download apps from either the Google Play Store or iOS store.