December 4, 2022

The Queens County Citizen

Complete Canadian News World

5 Online banking tips for safe and secure banking

People like internet banking because they can access their accounts around the clock, transfer funds, and pay bills on any day or night. Banking from the convenience of your own home might expose you to several security dangers. Still, these can be prevented if you’re very vigilant. If you’re concerned about your online banking safety, here are some steps to assist.

Online banking eliminates the need to visit a physical location and endure the long lines at the bank, allowing you to do all of your banking needs with only a few clicks. Bill payments, money transfers, and setting up a savings account may all be accomplished quickly and easily with online banking. However, this feature should be utilized with extreme caution due to the possibility of phishing – a malicious method of obtaining your personal financial information.

1.    Frequently change your password.

It is recommended that people update their credentials every 90 days to keep themselves safe. Avoid using single words instead of capital and lowercase letters, numerals, and other symbols. A person’s mother’s maiden name, the area where they reside, or their pet’s name are all examples of words that are too simple to guess.

The longer the passcode, the better. Many federal institutions require at least 14 characters. Creating a lengthy password that is simple to remember the advice. Add letters and numbers to a well-known lyric to make it easier to recall. Replace letters in your password with special characters to make it more difficult to hack.

2.    Take use of anti-virus software that has been licensed.

According to expert advice, a decent anti-virus program is essential for Mac users. Make sure to check back periodically for more information. Alternatively, you may arrange to manually check for updates on Saturday and Sunday mornings and be alerted when your computer detects a new update. However, It is advised that you should not automatically configure your machine to download the update. The easiest way to protect yourself against malware and viruses is to download them manually.

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3.    When banking online, choose a safe location/site/network.

Because public Wi-Fi networks aren’t always secure, you leave yourself open to identity theft by hackers. While feasible, use a specialized browser for banking when you’re on a secure network, such as at home. However, if you’re in a hurry, you may utilize your smartphone’s data hotspot to do business in a private location.

Make sure your bank’s website starts with ‘HTTPS’ and includes the lock symbol in the website address bar as another item to keep an eye out for. Your private information will be protected since all data is encrypted and delivered in gibberish.

4.    Multi-factor authentication should be enabled

With multi-factor authentication, you can protect yourself against identity theft and its ramifications. Many banks provide two-factor authentication, in which the bank sends you a text or email with a unique passcode to be entered on the bank’s website and your login details everytime you attempt to log in.

5.    Multi-factor authentication should be made available.

An additional layer of protection, known as multi-factor authentication, may keep your identity safe against theft and all the hassles that come with it. When you attempt to log in to your bank’s website using your username and password alone, you will get a text message or email from the bank with a unique passcode that must be entered on the bank’s website.

6.    Only use the official banking apps. (Bonus & Most Important Point)

Violent malware may infiltrate a computer unknowingly and wreak significant harm, much as the original Trojan horse did. Fortunately, your bank’s secured mobile app is the safest location to do business online. Don’t forget to apply for the latest security updates and only use programs from authorized sites like the Google Play Store or Apple’s App Store.

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Banking should be safe! Increasingly sophisticated technology means that the dangers you encounter online are also increasing. You can guarantee a secure and straightforward online banking experience by being cautious and following the advice above.

Few drawbacks of online banking if you ignore the tips mentioned above

Concerns about security or identity theft

Generally speaking, banks’ online and mobile banking platforms are built with security in mind, and new security measures are often implemented. It’s impossible to keep a system from being hacked, culminating in identity theft through stolen login credentials. In other words, although you may use mobile or internet banking with some degree of trust, you should be aware of the dangers of utilizing networks that aren’t secure.

Faster but not always more convenient

Even if you use a bank’s mobile app to deposit a check quickly, you’ll still have to wait for your money to be available. Even though online banking saves time by avoiding the need to go to a branch or stand in line, deposits are subject to review. They may take at least three business days to become available for withdrawal.

Miserly Spending

Some individuals may be tempted to overspend their checking accounts because of the convenience of reviewing their balances at any time. The checking statement may not correctly represent your available funds if you don’t check your checkbook or keep track of any debit transactions that were left unpaid. mbankonline.com also mentioned, Failure to keep track of all your transactions might result in overdrafts and additional costs.

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Conclusion

Fraudsters continue to innovate inventive methods to con people for money daily. Online banking fraud may take many forms, including spoof calls from the Internal Revenue Service (IRS) or emailed phishing attempts.

Those who have been scammed have few options for recouping their losses. Thusprecautions must be taken to ensure that they do not become victims of identity theft.

Banking was never more straightforward in the 21st century than it is now. When was the last time you had to change out of your PJs and go to the bank to make a deposit? Most of our monetary transactions may now be completed on the move using our smartphones or at home using a desktop computer.

Despite the convenience of internet banking, it comes with many dangers, too. If you’re not cautious, your identification and bank details might be stolen. It would help to keep these suggestions in mind the next time you use your bank’s website.