The Update

Online Banking: Safe and Secure

Today, the majority of people bank online, with just 10.5% of consumers preferring to visit a branch in person. Perhaps you are one of them and you’re wondering why so many people have made the switch, especially considering recent increases in fraud and identity theft.

Here’s why online banking is just as safe and secure as traditional banking methods.

Identity Theft and Fraud Can Still Occur Through Traditional Methods.

• Your mail (bank statements, bills, etc.) can be intercepted
• ATMs can expose you to physical theft or skim your information (such as your PIN).
• If you use paper checks, your account number or phone number could be stolen as they are often printed on the check.

Online Banking Utilizes Cutting-Edge Security.

• Banking apps and sites use multi-factor authentication or biometric authentication (fingerprint or facial scans) during login.
• Your computer employs an additional level of security through firewalls and other anti-theft software.
• All data transfers use SSL encryption.
• Most banking apps and sites will time out after a certain amount of inactivity to protect your account.

You Can Conduct Your Business With Absolute Privacy.

• You can bank from the safety of your home or office.
• You can maintain complete control over access to your computer.

How to Bank Safely Online

• Use a VPN to hide your IP address. A VPN (virtual private network) gives you a private network, even when you’re using public Wi-Fi, thus preventing scammers from tracking and hacking your mobile device.
• Always choose multi-factor authentication. Most money apps will require this, but if yours allows an option, say yes to multi-factor authentication (MFA).
• Never share your password or save it to your device. Don’t share your password with anyone, and follow suggested guidelines for choosing a strong password, including alternating between uppercase letters, lowercase letters, numbers and symbols. Also, choose a unique password you don’t use elsewhere.
• Protect your phone. Consider installing an antivirus app on your phone. Turn on your location-tracking so you can find your phone if it gets lost. Be sure to lock your phone after using it, log out of the mobile banking app when you’re done, and always keep your phone in a safe place.

Yes, you need to be careful when banking online, but in today’s world, it may actually be more secure than traditional banking.