Safe Online Banking Habits to Protect Your Money

In this article, we provide a few online banking habits to adopt for a safer experience: 

Always verify bank emails 

One of the most common ways cybercriminals get your personal and financial information is through ‘phishing’ emails. These emails are designed to look exactly like an official correspondence from your bank, so they can trick users into sending their information. 

Often, phishing emails will contain a link prompting you to click it and log in to your account. Instead of linking to the official banking site, however, the link will lead to a copy of it that the scammers have access to. When you input your information on these fake websites, the cybercriminals will have your personal details.  

When you receive emails, always look at the sender’s email address, check for anything suspicious within the body of the message like typos or suspicious information, and never click on any links or download attachments from unsolicited messages. 

If you’re in doubt, contact your bank directly through their official channels like a customer service hotline. 

Install a reputable anti-virus software 

Your devices have a lot of important information stored in them. Unfortunately, they’re also vulnerable to cyberattacks without you even knowing.  

Cybercriminals can install malware on your device to track your keystrokes, making it easy for them to figure out your online banking information. To keep your devices safe, it’s best to install anti-virus software so they can alert you if there are websites or applications that have viruses or malicious software. 

Most newer devices already come with built-in anti-virus software. Make sure you have the latest version of your device’s anti-virus by installing updates regularly. This way you’re protected from any new virus that may be floating around. 

For added protection, there are plenty of free and paid anti-virus software available online for your phone and computer. When searching for anti-virus software, do your research and make sure it’s by a reputable brand or company. 

Always type in your bank’s website or use the official app 

When you look up your bank on the internet, you can’t be sure that the link that shows up in the results page is the official website. Sometimes, there are fake websites with similar URLs to the official one with a different letter or domain (e.g., .com, .org, .gov). To make sure that you’re on the correct site, type the URL manually in your browser. 

If you want to use a banking app, make sure that it’s the official one created by the bank itself. Just look at the app’s page and double-check that it was developed by the right organisation. There might be third-party apps that show up during your search, so make sure you’re downloading the official app of your bank. 

Once you’ve logged into the bank website or app, always log off manually when you’re finished banking. This is an added measure to ensure that it’s not open in the background and can be accessed by others. 

Change your password regularly 

When you change your password regularly, you lower the chance of hackers guessing it or accessing it in some way. Sometimes, your password can be compromised without you knowing so changing it a few times a year could help secure your account. 

It’s also better to have different passwords for different accounts. Avoid using passwords or PINs that can be easily guessed, like your name or names of people you know, your birthday, phone number, or postcode. Any password or PIN that can be connected to you is not advisable. 

Use multi-factor authentication (MFA) 

Multi-factor authentication adds another barrier before you can log in to your account. Instead of simply inputting a password, you need to either add an OTP that will be sent to your email or SMS or authorise access through an authorisation app. Having MFA turned on for your online bank account provides an additional layer of protection against cybercriminals. 

For some banking apps, you can add your biometrics like your fingerprint or Face ID. This can help keep other people out of your account, as well.  

Avoid using public Wi-Fi 

Public Wi-Fi is convenient, but it’s not always safe to connect. Cybercriminals may be connected to these public networks and can track you and collect data from your phone while you’re on the same Wi-Fi.  

When you’re doing online banking or making transactions, it’s best to use your mobile data.