One of your best ways to monitor and protect your money is through online banking. Online banking is a free, safe, and convenient way to access your accounts anytime, anywhere. Most banks and credit unions encourage their customers to use online banking to monitor and access accounts 24 hours-a-day, seven-days a week, transfer funds between accounts, and pay bills online. In addition, you will receive alerts regarding any fraudulent activity or problems that might potentially cause you financial damage or loss.
As a precaution: Monitor your online banking accounts two to three times a week.
Before using online banking, consider the following:
- Does your bank or credit union have a user-friendly, well-established, online banking platform with adequate customer service support?
- Do you have the required computer skills to access the web and navigate the online banking platform?
- Do you have a dependable smartphone or computer with the necessary software?
- Is your computer and/or mobile device set up with a secure internet connection, a firewall, and/or antivirus system?
- Does your computer have problems connecting to the internet? Are you using a reliable internet service provider with adequate coverage in your area?
If your answer is “no” to any of the questions above, you may want to opt out of online banking until you can answer “yes” to every question.
The Dos of Online Banking
1. Use Strong Passwords
Your password is your first line of defense against unauthorized access. Create a strong, unique password for your online banking account that combines:
- At least 12 characters
- Upper and lowercase letters
- Numbers and special characters
Avoid using easily guessable information, like your name, birthdate, or favorite pet’s name. Consider using a password manager to securely store and organize your login details.
Tip: Update your password regularly and avoid reusing old passwords.
2. Enable Two-Factor Authentication (2FA)
Two-factor authentication adds an additional layer of security by requiring not only your password but also a verification code sent to your phone or email. Most banks offer this feature, and enabling it significantly reduces the chances of unauthorized access.
Pro tip: Opt for app-based authenticators (e.g., Google Authenticator) rather than SMS-based codes for enhanced security.
3. Monitor Your Account Regularly
Frequent monitoring helps you catch unauthorized transactions immediately. Log in to your online banking account weekly and review your statements for:
- Unfamiliar charges
- Unexpected withdrawals
- Account activity outside of normal hours
If you notice anything suspicious, report it to your bank right away.
4. Keep Your Devices Secure
Malware and viruses can compromise your online banking safety.
Here’s how to maintain secure devices:
- Install and update reliable antivirus software
- Avoid jailbreaking or rooting smartphones
- Keep your operating systems and apps updated with the latest security patches
Pro tip: Always lock your phone, laptop, or tablet with a password, PIN, or biometric authentication.
5. Only Use Trusted Networks
When banking online, stick to private Wi-Fi networks, like your home or office. Public Wi-Fi networks, such as those in cafes or airports, are often unsecured and prone to hacker attacks.
If you must use public Wi-Fi, protect your information by using a trusted Virtual Private Network (VPN) that encrypts your internet connection.
6. Know How to Spot Phishing Scams
Phishing attacks are designed to trick you into sharing sensitive information, such as login credentials or credit card numbers. These scams often arrive disguised as emails, texts, or even calls pretending to be from your bank.
To spot a phishing scam:
- Check the sender’s email address for slight misspellings
- Avoid links or attachments from unknown sources
- Be skeptical of messages with urgent requests like “Act now to avoid account closure!”
When in doubt, contact your bank directly through official channels.
The Don’ts of Online Banking
1. Don’t Share Your Login Credentials
Your bank will never request your password, PIN, or 2FA code via email or phone. Never share these details, even with people you know. Scammers often pose as trusted entities to gain access to your account.
Remember: Legitimate institutions don’t ask for sensitive information out of the blue.
2. Don’t Use the Same Password Across Platforms
Using the same password for your online banking and other accounts (e.g., email, social media) is a major security risk. If one account is hacked, all other accounts with the reused password are also vulnerable.
3. Don’t Stay Logged in on Shared Devices
When accessing your online banking account from a shared or public device, always log out once you’re done. Additionally, avoid saving your login credentials on such devices.
Pro tip: Clear the browser history, cache, and cookies if you’ve accessed sensitive accounts on public computers.
4. Don’t Click on Suspicious Links
Sometimes, scammers create fake login pages that look identical to your bank’s website. Clicking a link from a random email or text and entering your credentials could result in account theft.
Always access your bank’s website directly by typing the URL yourself or using a secure bookmark.
5. Don’t Ignore Updates From Your Bank
Banks frequently upgrade their security systems and features. Ignoring these updates, notifications, or prompts could leave you vulnerable.
Take these updates seriously—whether it’s about a new app version, added security measures, or changes in your account policy.
6. Don’t Transfer Money Without Verifying
Be cautious when transferring money, especially to individuals or organizations you don’t know well. Double-check account details and verify the recipient via alternate contact methods before sending money.
Red flag: If someone is rushing you to transfer funds, take a moment to confirm the request is genuine.
Final Thoughts
Taking charge of your online banking habits today can save you from major headaches down the line. Stay informed, and bank smarter!
Check it Out! Access our article on how online banking is a digital tool for safety on these amazing platforms:
Article Now Posted on Reddit: CLICK HERE.
Article Now Posted on Quora: CLICK HERE.
**Article Originally Published on Smart Strategies for Successful Living at: CLICK HERE.
Written by: Patricia K. Flanigan, Smart Strategies for Successful Living
Patricia K. Flanigan is a vibrant and passionate advocate for quality living and aging. She has dedicated over 28 years to working in higher education, but now enjoys a more peaceful lifestyle as the founding director and writer of Smart Strategies for Successful Living. In her free-time, she cherishes spending quality time with her family and friends, as well as getting out into nature with her beloved Samoyed dog, Wylie. Patricia loves helping others age gracefully and shares her wisdom through her content to promote the ultimate success in living.
View our motivational video on how to live your today for a brighter tomorrow:
Discover More…
- Unlock the secret to a happier, healthier lifestyle by delving into additional captivating articles on our website at: Smart Strategies for Successful Living.
- Enjoy our uplifting and inspiring videos on our YouTube channel at: CLICK HERE.
- For more resources on Tech Help: CLICK HERE.