We can all agree that the internet brought lots of great things and new features in our homes. The most revolutionized moment that changed our everyday lives is the existence of online banking. If you don’t know, online banking is the best way to manage and control your finance through online platforms without waiting in the queue and having the hassle of doing it in person.
This way, you will be able to avoid identity theft any unnecessary paperwork and waiting. You can access the account to pay bills, transfer money and make payments without checking in and doing it from different accessibility points. That way you will be able to access your account from PC, smartphone or tablet.
The central question and problem that occurs is the safety of the process and whether someone could interfere with your connection to get into your account.
What is Online Banking Security?
We have mentioned above that the idea of online banking is to carry out all financial transaction through your mobile device or PC through the use of the internet. It is simple, quick, and gives you the possibility to finish numerous tasks such as transferring money or paying bills, without waiting long queues in the bank.
At the same time, most banks have their free apps that will allow you to access their service from any iOS or Android tablet or device. According to FCA, more than 25% of bank users transferred online to finish their transaction in the last few years.
Why Choose Online Banking:
- You will be able to transfer money to other accounts or pay your bills in a matter of a few clicks.
- Check your balance wherever you are
- Check your bank statements.
- Check any loans, mortgages and savings accounts.
- Set up standing orders or direct debits
- Check any investment that is linked to your account.
However, we still have the one and the most crucial question about the security of online banking.
Is Online Banking Secure?
As we have mentioned above, the idea with online banking is that you will be able to access your online bank software, app or through an online website. Accessing your online bank account is safe, but you have to follow a few essential rules of safety:
- Banks always have additional security when it comes to their clients and their safety. That could mean that your bank has an encrypted website or many authentication processes. We recommend you ask the bank for all details regarding security because that is the most important consideration that you should take before opening an account.
- Always check financial statements so that you can check for any strange activity to your bank.
- We recommend you to stop replying to emails where someone claims that it asks you everything as representative of a bank. This is the most common way of conning people giving them username and password. With user and password in wrong hands, you can lose hundreds of dollars in a matter of seconds.
- Always log out after the session.
- When you want to connect to your online banking account, you should never use public Wi-Fi because someone could compromise it. Therefore, always choose secure Wi-Fi or Mobile Data for entering your bank account.
- You should keep your anti-virus and anti-malware software and operating system up to date.
- You should check your password and choose it carefully. We recommend combining three random words and trying to make them unique compared with other passwords and access codes for other banks and websites.
- It is always better to have two-step verification and authentication while trying to enter the account. Most banks offer an extra layer of security to protect their clients. This other factor requires additional confirmation before you can access your account. The best way is to connect your mobile phone or email with it to send you unique code that you have to enter to get in. This is the best way of securing your account from hacking.
- Turn off Bluetooth while you are accessing online banking because it could interfere with your data. There is a term called Bluejacking that hackers use to enter other devices that have Bluetooth turned on. You should turn it on only in moments while you need it. As soon as you stop sharing files with other devices or listening to music from Bluetooth speakers, remove the access to Bluetooth, especially if you want to enter the online banking account.
We all know that online banking as physical banking comes with their own set of risks. The same way someone can mug to the way home after taking money for bills, the same principle lies online. However, these risks that we have mentioned above are mainly due to human factor and dangers. So, the best way to protect your account is to make sure that no human can enter it.
When you find the right password and other steps that will protect your account, you will be able to enjoy in all conveniences that online banking is bringing with itself – from monitoring your balances to sending money to family and friends.