“What is Safebank Online?” You may pay bills, deposit checks, and transfer money from anywhere using digital banking technologies. Online and mobile banking are the two most popular ways to bank, owing primarily to their ease. According to research, 78% of Americans favor digital banking.
However, how safe are online and mobile banking? Is your information secure?
While respectable financial institutions use a variety of security measures, you may take certain precautions on your own to keep your financial and personal information out of the hands of hackers.
What is Safebank Online? 6 Ways to Protect Online Banking
It is simple to safeguard your information while still taking advantage of the convenience of online banking. Use these six tips to ensure you’re the only one looking at your balance.
- Select strong and distinct passwords.
- Turn on two-factor authentication.
- Avoid using public Wi-Fi.
- Register for banking notifications.
- Be cautious of phishing scams.
- Select reliable financial applications
Select Strong and Distinctive Passwords:
Even if you are unaware, your password might provide an entry point for hackers.
Some typical errors with online banking passwords are as follows:
- Making use of personal information such as your name, address, or birth date
- Selecting shorter passwords
- Relying on a basic word or numeric combination
- Making numerous logins with the same password
- Failure to update passwords on a frequent basis
Hackers can quickly guess passwords and obtain data related to online banking. Here are some suggestions for building stronger passwords for online banking:
- Use longer passwords, such as a phrase, rather than a single word.
- Utilize both capital and lowercase letters.
- Include digits and special characters
- Avoid popular sequences such as “1234”.
- Avoid using personal information such as your name, your pet’s name, your date of birth, and so on.
- Never save your login information in your online banking or mobile app.
- Never write passwords on the back of debit or credit cards or keep them in your wallet.
Update your online banking passwords on a regular basis. Change them every three to six months to reduce the possibility of hackers stealing or decoding your password.
Consider utilizing a password manager to store and safeguard your passwords, making it easy to use longer and more challenging passwords.
Turn on Two-Factor Authentication:
When entering your online or mobile banking account, two-factor or multifactor authentication can offer a second tier of security verification. You must first input your login information and then successfully complete a second security check.
You may be required to input a specific code, verify your account via an automated phone call, perform biometric verification, or identify a picture, for example. Even if a hacker or identity thief has your online or mobile banking password, this makes it impossible for them to open your account.
Inquire with your bank or credit union about two-factor authentication and how to enable it.
Avoid using Public Wi-Fi:
When you need to stay connected while on the road, public Wi-Fi is convenient, but it is not secure. Some of the most serious security dangers provided by public Wi-Fi, according to Norton LifeLock Inc., a consumer cybersecurity service, are:
- Attacks are known as man-in-the-middle,” in which hackers “eavesdrop” on your internet banking and other activities.
- Transmission of data through unprotected networks
- Dangerous hotspots
- Spyware and malware
When utilizing a public Wi-Fi network, avoid using online or mobile banking.
If you must use public Wi-Fi to access online banking or mobile banking, follow these precautions:
- Turn off public file sharing. Look into how to accomplish this for your specific operating system.
- Only visit secure websites. Look for “https” in the site’s URL, which causes your browser to display the lock icon. The firewall on your laptop or mobile device may automatically warn you of hazardous websites.
This establishes a secure network that only you have access to. You may use a VPN provider to set up a VPN on your mobile device or desktop.
Register for Banking Alerts:
Banking notifications tell you when certain activities take place. You receive near-instant warnings of any potentially fraudulent or questionable behavior. It’s common to get email or SMS notifications for the following:
- Balances that are either low or high
- New credit and debit transactions
- New external accounts linked
- Login attempts that failed
- Password modifications
- Updates to personal information
Change your online and mobile banking passwords as soon as possible if you receive an alert and believe there has been fraudulent or suspicious activity.
Avoid Phishing Scams:
Phishing is one of the most prevalent ways used by identity thieves to get personal and financial information. However, This type of fraud mainly entails duping you into handing over your personal information.
Phishing scams can take many forms, but the most common are email or text frauds. For example, you may receive an email that appears to be from your bank informing you that you must log in to your account and change your information.
You click the link and enter what looks to be a legitimate site but is actually a phony site. Alternatively, visiting a link installs tracking spyware on your computer, allowing identity thieves to record your keystrokes.
In either case, you’ve unknowingly handed out your login information. As a result, it’s critical to carefully examine any emails requesting money or personal information.
Here are some pointers to help you avoid online banking phishing scams:
- Check the email address of the sender. Call your bank and inquire whether it sent you an email. Check the email address you used.
- Hover your mouse over the links. Hovering your cursor over a link within an email can reveal where it will lead you.
- Don’t reveal any personal information. If you get an email from your bank requesting information, call your local branch or customer care to confirm that it is authentic before disclosing any information.
Select Reliable Financial Apps:
Financial applications, particularly mobile banking apps, can assist with banking, bill payment, money transfer, and shopping. However, they are not equally safe.
If you intend to utilize your bank’s mobile app, make sure it is the official app. The most convenient method to do so is to download the app from your bank’s website. If you’re installing the software from the software Store or Google Play, double-check the developer information and read the reviews.
Consider which applications have access to your online and mobile banking information. So To manage your money, for example, you may use budgeting software. Programs ask for login information, which exposes data and creates security issues.
Check the app’s ratings before downloading it. Examine the app’s security protocols and look for previous data leaks.
Is it safe to bank online?
When your bank adheres to tight security measures and you are aware of possible security dangers, online banking is a safe method to handle your money.
Banks use a variety of security methods to safeguard consumer information. Among these metrics are:
- Data encryption with 128-bit or 256-bit keys
- Email encryption
- Logout feature for both online and mobile banking
- Authentication using two factors
- Constant account monitoring
- Verification of electronic signatures
What is Safebank Online: Online Banking Dangers
Although it may be tempting to use your bank’s website or app from your phone while out and about, doing so can have serious implications. Keep an eye out for:
Phishing is a method of obtaining personal information by impersonating a trusted entity, such as your bank. Fraudsters might contact you via email or SMS and make the communication look like it’s from your bank. However, Phishing schemes encourage you to enter personal information, such as passwords or bank accounts, into phishing sites that appear to be legitimate. They will exploit that information to steal your money or identity.
If your bank does not employ safe software, you may be vulnerable to malware or viruses that might destroy your computer or phone.
Outages due to maintenance:
If you only use Internet banking, any disruption, whether deliberate or unintentional, might leave you financially trapped.
The Advantages of Online Banking
Although there are hazards associated with Internet banking, the advantages far outweigh the risks. These are some examples:
Convenience: Transferring money, making deposits, and checking your balance are made easier with secure online banking. If adequate security measures are in place, you can organize your life while traveling.
Control: When utilizing online banking, the concept of “banking hours” is useless. You can deposit or transfer money at any time of day or night. Some banks also provide 24-hour online customer service via live chat or interactive FAQs.
Security: Banking in person has its own set of concerns that Internet banking eliminates. Uncertain about possible security risks while examining account balances
Working with a bank teller can occasionally result in blunders. Secure online banking allows you to double-check every transaction, no matter where you are.
Tools: Many banking apps have location capabilities to help you find the nearest branch or ATM. Furthermore, You may sometimes check your credit score from within the app.
What Is Data Security in Banks?
Data security refers to banks’ efforts to keep customers’ data safe. The primary purpose is to keep sensitive information secure from unwanted access.
Some of the most frequently utilized data security procedures, according to the American Bankers Organization, a trade organization for the United States banking sector, are:
- Authentication using multiple factors
- Policies on privacy and training
Fraud Detection and Prevention Monitoring
If a data breach is expected to substantially impact banking operations, banks must notify authorities within 36 hours. The regulation, which takes effect in May 2022, is a collaborative effort by the Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency to improve banking industry accountability. Additionally, With this new legislation, banks have an even stronger motivation to take precautions to protect the data security of their consumers.
Online banking provides you with ease and control over your finances. By being proactive and securing your online banking information, you can reduce the danger. This reduces the likelihood of your information falling into the wrong hands.