Aside from offering services that aren’t offered by conventional banking, online baking also guarantees simplicity and convenience. However, as with most digital products and services, online banking has its risks. While you can compromise for some of these risks, there are those that you shouldn’t such as your safety and privacy. Listed, are tips that you can use to guarantee your security, privacy and safety online.
- Check the bank’s credibility
It’s difficult to verify the authenticity and credibility of an online bank. However, reading reviews of the bank should be a great first step to make. Reviews also give you insight into the bank’s operations and its pros and cons. You should also check to see that the bank is insured and registered in the tax system. Banks need to be approved by various institutions to operate, even online. Often, the badges of these institutions are posted on the bank’s landing page as proof of credibility.
- Use a premium VPN
Using a premium VPN is one of the best ways to secure your network. It encrypts your network, tunnels your information through different servers around the world and completely shields you from being hacked. Your network is usually the best way to get to your information and by using a man-in-the-middle attack and similar techniques, hackers can access all the personal and financial information that you enter into your online bank.
- Check the security and credibility of the website
One of the foremost things to consider is whether the site is secure. Secure websites use an encrypted HTTPS protocol over the HTTP protocol. If the HTTPS is missing in the website’s URL, then you shouldn’t share personal or financial information on that site. More importantly, you should check the authenticity of the site. Hackers create fake domains to dupe unsuspecting clients into thinking the site is authentic. If the URL is misspelt, you should consider the fact that it may be fake.
- Don’t use public networks
A year ago, the advice would be not to use an unsecured network. However, after the discovery of WPA2 vulnerabilities, the narrative has changed. It goes without saying that unsecured networks should be avoided at all costs. They are open pathways into your devices and give hackers direct access to all your information. Nevertheless, public secure networks could also be compromised and open you up to the same risks as when on an unsecured network. Instead of taking the chance, you should use your own secure private network to access online banking sites and financial information.
- Install antivirus and firewall software
Secure networks are still not enough to guarantee your online safety, especially if your device is compromised by malware. That is why you need antivirus software to monitor your devices, prevent intrusions and eliminate malware and other unwanted malicious programs such as keyloggers. When installing your antivirus, choose one that has an internet security feature. Often, this kind of antivirus also offers firewall security, which provides an extra layer of security around your network. Some antivirus software even checks and authenticates websites and provides a secure browser for banking purposes. If there isn’t a firewall feature, then you should install dedicated firewall software.
- Secure your login
The security of your login information is vital for your safety when banking online. Of particular importance is the security of your password. You should use a highly random and secure password. Keeping track of all your passwords might be difficult and that is why you need software to manage them. Password managers save you the trouble of having to remember complex passwords, audit your passwords to ensure that they are strong enough, and eliminate the need for an offline record of the same. Aside from your password, you should use two-factor authentication. This is a security protocol which requires the use of your login credentials and a second temporary password or code that’s sent to a different device at the time of login. This way, you can ensure that even if your login credentials are compromised, your account is secure.
Cybersecurity is something you should remain ever vigilant about. Much as these tips are helpful, there’s still much more to learn about how to stay safe online, especially when banking. You should review as much information on the same to stay ahead of hackers, governments and corporations looking to spy on and take advantage of you in the digital world.