Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money. If you have a question or need help, you can chat to them here.
By Tyrone Huggins
Banking has never been more convenient. Long gone are the days of lining up for hours anxiously waiting to check if your balance is in the red. With online and mobile banking, we can now get instant access to pretty much anything. Our transactions, bank statements, bill payments and money transfers are all at the fingertips of a mobile phone. But as with anything online, nothing’s 100% secure and with scammers on the prowl, it does come with its risks. So here are seven online banking security tips you can follow to keep your money and identity safe.
Yes I know it’s a pain and probably the last thing you’d want to do, but changing your password frequently is a must if you’re going to give hackers a hard time cracking your security. When doing so, avoid using common words or predictable combinations such as 123 or ABC. I would strongly suggest using a mixture of upper and lower case letters, numbers and special characters. To be extra cautious, you could also opt to enable Two-Factor authentication in your settings. If you’re worried about forgetting your password, consider using a password managing app to store them securely in one place.
When banking online, always connect to a private, secure network such as your mobile’s 4G or home wi-fi. Avoid public wi-fi spots as these networks tend to be less safe and an ideal playground for hackers to get access to your details. If you are a regular public wi-fi user, consider setting up a Virtual Private Network (VPN) software on your device. This creates a secure tunnel between the computer/phone and the internet and prevents hackers from intervening with the traffic. Just make sure you log out once you’re are done, as this will lessen the chances of falling victim to session hijacking.
The tactic of using a fraudulent email to obtain personal information is called phishing. A phishing scam may look legitimate, but it’s almost certain the person on the other end is a hacker trying their luck. If in doubt, remember that your bank will never ask you for personal information through email or text. The safest way to access your account is through your mobile banking app or by typing the address in your browser directly.
While every single device has the potential to get hacked, it is widely known that computers tend to get hit with the most malicious attacks. Generally, accessing your bank using your mobile app is the safest option, especially as phones smartphones now offer the additional feature of touch I.D and face recognition which is more challenging for hackers to break.
If your bank offers the option to send you text alerts, sign up to them! Account notifications will allow you to quickly detect any suspicious transactions or unusual activities on your accounts, such as failed login attempts or huge sudden drops in your bank balance. The sooner you’re able to alert your bank, the sooner you can stop any fraudsters in their tracks.
If you prefer using your computer for online banking, be sure to invest in good anti-virus software and check for regular updates. This will help you to detect and remove any spyware that can steal your sensitive information, such as phishing, malware and other security threats. Either set your computer to have automatic updates or set reminders to manually check yourself.
Finally, make it a habit to monitor your accounts regularly and take a closer look at your statements. You may have notifications set up, but you shouldn’t rely on this solely as your bank could still overlook fraudulent activity and fail to alert you on occasions. By going over your statements, you can scan for any strange transactions and if you happen to find any, contact your bank as soon as possible.
While online banking does have its risks, use the above tips and it will go a long way to ensuring you enjoy the advantages of a smarter, safer online banking experience without the pitfalls.
Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money. If you have a question or need help, you can chat to them here.
