Online Banking: Your App is Safest

Protecting your bank account information and other details online is quite important especially nowadays as cyber threats are on the increase and attackers are only getting more sophisticated with law enforcement playing catch up. So, it’s necessary to take steps to ensure that your online banking experience is as safe as possible.

#1. Don’t Assume your bank is protecting you

If your bank kept your money 100% safe, it would limit what you can do online. So, to protect yourself, choose a strong password that includes letters and numbers and is void of personal information and also, enable two-factor authentication; which requires another form of identity that only the user can hold (It’s usually a random code generated by another device)

#2. Download the App from Your Bank

Download your bank’s mobile app from the Apple App Store or Google Pay or download it from your bank’s website, which would aid to ensure that you aren’t downloading a fake version that could steal your information.

#3. Never Click a Link in an E-mail

Consumers keep falling for phishing scams. Cyber thieves send an e-mail with the bank’s logo and other details included, asking the user to click a link and log in to see a certain announcement. However, the link doesn’t go to your bank but to a site where your username and password would be requested of you in order to log in to your account. Endeavor to access your bank information from your bank’s website only.

#4. Bank from Your App When Possible

When mobile apps were still gaining a foothold, it was better to bank using your desktop or laptop because mobile security standards are not as airtight considering it is more recent technology. However, this is not to say inadequate or not rapidly becoming safer. Apple and Google scan all apps entering their app stores before releasing them to mobile consumers. Hence, it’s quite difficult for malicious software to install on your mobile device. This, however, applies to mobile devices that have not been jailbroken. It is risky installing apps from unknown sources other than the official app stores. Also, don’t access your banking app with public networks as there is a probability you could become a target.

However, this is not to say banking apps are inadequate or not rapidly becoming safer. Apple and Google scan all apps entering their app stores before releasing them to mobile consumers so it’s quite difficult for malicious software to install on your mobile device. This, however, applies to mobile devices that have not been jailbroken. It is risky installing apps from unknown sources other than the official app stores. Also, don’t access your banking app with public networks as there is a probability you could become a target.

This, however, applies to mobile devices that have not been jailbroken. It is risky installing apps from unknown sources other than the official app stores. Also, don’t access your banking app through public networks as there is more of a probability that you could become a target.

#5. Watch Your Account Closely

For instance, a woman calls a bank’s customer service line, posing as the wife of an account holder. Using an agitated voice, some believable yet cooked-up story and some sound effects like a baby’s cry in the background, she can request for access to your bank account. This common social engineering technique; by appealing to the representative’s sense of compassion is one the account holder can’t protect against. Hence, it is essential you check your account often for any signs of fraudulent activity.

Conclusion

Cyber thieves still walk away with billions in hand because of security loopholes, online banking is not particularly unsafe but these steps would decrease your chances of falling victim to cyber crime.