You are part of an ever decreasing small category of people if online banking is not something you use. According to a survey by the American Bankers Association in 2019, 73% access their bank accounts online or from their mobile devices. And this is quite justified when you look on the good side of it.
Online and mobile banking make managing finances easy and convenient. Between scrolling Facebook and Candy Crush, it’s easy to pay bills and deposit checks. You no longer need to visit the branch to do routine banking tasks.
However, it is only right to add that online banking is not without security concerns. The possibility of having your bank account hacked, or your financial and personal information stolen can lead to many headaches. You could lose your money through fraudulent wire transfers. Identity thieves could also use your information in order to open credit card accounts under your name and indulge themselves in a shopping spree.
It is important to be aware of security concerns regarding online banking. It is no secret that you work hard for your money. Protecting it is the number one priority.
Banks can rely on various security precautions, such as 128 bit or 256 bit data encryption, in order to protect their customers. There are many things that you, as a customer, can do to keep your online banking information safe.
Make sure that you select an institution with industry-standard security
You may already be looking for a bank/credit union that charges low fees or offers high interest rates. Consider adding top-notch safety to your list, if you’re looking for a bank in Idaho, you might want to consider Farmers Bank Online services. Also, ensure your online accounts use robust technology like the ones discussed above. On the bank’s site or in fine print, security features may be described.
Multifactor authentication is another strong aspect you should look into. The way it works is that instead of asking for username and password, multifactor authentication requires that you provide additional information to verify your identity. It could be a unique code sent to your mobile phone via text message or your fingerprint. It is a layer of security that makes it more difficult for anyone to defraud you.
Avoid saving your login information
Some websites allow you to save your login details for future access. However, if another person uses your computer/mobile device after you, they may gain access to your bank accounts. Banking sites are now able to stop this happening by stopping them from saving your information after a certain amount of inactivity.
You should not access your bank accounts via public Wi Fi.
Hackers have greater access to public Wi Fi networks and can steal your personal information. Accessing your bank’s website from a computer or tablet is not recommended unless you are connected to a secure Wi Fi connection with a password or via your own cell data connection. This makes it harder for thieves and keeps your information safe.