8 Vital Tips for Safer Online Banking

Online banking is convenient. It allows you to carry out transactions, without even leaving your couch. But like all good things in life, this feature comes with its own share of risks. Just as you take precautions to stay safe from being robbed at ATMs, you can take a few steps to keep yourself safe from online frauds. Here are eight simple tips for safer online banking, as suggested by the experts at a renowned security company.

1.  Keep a Strong Password

Almost all online banking websites and mobile apps require a username and a password for access. To stay safe, make sure your password is strong. You can do so by including upper and lower case letters, special characters and numbers in your password. Avoid using any common phrases or words or using your own name initials in your password.

2.  Select an Account that Provides Two-Factor Authentication

Before opening an account, look for a bank that offers a two-factor authentication for online banking. This includes a unique code that is generated every time you try to log in. Although the code can be easily read, it does offer additional protection to the log-in process.

3.   Don’t Click-through Emails

As a rule of thumb, remember that there is no bank or other financial institution that will ask you for your log-in details through an email. Be aware of all links in your emails that appear from your bank. This technique is often used by fraudsters to obtain your confidential information. If you do get an email that looks suspicious, you can forward it your bank and ask for a double verification.

4.   Secure Your Computer

Your computer security goes a long way in ensuring safe online banking. As a minimum, you can keep your anti-virus up-to-date and your firewall active at all times. These measures will keep your computer safe from malware and Trojan, which, in turn, will keep your online banking details safe.

Related Read: 7 Steps to Take Immediately, If You've Been a Victim of Credit Card Fraud

5.   Log Out when you’re done

It is always a good idea to log out when you’re done- be it your email or social media account or your online banking channel. You might want to wipe out your browsing history and prevent the browser from remembering your username and password, as an extra precaution.

6.   Access all Accounts from a Safe Location

As a best practice, always connect to your bank account through computers and networks that you trust. If you do need to access your bank account online through a remote location, you should consider getting a VPN (Virtual Private Network).

7.   Keep a Check on Your Account

Monitor your bank statements each month. Be on a lookout for suspicious and unauthorized transactions. Look for deposits that you didn’t make. Online banking allows you to view your bank statements whenever you want to. You can check your statements, say, weekly.

8.   Opt for Account Notifications, if possible

Many banks offer a notification facility. This alerts you, via email and/or SMS, every time your bank account is accessed online. They also alert you on every deposit and withdrawal made. This way, you can always identify any suspicious activities and unauthorized access to your accounts.