In today’s time, online security has become very crucial in every sector. This is especially true of banking. Banking is supposed to be a safe affair where your money and your data are kept away from the reach of any third person. Read this article to boost online banking security.
But with the increasing use of the internet, there is an equal chance of the internet being used for malpractices. So, it becomes your responsibility to make sure you are taking every preventive measure.
There are many ways of making sure your bank account and your access to it are the safest possible, we will be explaining those in this article for your knowledge.
One of the best, most recommended ways to boost online banking security is to make use of a VPN. A VPN helps in keeping your data encrypted and safe from the eyes of any perpetrators.
We strongly recommend you use a good VPN service, preferably ExpressVPN.
Ways of boosting online banking security
When traveling, use a VPN.
If your financial institutions suspect someone other than you is accessing your accounts, they may close them. A login from a strange place could be a sign of fraudulent activity.
You could be using the service from one of the many embargoed countries, which is another possibility.
Even if your banking provider might also view the use of a VPN as suspicious, it is probably better than logging in from a foreign or embargoed nation. Choose a VPN server that is close to your typical residence, or always log in from the same VPN server.
Always use reputable antivirus programs
Always use licensed anti-virus software to safeguard your machine from new viruses. Although pirated antivirus software may be accessible for free, it’s possible that it won’t keep your computer safe from the latest viruses that are common online.
Also, you will periodically receive notices for software upgrades. To ensure that your private information is always safe, keep your antivirus software updated.
Don’t log in to public computers
Avoid using public computers in cybercafés or libraries to access your bank account. Because of how busy these areas are, there is a greater risk of someone tracking down or seeing your password.
If you must log in from one of these locations, be sure to erase all temporary files from the computer and clear the cache and browser history. Don’t ever let the browser save your ID or password.
Activate Two-Factor Authentication
While connecting to your online or mobile banking account, two-factor, or multifactor authentication, can add an extra degree of security verification. You must first input your login information and then successfully complete a second security check.
For instance, you might be asked to enter a unique number, use biometric verification, identify an image, or have an automated phone call you to confirm your account.
Even if a hacker or identity thief knows your online or mobile banking password, this makes it impossible for them to unlock your account.
Find out if two-factor authentication is available and how to enable it by contacting your bank or credit union.
Regularly change your password
Maintaining the security of your account is crucial for maintaining your privacy. Don’t disclose your information to anyone.
Through phone or email, your bank will never request any of your private information. Make sure your banking passwords are kept private if you have them written down in a notepad or a diary.
Make sure to select lengthy, strong passwords as well. Create an account and log in to add further security to financial transactions made through Internet Banking.
While not in use, disconnect your internet connection.
Most broadband users don’t turn off their computer’s internet connection when they’re not using it. Using an internet connection, malicious hackers can gain access to your computer and take your private banking data. Make careful to disconnect from the internet whenever you are not using it to secure your info.
Watch Out for Phishing Scams
One of the most popular ways identity thieves get personal and financial information is through phishing. You will typically be tricked into providing your information in this type of scam.
Phishing scams can take various forms, but email or SMS frauds are the most common kind. For instance, you might receive an email claiming to be from your bank informing you that you need to check in and update your information.
When you click the link, a fake website seems to be the one you are logging into. Or, clicking a link causes your machine to download tracking spyware.
This makes it crucial to carefully examine any emails requesting financial or personal information.
Only access websites that use Secure Socket Layer (SSL) encryption
Sites with an SSL Certification use encryption to send client-to-server data, rendering it unreadable by outside parties. On their websites, the majority of online banking services use SSL encryption.
On the other hand, knowledgeable and hostile hackers could use SSL stripping techniques to deceive a server into dropping an encrypted connection.
As the name implies, SSL stripping is removing the SSL layer from a secure website in order to redirect customers to an insecure one.
Enter the URL of your online banking
It is safer to type the URL of your bank into the browser’s address bar than it is to click on links provided in emails. Fraudsters have been known to send emails with links to fake websites that look exactly like the bank’s official website.
Your login information may be used to access your account and steal your money if you enter it on a website like this.
Choose Reliable Finance Applications
Financial apps, such as mobile banking apps, can be used for banking, bill payment, money transfer, and shopping. They’re not all equally safe though.
Make sure you’re using the official version of your bank’s mobile app if you intend to utilize it. Downloading the app from the website of your bank is the most effective way to achieve that.
If you’re installing the app from the App Store or Google Play, check the developer information and review the app to be sure it’s authentic.
Find out about the app’s security procedures and historical data breaches.
Why is a VPN important?
A VPN when employed on your device allows you to bypass geographical restrictions and use any platform from any location.
Your IP address is protected from organizations, authorities, and aspiring hackers using a VPN’s encrypted server.
When using shared or public Wi-Fi, a VPN secures your identity and keeps your data hidden from snooping online eyes.
Your data is encrypted by the software before being sent to servers in distant regions or other nations via secure networks.
You can access the internet anonymously by using a VPN to protect your online identity.
When your device is connected to public wifi, a VPN secures your data by masking your browser history, banking details, account passwords, and more from malicious online strangers.
It is important to know that each transaction is secure. A VPN prevents illegal tracking of your business transfers or transactions by anonymizing your outgoing traffic and encrypting your connection.
Is it safe to use online banking on mobile phones?
Yes. It is safe to do so. Just keep in mind that you download the app from Play Store and Apple Store in the case of Android and iOS respectively and not from any third website.
Is online banking a good option?
Yes, online banking is a good option as it is fast and easy for transactions. It is secure also, but to make sure that there is no kind of risk you should use a VPN.
What if I use a free VPN while using online banking?
It is strictly advised not to use a free VPN while using online banking because free VPNs do not guarantee online anonymity and security which might lead to undesirable consequences.
Can VPN change the IP address of my device?
Yes, VPNs are designed in a way that they can easily provide you a fake IP address and hide the original one. This allows you to bypass restrictions put on any platform.
Internet banking promises to be quick, easy, and safe. Yet, having no online banking presence would help guard against phishing scams and other login-related hacks.
But keeping in mind the benefits and requirements of using it, it has become much needed. Also, people often forget their passwords while using banking-related services, which adds to the inconvenience.
Online banking frequently uses numerous kinds of authentication for increased protection, making it more difficult for genuine users to access their accounts when security questions are forgotten.
Using a VPN is strongly advised while using online banking because VPNs keep all your data encrypted which ensures that no third party can access it and misuse it.
Free VPNs should be avoided and only trusted paid VPNs should be used, such as ExpressVPN. ExpressVPN should be your first choice as it has been at the top of good VPNs for a long time.