Javelin Strategy & Research’s 2016 study on identity fraud reveals that every minute, online fraudsters steal $35,600 in the US. In the UK, one in 10 people have been a victim of fraud or online crime . While this may make you wary of mobile banking and investing on the go, the good news is that most fraud is the result of human error. As long as you stay alert and make smart decisions, you can do a lot to ensure your safety online.
Here are four tips to help keep your money safe:
1. Protect your password
Use a strong password with a combination of letters, numbers, and special characters; one that is not easy to guess. Password123, qwerty (among the most common passwords), your name, phone number, address, or names of children and pets are all easy to guess, so avoid them and stay safe online. Change your password often, don’t keep it on paper, and never share a password with anyone. Use a secure password manager if you tend to forget your password.
If you receive a phone call claiming to be from your bank asking you to provide or verify your account details, make sure it is fraudulent. You may even receive fraudulent emails asking for such information. Never click a pre-written link to access your bank account, instead type the URL into the browser yourself. If you have enabled autofill for web forms, be sure to disable it for your bank’s website.
2. Use a secure/encrypted connection
Don’t access your bank account on free or unencrypted public Wi-Fi connections, don’t sign in to your bank’s website on public or shared computers, and always sign out and close the window when you’re done making transactions. If you are forced to use a public connection, change your password from your own device (PC, laptop, or smartphone) as soon as possible. Whenever possible, use a VPN service to access your account.
Another smart move is to use a separate dedicated browser to access your online banking account. If you use Chrome or Explorer for general browsing, use Firefox for your banking.
3. Use your bank’s security options
Most banks offer a two-step verification process like One Time Password (OTP) for more secure online banking. use it Sign up for transaction notifications / email alerts from your bank and pay attention to them. Too often, people filter these messages into a separate folder or file them away without reading them. Make sure you don’t. Review your statements regularly, and if something seems out of place, contact your bank.
4. Protect your devices
To strengthen your online security, make sure all your devices are protected from viruses, hackers, and malware. Install heuristically capable antivirus and antimalware software. Configure firewall. Keep your operating system updated and activate the highest levels of security in your web browsers.
Key point: The more vigilant you are, the more secure your online banking experience will be.