4 Important Tips for Safer Online Banking

Banking has never been this easy, thanks to the power of internet.  Gone were the days when you have to drive up to your bank and wait in line to make your transactions.

Internet banking has made bill payments, fund transfers, deposits and more, accessible through a few clicks or taps.  Bank transactions can now be done in a fast, convenient and fuss-free way.

But with its pros, come a number of risks.  Mainly, the risk involves online theft, getting the customer’s bank information to steal funds from the customer’s account and make unauthorized transactions.

As a user of online banking, one must know the risks and the many ways to avoid such.  Here are some helpful tips for safer online banking:

1. Secure your computer with licensed anti-virus software.

Make sure your computer is up-to-date, with firewalls turned on and antivirus software activated.  This will protect you from virus and other forms of malware that can be used to steal your personal and financial data.

2. Do not use public computers or connect to public Wi-Fi when logging in to your bank account.

By doing this, you are increasing the risk for your passwords being traced or seen by others.  But in case you really have to, use incognito mode on your browser.  After making your online transaction, don’t forget to log out immediately. Also, it’s best to clear cache and browsing history after use.

3. Change passwords regularly.

Keep changing your passwords regularly and keep them confidential.  When creating a password, make sure that it is a strong one – long and a combination of numbers, special characters and upper and lower case letters.  Don’t choose a password based on your name, initials, birthday or other personal details.

4. Monitor your bank accounts regularly.

This is a habit that you should practice religiously.  Check your transactions from time to time and review your bank statement every month to spot unauthorized transactions and discrepancies immediately.

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