Written by: Contributor | Best Company Editorial Team
Last Updated: April 13th, 2020
Although the Internet has created a more fluent process for managing finances, there are security questions that come into play in regards to online banking. Those that utilize online banking platforms and are not aware of the cyber threats that exist can potentially face identity theft and phishing.
To avoid having financial or personal information stolen, there are procedures and safeguards to put in place to keep identifying records out of the hands of cybercriminals. While hackers are diligently working to find new ways to steal this kind of information, taking cautious steps can help prevent or minimize risks. Implementing the following tactics are good places to start:
1. Set up two-step authentication
Nearly all of the online banks today have created ways for their customers to implement a two-step authentication practice at each and every login. While it may take a few extra seconds to login, it is well worth the added level of security. Typically, a bank will allow individuals to choose from a number of authentication methods. These can range from text messages with numerical codes to email confirmations. Enabling two-step authentication drastically reduces the chances of an online bank account being hacked.
2. Stay away from public WiFi
Avoiding public WiFi and public computers is another way to keep personal and financial information safe. While it is convenient to be able to log onto a bank's website whenever and wherever, it is easier for a hacker to remotely access private data.
3. Update login credentials and passwords
It is recommended that users change passwords every 3-6 months. That can be inconvenient, especially if you have a hard time remembering or coming up with unique passwords. You can try using a password manager, but those can be compromised as well. Making the password difficult, yet easy for you to remember is ideal.
4. Be aware of last login data and time
Each time you login to your online bank account, a note is taken of the date and time. This information is readily available each and every time login occurs. If you notice that the last time your account was accessed was not on a date/time you are responsible for, you will want to immediately contact the bank and change your login credentials.
Ensuring that all information stored online remains private and out of the hands of cybercriminals is a daunting, or even impossible task. However, taking the time to implement precautions can drastically reduce the chances hackers have to obtain this sensitive information.