Thanks to modern technology, banking has been made easier. Online banking is a great way to check your bank balance and make transactions. Mobile banking is the present and the future of banking and most people find it much more convenient compared to other banking methods.
Although online banking makes banking easier, there are some disadvantages to using these mobile apps. One of the main concerns is security. It seems to be much easier than ever before to get inside someone’s banking account. That is why it is important you follow the right steps to keep your account safe. As technology is getting more advanced, unfortunately so are the scams that are circulating, so you need to do everything you can to protect your assets with our strategies for safe online banking!
Choose Strong Passwords
The reason why so many bank accounts can be hacked is because of poor password security. Making complex passwords is a simple method to improve your security. Additionally, you need to ensure your passwords are varied with different accounts. If you have the same password for all your accounts, all a hacker needs to do is gain access to one and then they can enter your other accounts, including your bank account.
Most platforms will only allow you to create an account with a complex password. This will usually ask you to include a symbol, upper and lowercase letters, and numbers. This will be a strong password and help to improve the security of your platform. Something else you should avoid doing is common sequences such as numbers in order. For example, 123 or Abc would be common sequences.
Add Two Factor Authentication To Your Banking Account
Another simple and effective method to add another layer of security to your banking account is 2-factor authentication. 2-factor authentication is when your bank account sends an email or text message to confirm you logged into your account. This is required after you have entered your username and password.
Usually, 2-factor authentication will be a digital number, also known as a one-time password. If you randomly receive a one-time password, you know someone is trying to gain access to your account. To enable this, ask your bank account to set this up for you.
Don’t Use Your Mobile Banking Using a Public Wi-Fi
Something else you must ensure is that you don’t use your mobile banking app on public WiFi. Public WiFi doesn’t have good levels of security so this is always going to be a risk. Plus, there are multiple security risks such as;
- Man-in-the-middle attacks where a hacker will electronically “eavesdrop” on your bank.
- Data transmissions over unencrypted networks
- Malicious hotspots
- Malware attacks
If you want to ensure the security of your banking, avoid using public networks as they offer a low level of security. However, if you need to access your bank account on public WiFi then you should disable public file sharing. Only browse on secure websites and use a VPN if possible. Doing all of that will offer more security for your banking apps.
Create Banking Alerts
Another way to improve the level of security is to create banking alerts. Setting up banking alerts will send you notifications of potential fraudulent activities. For example, some banking apps will send you a text to a new recipient. You can create many different notifications such as when your balance is low or high, new credit and debit transactions, linking new external accounts, failed login attempts, change of password and updating information updates.
If you receive any of these notifications, you should contact your bank immediately as you could potentially be a victim of a scam. Make them aware of the notification you received and then change your security information and your passwords. This will automatically log all of your devices out, including the device of the hacker.
Be Aware Of Phishing Scams
Phishing scams have been a common occurrence for many years now. That is why it is important you make yourself aware of these types of scams. Phishing scams are a trick for hackers to get your information, information that can provide them access into your bank accounts.
There are many variations of phishing scams however, the most common are either through email or mobile text. In some cases, some phishing attempts will pretend to be your bank trying to contact you. They will usually say someone is trying to access your account and you need to change your information
They will also send you a URL which will essentially be a dummy site. This is where you will enter your old account information and new information. In another scenario, you could be sent a download which will install malware onto your device which will then start logging the buttons you press or, it can just capture your information alone.
Use Trustworthy Apps
The next method for improving your security is to use trustworthy apps. There are many different mobile apps that you can now use such as Revolut, Monzo, and Plum. However, even with this mobile app, there are potential security risks and concerns.
Finance apps are a great way to improve your money management skills however, they can also be low security. Before you use any new app or website, make sure you use the official app. You should always look to download these apps through their website and not an app store. Ensure you are downloading the correct app on Apple or Google by checking the developer of the app and reading the reviews.
Summary
There is no doubt that using mobile banking apps makes our lives easier. However, there are forever-growing concerns about using mobile banking apps due to security reasons. There are more scams out there than ever before and hackers seem to be getting smarter. Companies that specialise in recovering people’s wealth have noticed an increased number of Revolut scam refunds through cryptocurrency.
Improving the security of your banking apps is easy once you know how to do it. All you need to do is enable 2-factor authentication and make a strong password with a variation of numbers, symbols and upper and lower case letters. Just doing these two things alone will improve the security of your banking almost immediately.
If you ever do come across a security risk, contact your bank straight away if you have received a notification. Additionally, change the login information on your bank app to log the hacker out of your bank account.