When transacting money anywhere, the number one thing that everyone considers first is security. Everyone works hard for pay and giving your money away for nothing in exchange is very rare. Banks have been for a long time been helping people store their money. The reason why people rely on banks is that it provides security for your money plus, they throw in a few benefits like interests with savings among others. Online banking, however, is changing the entire banking industry. Today, you can access your account and even make orders through your smart device or computer.
Website and Internet Security in Banking: Is Your Money Safe?
With online banking now becoming the norm, it is vital to confirm the security of your money. Cyberattacks these days have reached levels where no one is safe online without taking the right precautions. The worst part about these hackers is that they can clear your bank account is a second, and you will never track your money. As much as the internet is a dangerous place to transact, it is good to know that you can always avoid all these risks.
What is online security?
This is when you take necessary measures to protect your online activities. Note that other than money, hackers look for other things like information and other vital data that they can convert to cash. There are various ways of ensuring that you’re browsing, and bank transactions are safe. Some people use more than one method because hackers are known to override some of the security barriers. This, however, is only suitable if you are protecting something valuable like your money.
Before making payments using your smartcard from a website, you need to ensure that your computer is protected. Additionally, you will want to affirm that the site that you are shopping from has taken the right precautions to protect its customers. Note that it is the responsibility of e-commerce websites to make their platforms safe for customers. However, hackers can use various means to access your bank account, especially when you are buying something online. The first step of evading such attacks is by affirming that a website has an HTTPS connection.
Why is HTTPS important?
To know a website has an HTTPS connection, you only need to check the link. Note that some websites have HTTP without an S at the end and that is the difference. When a site has an HTTPS connection, it means that it is encrypted, and hackers cannot intersect data. For a website to have an HTTPS connection, it means it has an SSL certificate. The motto of a certificate is to create a secure tunnel where data between you and the site is exchanged.
Without an SSL certificate on a banking website, it is easy for hackers to clone a fake site and direct users. This will enable them to collect information and use it to access your original bank account. Phishing is another hacking method that is seamless without proper security. Hackers can take advantage of an unprotected banking website to trick users into sharing their personal information. That information can be used to commit other cybercrimes or rob them altogether.
Malware is another excellent threat when transacting online. You can easily install or download dangerous apps or files to your computer that can give away your information. Other than that, malware can destroy your smartphone or computer and deem it worthless. It is good to know that malware is majorly created for phishing. However, some of this dangerous software is made to cause trouble online even if the developer does not benefit in any way.
How to secure your online banking
If you are used to accessing your bank account and making transactions, it is good to know that you are under a great risk of getting hacked. Hacking cases are on the rise, and for you to avoid falling a victim and losing all your money, you should consider doing the following;
Don’t access your account using public Wi-Fi
Public Wi-Fi is risky because you never know who is logged in. If you are sharing the same connection with a hacker, it will be possible for them to access your computer easily. This will give them the ability to access your personal bank information, including the password. If you need to make any transaction, it is better if you do it at home.
Don’t use the same password for too long
You should regularly change your bank account password on your phone or computer. Maintaining a password for too long is risky because it makes it easy for hackers to master it. Additionally, at some point, someone will have access to your password for years while you will assume that they don’t remember. After a couple of years, you wake up one day and find your account clean with no trace. Even the withdrawal will have been done through your permission.
Your password is your big secrete
Some people trust easily that they gladly share their personal information with just about anyone. This is a risky move since you can never know what kind of person you are dealing with. Always avoid getting led to talks that can make you disclose personal information. Even if you are sharing with someone that you trust, you don’t know who is listening.
Get notifications when you transact
This can be through email or text messaging. Any banks offer this service for free, and it will go a long way to ensure that nine of your money gets out of the account without you knowing it. By subscribing for notifications, you should be able to alert the banks if your bank account is getting hacked right when the hacking is taking place.
Sign up for OTP
OTP stands for a one-time pin which us a unique combination of numbers and letters or even symbols sent by your bank for verification. OTPs offer good security because in most cases they are sent as text messages on your phone. If you have not made any transaction, but you have received an OTP request, someone must be trying to access your account.
Subscribe for a digital statement
There is a big difference between a printed statement by your banks and a digital statement developed by your online banking system. Digital statements are more accurate because they will automatically record any transactions. Banks, on the other hand, can miss some transactions because they will only put more focus on transactions made by you.
Any document with your bank details should be under tight security
For someone to hack your bank account, they can use any small detail that they come through, for example, your card number. If you have any documents that contain this information, you need to keep it as far away as you can. They can make hackers work more comfortable and hard to trace.
Other than banking online
Apart from stealing your money, note that there is so much that securing your connection will save you. If you have children, for example, securing your online contacts will protect them from getting hacked and spied on by predators. Because they are sick in the head, these offenders will hack your system so that they can observe your child through your surveillance cameras.
Other than that, thieves can do the same thing to access your home and plan for the best day or time to raid. That is because, through observing your routines using your security cameras, they can know your schedule and do a clean job that you will not believe.
Technology has made everything accessible through our smart device and computers. What many people don’t understand is that when accessing the online banking system, data is exchanged automatically between the user and the service provider. Follow these Internet banking security tips to save yourself from any disaster.
There are many factors playing roles that without the right online protection measure, is like you are making a transaction from a bank by shouting out your details. Some people will hardly hear what you are saying because of the echo. Those who do can become a potential threat to your money. An SSL certificate in this situation offers you the chance to keep everything confidential.