Optimizing privacy and online safety settings towards preventing a data breach is critical for safe online banking. Internet transactions are utilized more than ever, and this number of online users is only continuing to grow.
Every individual should strive to protect their account information as well as access to it. The core of safe online banking is making sure that only the actual holder of the account can access it and spend the resources inside of it.
1. Avoid Public Wi-Fi
As covered in other articles, open Wi-Fi networks bring massive vulnerability. Hackers can easily gain access to confidential information that is shared on these networks, from access points through individual log-in details. Using private networks and even VPN software is safer.
2. Never Save Confidential Information
Browsers offer the option to store passwords and usernames; don’t take them up on it. It’s fairly easy for bad players to gain access to browsers and exploit the information contained therein.
Included in this is making sure you type in any URLs you want to browse, not just letting browser’s autofill. Some smart hackers are able to plant traps in given URLs or even install software that allows them to sub in characters that look like others (like a zero that looks like an “O”).
Hackers will also place fake URLs in emails that may look legitimate. Again, the end goal on their end is to get users to click through to the fake site and input their confidential information, which hackers can then leverage for identity theft.
3. Monitor Bank Activity
Keep a close eye on transactions in your bank account. Monitoring activity for anything suspicious is a critical way to intercept any problems early, and get anything canceled in case there is fraudulent activity that comes through.
Many criminals use small transactions at first to confirm that accounts are still open and viable. From there, they will start getting bolder with larger transactions. This avalanche of transactions can make it harder for them to get caught.
4. Use Two-Factor Authentication to Keep Passwords Safe
The newest trend in password protection is the use of two-factor authentication. In these cases, when someone tries to log in, they receive a special code through an alternative log-in method. In order for an attempted log-in to go through, both the password and this authentication code must both be sent through.
5. Consider Tokenization Vs Encryption
Tokenization and encryption are both ways that data can be kept private and secure. Although encryption is more scalable, both of these approaches are ways to protect confidential data. Ensure that whatever platform you use to access banking data as well to store your password or communicate about your account includes these types of measures to conceal and protect your information.