Market Watch

Smart 5 Working Tips To Keep Your Bank Account Safe:

Banking has been easier now. As of now, we can keep a check on every transaction on the go with our phone or at home on the desktop. Online banking is convenient and it does not come without its fair share of risks. As this era has seen the rise of mobiles, internet banking, paperless loan approvals, and instant money transfers around the globe. Online banking is convenient and it does not come without its fair share of risks. 

There are convenient ways of managing finances, making purchases, investments, paying bills, and transferring funds. This makes our lives so much easier, it also makes it extremely important to be extra careful at times. Great Southern Bank (formerly CUA) shares some Tips to keep your account safe includes:

  • Choose a strong banking password

Keeping a complex and frequently changed password will help in protecting the account from hackers. Password is something that is easy to guess and grants access to the account and allows someone to drain the account of the finances or steal the personal and financial information. Thus by setting the password, remember to keep it in a form of alphanumeric with at least one special character. The use of a mix of capital and the small case is preferable. Individuals must avoid using name or date of birth in the password and keep the length of the password at least 8-10 characters.

  • Choose for two-factor authentication

Nowadays every bank will give you the option to enable two-factor authentication. While two-factor authentication has its strength and weakness, this will give extra protection to sensitive account information. When you sign up for dual authentication, you will receive a text message with OTP every time you log in to the account. This extra step will protect your account from hackers. If a hacker tries logging into your account, you will get a text with code.

  • Sign up for account-related alerts from the bank

If your bank has this facility that gives you the option to get text alerts about the account, don’t hesitate to sign up. Every time any transaction is made from the account, you will get a text. Hopefully, you will only get texts when you are the one taking out cash. Text notifications allow you to pounce on any suspicious activity in the bank account. If you receive a message that your balance has suddenly dropped and you haven’t made any transaction then you can contact the bank and put a stop to any fraudsters.

  • Download bank application if it is secure

As a result of advancements in technology, we have apps that can automatically pay your bills or track payments and update them regularly. While each of them is convenient and not all of them are secure. Before you download the application that requires mobile banking login credentials, you must ensure that the app is genuine. Before you grant access to any app, make sure that you read its reviews and check the security first.

  • Be alert against phishing scams

Phishing scams are methods that are used to trick into giving your bank account credentials to thieves and miscreants. Emails that ask for personal information are considered as phishing emails. These emails try to trick you into digging into the bank and credit card information. The emails may look like they are sent by some legitimate source but the person on the other hand is a hacker. A bank never asks for personal information through email or text messages. If any individual receives such mail from any financial institution that seems nosey then the individual must report it to the bank.

Often it is seen that online banking leads to hacking and fraudulent charges, but using these practices will help in avoiding any problem and keep the bank account safe and secured. Stay careful and avoid getting scared. Taking control of the credentials and with whom you share this is essential. Individuals must stay updated with different cybersecurity tips to test their digital habits. Although online banking has led to hacking and fraudulent charges by using these practices you will avoid any problem with the bank account.