Online banking lets you manage your finances from almost anywhere. However, this convenience also comes with risks as cybercriminals are constantly finding new ways to try and access your sensitive financial information.
The good news is that you can significantly reduce these risks and protect your money by following a few simple cyber security tips. This guide will walk you through seven essential tips to help you bank online safely and with confidence. By making these practices a habit, you can keep your financial information secure when using online banking.
1. Create strong, unique passwords
Your password is the first line of defence for your account. It’s a great place to start when implementing cyber security tips. A weak password is like leaving your front door unlocked. It’s crucial to make it as difficult as possible for anyone to guess.
Avoid using personal information like your name, children’s names, or birthdays. Similarly, simple combinations like ‘password123’ or ‘12345678’ are incredibly easy for criminals to crack.
So, what makes a password strong? A good rule of thumb is to:
- Use at least 12 characters. The longer your password is, the harder it is to guess.
- Mix it up. Combine uppercase and lowercase letters, numbers, and special characters (!, @, #, $).
- Be unique. Use a different password for every online account, especially for your banking. If one account is compromised, this prevents criminals from accessing your other accounts.
Creating and remembering complex passwords can feel like a chore. For this reason, you might consider using a reputable password manager. These tools generate and store strong, unique passwords for all your accounts, so you only need to remember one master password.
2. Enable two-factor authentication (2FA)
Two-factor authentication, often called 2FA, adds an extra layer of security to your account. Even if a criminal manages to steal your password, 2FA will stop them in their tracks. It works by requiring a second form of verification to prove it’s really you.
Usually, after you enter your password, your bank will ask for a second piece of information. This could be:
- A one-time code sent to your phone via text message.
- A code generated by an authenticator app (like Google Authenticator).
- A fingerprint or facial recognition scan on your mobile device.
Because the code is sent to a device you own, a hacker can’t log in without physically having your phone. It’s one of the most effective ways to secure your finances.
3. Use secure internet connections
The Wi-Fi network you use to access your bank account matters more than you might think. Public Wi-Fi, like the kind you find in cafes, airports, or hotels, is often unsecured. This makes it a prime target for hackers who can potentially monitor your activity and steal your login details.
As a rule, you should avoid accessing your online banking on public Wi-Fi networks. Instead, use a secure, private connection like your home Wi-Fi or your mobile data. These connections are password-protected and much safer.
If you absolutely must use public Wi-Fi, it’s wise to use a Virtual Private Network (VPN). A VPN encrypts your internet connection, creating a secure, private tunnel for your data. In short, it makes your online activity invisible to anyone trying to spy on the network, adding a strong layer of protection.
4. Beware of phishing scams
Phishing is a common tactic where criminals send fake emails, text messages, or social media messages that look like they’re from your bank. These messages are designed to trick you into clicking a malicious link or giving away your personal information.
With phishing scams becoming more sneaky, this is an essential cyber security tip to be aware of. To protect yourself, be wary of any unexpected communication. Scammers often try to create a sense of urgency to make you act without thinking. Watch out for:
- Emails or texts asking you to confirm your login details, password, or PIN. Reputable financial institutions will never ask for this information.
- Messages containing urgent warnings about your account being frozen or compromised.
- Links that look slightly different from your bank’s official website address, perhaps with a typo.
If you receive a message that seems suspicious, do not click any links or download any attachments. The safest thing to do is to delete the message. If you are concerned, go directly to your financial institution’s official website by typing the address into your browser or use their official mobile app to check your account status.
5. Always log out when you finish
This might seem obvious, but it’s a simple cyber security tip that many people forget. Always make sure you properly log out of your online banking session once you have finished. Simply closing the browser tab or app is not enough, as it might keep you logged in for a short period.
This is especially important if you are using a shared or public computer, like one in a library. Failing to log out could allow the next person who uses the device to gain full access to your account s. Make it a habit to hit the “Log Out” or “Sign Out” button every single time. It takes just a second and ensures your session is securely closed.
6. Use official apps and websites
When managing your money online, always be sure you are using your provider’s official channels. Download the official mobile app only from the Apple App Store or Google Play Store. Be cautious of third-party apps that claim to connect to your financial provider, as they could be scams designed to steal your data.
Similarly, when using a web browser, double-check the website’s URL. Make sure it is the correct address for your provider and that it begins with “https://”. The ‘s’ stands for ‘secure’ and indicates that the connection between your browser and the website is encrypted and protected. Most browsers also show a padlock icon next to the URL to confirm the site is secure.
7. Report suspicious activity immediately
If you notice any unusual activity on your account or suspect that your details may have been compromised, it is vital to contact your bank right away. Time is critical when it comes to fraud.
Most banks have dedicated 24/7 fraud protection hotlines to help you. The faster you report an issue, the sooner your bank can take action to secure your account, block fraudulent transactions, and begin the process of recovering any lost funds.
If you notice anything suspicious with your credit union account, please contact us immediately. Don’t feel embarrassed or wait to see what happens. Getting in touch straight away is the best way to limit the damage.
By following these proactive cyber security tips, you can confidently manage your finances online. Staying alert and using these security tips will help you enjoy the convenience of managing your money online while keeping your money safe and sound.
- The information provided is for guidance and educational purposes only. Serve and Protect CU does not offer regulated financial advice. Please seek independent financial advice.
