FinanceKeep Your Money Protected: 4 Mobile Banking Security Tips

Keep Your Money Protected: 4 Mobile Banking Security Tips

With almost everything going online now, banking is also taking the front seat. Online banking, specifically through mobile apps, is becoming mainstream lately, and most people nowadays do banking transactions on their smartphones.

You can’t blame them; online banking is convenient and easy, and you can do it anytime and anywhere. 

No more packing your documents in a small envelope and traveling a few kilometers to the bank branch.

With online banking, you can just do it easily. However, one contention that is probably still in the middle of debates nowadays is the safety of online banking. Is your account protected from hackers? Is my money safe during transactions

For the most part, yes, online banking is safe. But, no matter how tight the security is among these online banking methods, your first line of defense is still you. That said, here are some online banking security tips that you should know.

Only Use Official Bank Apps

Doesn’t matter if you are using online banking for loans like online debt consolidation or fixed deposits; make all the transactions on the official app of the bank.

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Only from the official website will you get the official installer for their mobile app. Getting an installer from a third-party account can be dangerous since they might have phishing software. Phishing is the act of stealing your credentials for scammers to use.

You can usually get these from unrelated or suspicious websites on the internet. However, nowadays, they can even email you and give you a suspicious link that will lead you to download a similar app you’re looking for.

Little did you know, it’s phishing software, and the moment you enter your credentials, your account and the money inside will be there.

Make Your Password Unique

Your password is your very first line of defense. The harder it is, the longer it will take the hackers to crack it.

Those kinds of passwords would only take them days, and if you click a suspicious link with that kind of password, kiss your bank account goodbye because it will probably be gone by tomorrow.

How do you exactly create a strong password? It’s practically easy, to be honest. Everything is good as long as it’s not related to any other information you have online and is a mixture of symbols, punctuations, and numbers. 

The more unique it is, the harder it will be for them to solve. If you don’t know what you’re doing, your enemies wouldn’t also know what you’re doing. Just, you know, don’t make it too unique that you forget it seconds later.

Enable Two-Factor Authentication

Two-factor, sometimes called multi-factor authentication, can add another layer of security verification whenever you log in to your accounts on a device. The first layer is your basic credentials, like your username and password. 

After that, another security verification will be needed to be input by you. Usually, the second security verification comprises a question or a set of questions that only you know how to answer. 

It could also come in the form of asking for a PIN sent to your phone. Some verification processes will even have you called by an AI system that will tell you the set of numbers that you need to put on the site.

However, most banks don’t have this kind of system or are just starting. 

Usually, you can go to their branches and demand multi-factor authentication. You could also do it online, which is the most popular way.

Don’t Ever Share Your Information

Scammers are getting brazen nowadays that they will send you an email, lie about something about your account being breached, and outright ask for your banking credentials.

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It’s very common nowadays. Some will even have you call a number where you have to talk to a fake representative as they ask for your banking credentials.

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If it’s not obvious, all banks will not ask for your banking credentials, especially from one unrelated to their company.

That said, if you receive any unsolicited emails from third-party websites asking for bank information, you can ignore them or, better yet, report them to the authorities.

Final Words

Online banking is very popular nowadays. However, there are still people questioning its safety. While most banks are safe regarding online banking, it doesn’t mean they can be complacent.

You, as a customer, are the first line of defense when it comes to scamming, which is why following the tips above will do you a lot of good in keeping your bank account safe.

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