When it comes to banking, most people think of checking and savings accounts. But beyond those core services, there are a lot of additional features that banking consumers can take advantage of. Digital banking services are one such area.
With digital banking, you can access your bank’s apps and websites from any device with internet connectivity so you can check balances, transfer funds between accounts, pay bills securely and access other features that enable you to manage your finances better.
However, before signing up for any digital banking service, you should know how well these services protect your financial information and safeguard your security. That’s why we have compiled the following tips to help you use digital banking safely and securely:
Make sure to use the right password
Although it’s important to have a strong password for your digital banking account, you probably already know this. However, you should still keep this tip in mind. Over the long term, it can be extremely easy to lose track of which passwords belong to which accounts. That can mean a lot of unnecessary problems.
That’s why it’s so important to make certain you use the right password for your digital banking accounts. One thing you should keep in mind is that the same rule applies to your password for your digital banking account as applies to all other parts of your life.
You should use a unique password for every account. In addition, you should also keep in mind that a strong password is not the only thing that protects your digital banking information. Other factors such as a two-factor authentication process, encryption, and a strong password are also important. That’s why it’s important to make certain you use the correct password for your digital banking accounts.
Set up two-factor authentication
Two-factor authentication is a useful way to further protect your digital banking information. Unlike a strong password, a two-factor authentication process requires you to provide more information than just the password you’re using.
For example, your digital banking account might require you to enter both a one-time password sent via text message as well as your password to verify its authenticity. That way, even if someone were to somehow obtain your password, they wouldn’t be able to access your account without also having access to the one-time password.
That’s why it’s extremely important to set up two-factor authentication on your digital banking accounts. That way, you’ll be able to further protect your financial information.
Double-check your banking information
Over the course of your lifetime, you’ll likely fill out a lot of forms when opening a new bank account. That’s because banks typically want to collect a lot of information from you so they can determine whether you’re eligible to open an account with them.
While that might sound like a good thing, it’s important that you make sure you’re correctly entering all of your banking information. That way, you can avoid opening new bank accounts that you shouldn’t. For example, a bank may require you to provide your address.
But if you’re not currently living at that address, it would be wrong to provide that information. That’s why it’s so important to make certain you double-check your banking information before you submit anything.
Use a virtual keyboard when entering sensitive data
While it’s important to make certain you use a strong password and set up two-factor authentication on your digital banking accounts, it’s also important to pay attention when entering sensitive information.
For example, when logging into your digital banking account and giving your username and password, it’s important that you use a virtual keyboard. That way, you can keep your focus on the password you’re typing. That’s because you don’t want to accidentally write down the password that’s visible on the virtual keyboard.
Instead, you want to write down the password that’s visible in the corner of your screen. That way, if someone were to ever steal your laptop, they wouldn’t be able to see your password.
Be vigilant about suspicious emails
When it comes to protecting your digital banking information, you should be extremely vigilant when it comes to suspicious emails. That’s because one-way hackers can gain access to your online accounts is by using a phishing email to fool you into giving them access to your accounts.
A phishing email is a form of social engineering in which the hacker tricks you into revealing sensitive information by posing as a trustworthy source, such as your bank. Therefore, you should always be on the lookout for phishing emails.
That way, you can minimize the chances of falling for a phishing email. You should also be vigilant about suspicious emails when opening links in emails. That’s because some emails may contain links that direct you to fake websites that pose as legitimate pages, such as those with banking information.
Banking has changed significantly over the past several years. Gone are the days when people would visit their bank branch in person to make financial transactions. Now, most people access their finances through online banking. With that comes the opportunity for security breaches.
But it doesn’t have to be that way. With the right precautions, you can safely and securely use digital banking services without putting your security at risk. That’s why it’s important to make certain you use the right password, set up two-factor authentication, and double-check your banking information when accessing your finances online.