Ways To Avoid Online Banking Scams: Be Safe on the Web

Ways To Avoid Online Banking Scams Be Safe on the Web

Ways To Avoid Online Banking Scams: Be Safe on the Web

It may seem like a good idea to have your checking and savings accounts linked so you can make transfers between them with just one login. But there are some things you should know about linking your accounts.

It’s always safer if you don’t link your bank accounts, but in some cases it makes sense. It’s also not a great idea to link your savings account to your checking account for the same reason as well as security concerns.

This is especially true if the bank where you have the savings account is not part of an FDIC-insured financial institution. If something happens to one of these banks, the other would be held accountable for that portion of its customer deposits, which can put some people off from keeping money at these institutions.

Always Confirm Who You’re Doing Business With

Make sure that the bank or credit union you’re doing business with is the one you think you’re doing business with. This is especially important if you’re opening an online account.

It’s easy to assume that a new online banking platform will use your current bank account information, but that may not be the case. When you create an online account, make sure you’re doing business with the bank or credit union that owns that online account.

Don’t Use An Online Banking Platform You Don’t Trust

There are several ways that scammers try to trick you into linking your accounts. Some of these scams involve fake websites that look like legitimate banks or credit unions.

If you’re not sure where you’re logging in from, it’s always a good idea to just not do it. If you trust the website you’re logging in from, then you don’t have to worry about linking your accounts.

Financial Freedom on a Budget

Be wary of emails claiming to be from your bank

Banking institutions use many different ways to communicate with their customers. You may receive emails or text messages from your bank that look very official and even come from the bank’s official “from” address.

However, you shouldn’t always believe everything you read in these communications. Most banks conduct telephone communications and e-mail communications on different computer systems that may be monitored by auditors or others outside the bank.

So when you receive an email from your bank that seems very official, it may be the case that someone is impersonating the bank. You should always contact your bank to find out whether the email you received was authorized by the bank. If you don’t want to deal with phone banking, you can just ignore these emails.

If an Offer Sounds Too Good To Be True, It Probably Is

Some online banking platforms may offer you lower fees or better rewards if you link your accounts. But be careful before you agree to these terms. If an online banking platform offers you some kind of incentive to link your accounts, that’s probably a sign to be careful and ask questions.

If you don’t understand what all of these terms mean and you’re just trying to save a few dollars in fees, there’s a good chance that you’re linking your accounts for nothing. You should be wary of any online banking platform that offers you too good of a deal for linking your accounts.

Educate Yourself on the Scam Before you Participate

If you’re interested in linking your accounts at all, it’s a good idea to educate yourself on the risks and the potential benefits of doing so. One of the main things you need to understand is the security concerns. If you’re linking your accounts directly with each other without a financial institution acting as a middleman, there’s a chance that the thieves could get their hands on some of your money.

So make sure you understand the differences between FDIC insurance, Federal Deposit Insurance Corporation, and bank account numbers.

Final Words – Stay Safe On The Web

Online banking has many benefits and can be a great way to manage your finances and make transfers between bank accounts. But there are also risks associated with online banking, and you should be especially careful when linking your accounts.

These tips will help you avoid online banking scams. If you’re interested in linking your accounts with one of the online banking platforms, you should be wary of any offers that sound too good to be true. And if you’re having trouble confirming who you’re doing business with, it may be a good idea to just skip it and keep your money safe.

Be the first to comment

Leave a Reply

Your email address will not be published.