In the past 5 years, nearly everything has moved to online platforms and that includes banking. Online and mobile banking is quick, accessible, and efficient and that has contributed greatly to its popularity.
Although online banking resources are extremely convenient, there are a number of risks presented when accessing private financial information online. Make sure to check out the safety tips below to find out how to limit the potential vulnerabilities in your systems.
If you’re using the same password for multiple systems or using simple easy-to-guess passwords, you’re significantly increasing your risk of a breach.
If you struggle with creating and keeping track of a bunch of sophisticated passwords, try out a password management tool such as LastPass. These tools can assist you in generating strong passwords for all of your systems while also storing them in a safe and secure place.
Your password could be the one thing preventing your financial assets from getting stolen by cybercriminals. Ensure you’re using strong and unique passwords to keep your funds and information safe.
Multi-factor authentication (MFA) or two-factor authentication (2FA) could be that added layer of security that prevents a future breach in your systems. MFA or 2FA generates a unique temporary code to authenticate that it is indeed you who is attempting to access a system or account, and not a remote attacker.
MFA and 2FA codes are sent through a different device or application which significantly limits an attacker’s ability to gain access to a system or account. We recommend downloading a reputable authenticator app from an official app store and to implement the use of MFA and 2FA whenever possible.
Avoid accessing your online banking accounts if you’re on public or unsecured networks. It can be tempting to quickly log into a mobile banking app while you’re on the go and using free public WiFi, but this poses some serious security risks.
Public networks have very little security in place and this makes it extremely easy for anyone to gain access to your devices remotely through the network. If you need to access sensitive banking information, ensure you’re using a private or secured network first.
It’s a good practice to check your banking statements and activity at least once a day while you’re on a secure network. If you notice anything even remotely suspicious, investigate it.
The earlier you can detect anything potentially malicious, the quicker you can get the issue resolved, limiting the amount of damage done.
Banking apps make life super easy. You can now access your banking information while you’re out in public and need to quickly check anything.
When downloading mobile banking apps, ensure you’re downloading legitimate apps from official app stores. It’s a good idea to double-check that you’re downloading the real app for whichever banking institution you’re with and to keep an eye out for anything that may seem off.
Here’s one that a lot of people forget to do. Properly logging out of your online or mobile banking account is a tedious but necessary step when closing off your browser or app.
Logging out will ensure that your account is closed off properly and that your account isn’t remaining open and easy for an attacker to gain access.
These are a few extremely important tips you should follow if you’re engaging with online or mobile banking.
For added layers of security, get in touch with us and we can set you up with a security plan tailored specifically for you or your business.
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