Best Practices for Online Banking

Best Practices for online banking

Online banking has become an important feature of the modern financial landscape. The changing nature of security practices, as well as the diligence of those determined to take advantage of easy access for illegal purposes, place a heavy onus on consumers. It can be difficult to know how best to protect oneself while conducting financial business over the internet.

Consider these best practices for online banking security a place to begin in your search for security on the internet. Ultimately, the safest financial transactions happen as a partnership between attentive consumers and a financial institution you can trust.

Verify the Security of Your Online Transactions Practices for Online Banking

Attempts to steal personal financial information from consumers have become sophisticated. Criminals in search of valuable passwords or other material will employ both false websites and social engineering to accomplish their goals. 

• Check the web address of any site you intend to enter information into. All financial websites should display the icon that verifies a secure connection, and should begin with "https://" (in which the “s” stands for “secure”). Never enter your information into a page that is not secure, not even the login page.
• Understand how your financial institutions will contact you. Many online banking companies will state that they will never ask for your information over the phone or via text message. Know what information you will be asked for, and never give out information banks state they will not need.
• Verify any links you receive through social media, email, phone app, or other delivery methods. Pay close attention to the URL of any website they send you to. If it does not match the website of your financial institution or is not secure, do not enter your information.
• If you are suspicious of an email link, a text message, or another contact supposedly from your financial institution, trust your instinct. Do not provide your information to unfamiliar sources.
• In the event you mistakenly give passwords or other information to a suspicious entity, change your passwords immediately.
• Monitor your credit accounts and reports for suspicious activity. Investigate suspicious charges immediately.

The Power of Passwords

Your password is among the most important tools in your security arsenal. the strength and privacy of your password can protect you against the most basic attempts to access your financial information.

• Use strong passwords for all online banking sites. A strong password will use the maximum allowable characters and will utilize the full array of symbols and numbers permitted. Avoid predictable terms or the use of words.
• Do not use the same password over multiple sites. Each website should have its own unique password to protect you if one password is compromised.
• If you write down your passwords, ensure your list is not left in a visible or insecure location. Consider the use of a password manager to store and automatically fill in login information for you.

Personal Computing Best Practices

The security of your personal computer, laptops, and connection to the internet are also an important component of online banking safety.

• Utilize antivirus software. Choose a package that has good reviews from independent sources. You may also consider software that protects against malware and other information-harvesting functions.
• Set your antivirus software to update automatically for the best protection. If your package does not have this feature, or you must turn it off for other reasons, manually update it every day.
• Install all security updates published for your computer, tablet, or phone's operating system.
• Do not leave your computer or laptop logged in, or open to use without entering a password. Turn off workstations when you have finished for the day.
• Any device that contains your personal information should be set to log off, or lock, after no more than two minutes. These should require a password or other identification to resume function.
• Consider physical locks for devices that contain your personal information.
• When you upgrade your device, utilize services or software designed to sanitize your data from the device. Do not simply throw away or donate old devices, as without good data security practices, malicious individuals may be able to steal your lingering financial information from them.
• Be careful of what information you enter on unsecured wireless connections. Public Wi-Fi networks often do not offer sufficient privacy to conduct important financial transactions.

Protect Your Social Media

Social media has connected many people with lost friends. Unfortunately, it can also connect criminals with potential victims.

• Utilize the highest security settings available on your social media platforms.
• Do not make important information visible on social media. Avoid publicizing the names of financial institutions, telephone numbers, credit card companies, internet service providers, wireless carriers, or important dates. All these pieces of information can expose you to data compromises.
• Do not allow social media sites to scan your contacts. Only accept those you know and trust into your social media lists.