While banks today have offered the convenience of online banking through easily-navigated websites and mobile apps, it is still your responsibility to make sure that your bank details are not vulnerable to hacking and fraudulent activities.
In 2013, banks were targeted in 70.6% of all financial phishing activities, way up from 52% in 2012, according to Kaspersky Lab. With all these threats flying around digitally, you should be extra vigilant when it comes to the security of your online banking activities. Here are ways to protect yourself and your data online.
1 Use secured devices and connections.
The best way to secure your bank account online is to use secured devices for when you do online banking, preferably your own mobile phone, personal desktop or laptop. Even when using such, make sure to logout and refresh search histories so as to avoid sharing personal information in case your personal devices were stolen. You should remember that it is best not to conduct online banking from public computers such as in internet cafes, as public computers in these kinds of places are available for everyone’s use. Do not connect your devices to public Wi-Fi, because Wi-Fi networks are often not encrypted, and therefore hackers can have access to the personal information of unsuspecting users.
Save any banking transactions for browsing at home, where you can use your private network. You may also use your mobile data provided by your smart phone for safer transactions. Alternatively, you can subscribe to a Virtual Private Network (VPN) service that creates a secure tunnel through all Wi-Fi hotspots.
2 Don’t give out bank details to unsecured websites.
Refrain from divulging your private bank details to websites which do not start with “https”. Encrypted sites come with “https” and they convert data into unreadable characters before sending to another party, keeping your private information safe online. There are also https browser extensions you can download that will automatically encrypt your web data.
3 Disable “Remember Password” or “Automatic Login” features.
Some web browsers automatically store login and password details, while some ask you if you want to save such automatic info insert. Do not allow your bank account to be readily available in automatic login features online because if you do so, other parties can easily login to your account.
4 Don’t post photos of your credit card details online.
With our social media culture today, some people can get caught sharing random photos on Instagram and Facebook, even as random as a purchase order form or credit card image. Some hackers are so attentive when it comes to bank account and credit card details posted online, and are just waiting to do fraudulent activities when an opportunity offers itself. It could be an innocent sharing of plane tickets or even online shopping forms, but such can lead to even identity theft cases when it comes to online banking.
5 Beware of phishing.
Banks will never ask their users for secure information, like usernames and passwords via unsolicited emails. If you get an email asking you for your credit card details or bank information, send it to spam and immediately report it to your bank about it through a phone call.
6 Use virtual credit card numbers.
Some banks offer ‘virtual cards’ — these are tied to your main credit card, but have a different credit card number that can be used solely for online purchases. You can assign smaller credit limits to these cards so that if a hacker does get this virtual card number, they won’t be able to use it for very much. You can also immediately block that number if you suspect fraud, and your bank will issue you a new one. BDO, BPI, East West Bank, Metrobank and RCBC all have virtual cards as an optional add-on for your credit card; if you do a lot of online shopping, get one as an additional layer of security for yourself.
7 Use strong passwords.
You may know the drill already: that your password should incorporate lowercase, uppercase letters, numbers and even symbols. But don’t stop there. Make sure that for your online banking apps or sites, regularly change passwords as hackers today are getting more and more sophisticated in invading people’s privacy in the digital world.
8 Check your accounts and online transactions regularly.
You should make it a habit to regularly monitor your online transactions connected to your bank accounts and credit cards. If you can enjoy checking the likes and comments of your social media posts, then reviewing your online statements with your bank often should not be hard. Always check for any discrepancies. This can ensure that your financial house is in order, and just in case someone does hack your account or does any fraudulent activity, you can see it and put a stop to it right away. Report any suspicious activity to your bank immediately.