The Internet has simplified our lives. We use it to connect with friends and family, pay our bills, stay up to date on current news, shop and find general information.
Most of us are also using it to keep track of our finances. In fact, a 2011 survey conducted by Nationwide Building Society found that 77 percent of people bank online.
Online banking is much easier than the traditional method of physically going to the bank. Through your bank’s website, you can see a list of your transactions, see how much money is in your savings and checking accounts, transfer money, pay bills and even get a financial report on how your money is being spent. And now, thanks to the popularity of smartphones, you can even deposit checks without having to physically go to the bank.
But being able to access such a private facet of your life through the Internet does make some people nervous about being hacked and having their money stolen by an online predator. Luckily, there are a few things that you can do to ensure that your online banking information and financial security are kept safe and sound.
Create a unique username.
Online banking institutions require you to have a username and password in order to access your account. Most of us make the mistake in becoming comfortable with one or two usernames, and we choose this to be our username on our bank accounts.
Make sure that the username you use for your online banking is different than usernames you use for social media accounts, emails and even other online accounts you have. You should also try and get as creative as possible, but ensure that it’s something you can remember. For example, most people use their first initial and their last name, or their last name and a few numbers. Instead, use an alias that makes sense to only you.
Use a strong password.
Just like our addiction to using easy usernames, we also suffer from the plague of using vague passwords. If your password is weak, you’re making it very easy for hackers to guess. Make sure that your password combines numbers and letters, and use a capital letter and a symbol when possible. The stronger your password, the more difficult it is for someone else to hack.
It’s also a good idea to use a unique password for you online banking than any other account you have, but you need to make sure that it’s something you remember. Whatever you do, do not write your password down and keep it near your computer.
Create strong security questions.
Most online banking institutions require you to have security questions set up so that they can verify your identity. If your bank allows you to choose your own questions, make sure you’re choosing those that only you know. For example, stick to the most recent events as possible that are private to you. The Internet allows everyone to find information on anyone, and choosing a question that can easily be answered by Googling your name will not protect you.
Use fake security answers.
Some financial institutions do not let you choose your own questions, and they have a standard set of questions for you to answer that seem to revolve around an old pet’s name, a grandparent’s name or a city that you lived in—all of which can easily be located by anyone else.
Instead of answering these questions honestly, use fake answers that don’t make sense. If the question asks the model of your first car, say bologna. Hackers will not be able to get these answers from any online profile or public information about you. The only problem is that you’ll need to remember your answers.
Don’t give personal information through email.
Some hackers are creating fake emails that look like they’re coming from your financial institution saying there is an error with your account and they need you to verify it. These emails then ask you to provide a wealth of personal information, such as name, account number, and even your username and password. Your financial institution will never ask you to share this information via email, so make sure that you disregard any emails that look like they come from your bank. If you want to check the validity, you can always visit your bank yourself or even call your nearest branch.
Online banking can make life much easier, but you should always keep yourself protected from hackers by using these four tips.
Prepared by Stella Brown from Authentify, experts in biometric authentication.
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