Many of our readers are active users of online banking. It’s why we thought it would be a good idea to revisit the topic of online banking security. Per the Federal Reserve’s Consumers and Mobile Financial Services 2016 report, 71 percent of bank customers use online banking. It’s important we all continue to be vigilant when it comes to our personal identity and financial security. With that in mind, let’s take a look at three top best practices that have become must-dos for online banking security.
1. Change passwords monthly
No one needs reminding that passwords need to be complex, long, and a mixture of numbers, letters, and characters. In addition, you may find it a good idea to follow what banks do. Consider changing your bank login password at the beginning of every month.
2. Use two-factor authentication for account sign in
Have you heard of two-factor authentication? If you have a Gmail account, you may be familiar with this extra layer of security. In addition to your username and password, you can have a unique password sent to your smartphone in the form of a text message. Not all banks provide this option. If it is available, do it.
3. Look to see the network and website are secure
When submitting information like usernames, passwords, and personally identifiable information through the Internet, it needs to be encrypted. There are several “signs” that show you that precautions have been taken to make a website secure. These are as follows:
√ A padlock symbol should be seen at the beginning of the URL in your browser.
√ The padlock symbol and website name should be green.
√ The URL address should begin with “https” to show that it is a secure website.
In today’s financial world, handling transactions online is standard operating procedure. It’s why money smart consumers need to know everything they can about online banking security. In today’s Post, you will find additional articles and resources listed in our Tips to Read, Homework, and Optional Homework.
We appreciate you sharing today’s Post with family and friends. The only way to prevent identity theft and secure banking transactions is through knowledge.
Tips to Read:
How to Make Online Banking More Secure, by Margarette Burnette, NerdWallet, June 21, 2016
If you haven’t taken the time to review or revisit the many blogs we have available in our Banking category, stop by and check them out. We encourage you to also look specifically at the following blogs:
How Federal Laws and Industry Practices Limit Losses From Cyberattacks, FDIC Consumer News – Winter 2016