Online banking is nice and convenient but it comes with certain risks. Just as you hear of people being robbed at Automated Teller Machines, or having their cards cloned, so also are online accounts vulnerable.
ABB would advise you to follow these tips and you can minimise the risks to your finances and bank safely online:
- Choose an account with two-factor authentication: Try to get a bank account that offers some form of two-factor authentication for online banking. These days, many, but not all, banks offer a small device that can be used to generate a unique code each time you log in. This code is only valid for a very short period of time and is required in addition to your login credentials in order to gain access to your online account.
- Create a strong password: If your bank requires a user-generated password in order to access online accounts, make sure you choose one that is strong. The best way to achieve this is by making it long and a mix of upper and lower case letters, numbers, and special characters.
Always avoid using any common words or phrases and never create a password that contains your name, initials, or your date of birth. If your bank allows it, change your password every few months.
When setting up online banking, if your bank asks you to provide answers to some standard security questions remember that the answer you give does not have to be the real one.
So you do not have to answer “Thumper” to the name of your first pet – make it something else, as if it was a password. Use a password manager if you are concerned about how to remember everything.
- Secure your computer and keep it up-to-date: Security software is essential these days, regardless of what you use your computer for.
As a minimum, make sure you have a firewall turned on and are running antivirus software. This will ensure you are protected from Trojans, keyloggers and other forms of malware that could be used to gain access to your financial data.
You will also want to keep your operating system and other software up-to-date to ensure that there are no security holes present.
- Avoid clicking through emails: No financial institution worth their salt will send you an email asking you to provide any of your login details.
If you receive an email that appears to be from your bank that asks for such details, then treat it with suspicion as it may well be a phishing attempt to trick you into handing your credentials over.
Likewise, be aware of links in emails that appear to be from your bank – this is a trick often employed by the bad guys to get you onto a website that looks like your bank. When you log in to ‘your account’ they will steal your username and password and, ultimately, your cash.
It is always safer to access your online bank account by typing the address into your browser directly.
Also, be aware of unsolicited phone calls that purport to be from your bank. While your financial institution may require you to answer a security question, they should never ask for passwords or PINs (they may ask for certain letters or numbers from them, but never the whole thing).
If in doubt, do not be afraid to hang up and then call your bank back via a telephone number that you have independently confirmed as being valid.
- Access your accounts from a secure location: It is always best practice to connect to your bank using computers and networks you know and trust.
- Always log out when you are done: It is good practice to always log out of your online banking session when you have finished your business. This will lessen the chances of falling prey to session hijacking and cross-site scripting exploits.
- Monitor your accounts regularly.
