Online banking is a facility offered by banks and other financial institutions that allows users and customers to make their transactions and banking services easy. Most of the banks are available online and offline. With the emergence of digitalization, users can now virtually and instantly access their bank accounts, transfer money, check their balance, and provide standing orders to banks from anywhere they choose.
Studies have shown that most people prefer digital banking services over traditional banking. This tends to underscore a significant shift in consumer behaviour, with more people selecting the accessibility and convenience provided by digital banking alternatives.
Certain steps have become necessary to protect personal and financial information due to increased fraudulent operations, where thieves are taking increasing amounts of money each time, online bank accounts are getting hacked, and many other online banking transactions are cropping up in false names. People must take precautions to guard against becoming victims of these cybercrimes.
With increased reliance on digital technologies, bank thefts, and cybercrimes have received much attention lately as thieves take advantage of the many opportunities the digital world presents. Banking fraud has become a particularly dangerous menace in the world of cybercrimes, with the potential to cause significant financial losses. Unfortunately, this concerning tendency is anticipated to continue for some time to come.
It is highly advised that every individual who uses online banking facilities should protect their online banking system mechanism by incorporating specific precautionary steps to protect their online banking system.
Online Banking Security – Security Measures for Online Banking
1. Trust on reliable sources
Make sure whenever you are buying or making any payment either with direct website or through third party ensure the legitimacy, authenticity and reliability of the website, its address, content and contact so as to save yourself from any mishaps that might leave you in danger.
2. Implement the Use of Multi-Factor Authentication.
By requiring users to present various forms of identity before giving access to their accounts, multi-factor authentication (MFA) or, say two, two-factor authentication improves the security of online banking.
In addition to a password, this provides an additional layer of security. The banking institution asks for another piece of information, or factor, to authenticate your identity when you log in, rather than simply your login and password. It can be your fingerprint or a unique passcode texted to your smartphone the idea is that it’s an additional layer harder to steal than a password.
The basic idea behind multi-factor authentication is that even if there comes a chance when any malicious person tries to obtain your one factor, which is your password, they would still be unsuccessful in gaining access to your account. Therefore, deploying multi-factor authentication significantly decreases the possibility of unwanted access.
3. Make use of Complex Passwords.
Use hard-to-guess combinations, like a blend of capital and lowercase letters, digits, and symbols. For example, passwords for government websites often need to be at least 12 or 16 characters long. However, your password will be more challenging to crack and more likely to keep hackers out if it is longer and more complicated. Use a password manager, which can be a valuable tool for creating and keeping secure passwords that are difficult to guess.
4. Switch on Text Alerts.
Text notifications, called SMS alerts, are essential for improving online banking security and protecting our bank accounts while safeguarding our information. By instantly alerting users to specific actions or modifications made to their accounts, these notifications ultimately add another degree of security.
In text alerts, users are notified immediately in the event of an unauthorized transaction, giving them ample time to secure their account. Users can set up text notifications to notify them of any login attempts or modifications to their account settings. This enables users to spot suspicious activity, including unauthorized access, and take appropriate action fast. Adding text alerts to an extensive multi-factor authentication and monitoring system strengthens online banking security by enabling customers to identify and address potential threats quickly.
5. Prevent the use of Public WIFI and switch off PC when not in use
Public Wi–FI is widely available, but it comes with its own risk, as many people who rely on public Wi-Fi networks are bound to get connected. With this connection, there are high chances of your data and private contents getting leaked, setting a high probability of getting hacked. Malware could inadvertently enter your device using an unauthorized hotspot. If you want to protect your online banking account, you must be mindful to check that the website’s URL starts with “https,” which is a security feature, or think about setting up as a virtual private network (VPN) on your laptop or mobile device.
Ensure to turn off your PC when not in use as continuous running of PC even at time when not in use may present you with a situation where hackers are offered with the chance to play with your confidential or sensitive information.
6. Protect your online Banking Against Phishing Scams.
Using security safeguards offered by online services, being aware of potential threats, and exercising caution are all essential components of protecting oneself from phishing schemes like Voice Phishing, Smishing etc. Verify the sender’s email address if you receive any mail from a strange email address. Use browser tools such as safe Browsing, which can assist in recognizing and blocking phishing websites.
7. Install Antivirus
Provide an additional layer of protection to your online banking by installing antivirus software to safeguard your online banking activities. There are many authentic and accountable antivirus software available that tend to detect malicious software that, including keyloggers, trojans, and other types of malware, may catch up with your login credentials and other sensitive information during online banking sessions.
8. Choose an Industry that Prioritizes to Provide Security for your Online Banking
Protect the privacy of your sensitive financial information by following standard security procedures. During online transactions, encryption and secure transmission protocols are frequently used to guard your information from interception or unauthorized access. Choose a reliable and accountable industry that provides security standards to find gaps and vulnerabilities in your online banking security measures and works to counter new threats.
Similarly when you make any purchase with any of the E- commerce website or through online transaction acquire the payment details along with product code description, account holder name etc to make sure that the online purchase which you have made is from an reliable and trusted source and if you find any discrepancy over it you can approach your bank for resolving it.
9. Prefer to Activate the Sign-up Alert for your Bank Account.
Activating sign-up alerts for your bank account can be an effective and valuable step of security, which you must consider to protect and provide security to your online banking activity. Getting notified for each alert will keep you vigilant if any suspicious or unusual transactions occur. Similarly, you may get notified if there is a change in your account password or changes in your personal information. Be proactive in monitoring your account through alerts and measures that help eliminate financial loss and risk simultaneously.
10. Install various payment alternatives
By adding extra security layers and lowering the risk involved with using standard payment methods, integrating payment alternatives can improve the security of online banking services. Payment alternatives protect data passed between the user’s device and the banking server using secure communication protocols like EV SSL certificate. By lowering the possibility of malevolent activities that might intercept critical information while it is in transit, as the encryption helps safeguard it.
Today every bank stands safe and secure. But you must be cautious whenever you respond to any unwanted communication or spill out your sensitive information and to ensure you have a safe and secure online banking experience you must incorporate the above-mentioned steps for your next online banking journey.