How safe is online banking?

With the digital age presenting a host of new opportunities for online interactions and transactions, this has also driven a need for increased IT security. One example is online banking. Whilst banking online is quick and convenient, it can leave users vulnerable to a variety of risks. 

How safe is online banking? We’re sharing some information about this below.

A savvy user is a safer user

Many online risks are the result of user error or negligence. By being a savvy user of internet banking, you can do your best to stay out of harm’s way. Of course, this means having good IT security to begin with, and an awareness of the scams that criminals are using.

Password theft

Never use the same password for all of your online accounts. If you have the same password across multiple accounts, criminals can find ways of accessing your password (normally off your email or social media platforms). They can then log into your internet banking and drain your accounts.

You should have strong internet banking passwords that aren’t similar to any others and set limits on transactions so that if a breach does occur, the thieves can’t clean your account out completely.

Phishing emails

Scam emails are another way in which cybercriminals try to tap into your accounts. Usually, they send an email that appears as if it is from your bank, asking you to confirm your details. By confirming your particulars via this email, thieves can get the details needed to access your bank account. 

We suggest that you never click any links in emails that come from “your bank”. When in doubt, just phone your nearest branch and ask them if it is legitimate.  Be warned that you may also get spam calls from people claiming to be from your bank.

Monitor your accounts carefully

By keeping an eye on your accounts, you will be able to identify any strange activity that could be the result of fraud. However, it’s easier to prevent fraudulent transactions from happening in the first place. Remember that banks will have to investigate every transaction before they can pay your stolen money back, which can take some time. 

How safe are your business’ online security measures?

From the right software to secure networks, we know how to keep your business data safe. If you need to increase your level of online protection, why not let us recommend a few proven solutions?