Table of Contents
Introduction
Online banking is not just a service that people use nowadays– it is a service that people have to use in order to manage their money. However, as the digital world develops, so does the threats to our personal data. It is very important to secure your banking passwords in order to protect your money. In this post, I will explain 7 ways through which you can enhance the security of your online banking passwords.
1. Select a Good and Different Password
A good and unique password is the first line of defense in case of cyber attack. Do not use basic passwords such as 123456 or password as your login credentials, this is because they are easy to crack. Instead, try a combination of letters, numbers, and symbols in both upper and lower case. For example, P@ssw0rd! is a more secure password than password123.
Also, do not use the same passwords in different platforms. That means, if one account is compromised, all others are at risk as well. A password manager can help in generating and remembering the complex passwords, making the process easier and more secure at the same time.
2. Two Factor Authentication
Want to increase the security level? Enable two-factor authentication (2FA). This requires you to verify your identity with one more step — a step that usually takes the form of a code sent to your phone, in addition to entering your password. This way, if someone gets your password, they won’t be able to use it without your phone.
Most of the banks offer this service, therefore it is recommended to enable it in your online banking account. It reduces the risk of someone logging into your account without your permission and provides some level of comfort.
3. Change Your Password Time to Time
Your passwords should not be set and forgotten! It is advisable to change them from time to time, say every three to six months. This is because if someone manages to get your password, they have limited time to use it.
When you do change, you should follow the same guidelines for creating a good password. There is no need to change the password by a little and it is prohibited to use any personal information like your name or birthday.
4. Learn About Phishing
Phishing is one of the most common types of attacks and can affect practically any user. Cybercriminals typically try to impersonate your bank through emails or texts in order to request your login information. Avoid clicking on any links or opening any messages that were sent to you unexpectedly and ask for your login details.
Real banks do not ask for your password through an email or phone call. If you ever get a suspicious message, you should not hesitate to contact your bank to confirm the validity of the message.
5. Secure Networks
When you are making a transaction or accessing your online banking account, it is recommended to use a secure network. Public Wi-Fi is convenient but it is dangerous since criminals use it frequently. If you are lucky, you should always use encrypted networks such as a home Wi-Fi or a VPN.
A VPN works by encrypting your internet connection and hiding your IP address. The added security features make it almost impossible for hackers to intercept the transactions and other operations on the internet.
6. Stay Aware of Your Account Balances
It is recommended to keep a close eye on your online banking accounts to identify any suspicious transactions. Set up alerts that would inform you whenever a transaction has been made above a certain amount or when a login has been made from an unfamiliar device.
If you notice anything that looks suspicious, you should contact your bank immediately. Most of the banks have separate departments that are responsible for combating fraud and protecting your money.
7. Securing Your Gadget
Your devices are the most important assets when it comes to your online banking security. Ensure that your computer, phone or tablet is fully updated with the latest antivirus software and security fixes. Enable device lock features such as PIN codes or biometrics in case you lose your device.
Conclusion
This is especially important in the contemporary world and particularly when it comes to online banking passwords. Here are the seven tips that would help you increase the security of your online banking:
- Use a separate and hard to guess password
- Enable two factor authentication
- Change your password often
- Stay away from the phishers
- Use secure networks
- Check your accounts regularly
- Update your devices
As shown by the examples above, the measures described in the text can be help to secure financial data and thus allow people to use online banking without worrying about the threats that exist.
