Most people with bank accounts today don’t know who their local bank manager is, let alone where their nearest branch is! That’s because most of us use online banking. Online banking is much faster and more convenient than standing in a queue waiting to be served. In fact, a 2018 FIS Global Consumer Banking shows that 72% of all banking transactions are carried out online and through digital mobile devices.
This doesn’t mean that traditional banks with physical outlets are obsolete. But technology it has spawned a whole new class of digital-only banking institutions.
Now, the challenge with online banking portals and apps is that even though they’re incredibly convenient, they also come with an increased risk factor. In fact, companies like Equifax and Deloitte recently experienced massive data breaches. The natural reaction has been a demand to protect online banking privacy.
Why You Should Bank Digitally?
The biggest benefit of online banking is the convenience it offers. Nowadays, you can pay your bills, deposit checks, do inter-account fund transfers and even check account balances, all from your smartphone or another digital device. You no longer need to go into an actual brand to do any of this. Plus, digital banks come with the added benefit of having lower transaction fees and very attractive interest rates. But, this still begs the question: how can you protect online banking privacy?
How Do Banks Protect Your Security?
It’s every banking institution’s responsibility to apply the right security measures to ensure customer safety. This includes using strong encryption technology on their website to keep your data protected during online banking sessions. The benchmark is 128-bit encryption which is compatible with all the major browsers, and if your browser is unable to handle this level of security the bank’s website should prohibit you from accessing your account.
Digital banks that only have an online presence can still offer the same protection standards provided by brick-and-mortar banks. Still, it’s crucial that you confirm any bank’s FDIC insurance status to make sure your individual deposits are covered for up to $250,000.
How to Do Your Part
Another way to protect online banking privacy is to take the necessary measures to protect your online data. This will help to prevent hackers and identity thieves from accessing your information. There are a lot of different steps that you can take to protect online banking privacy.
Here are some of the main ones:
1. Use Good Password Strategies
The first step is to ensure that all of the banking data stored in your mobile devices or computer is protected by strong passwords. That way, even if someone steals your devices, they won’t be able to access your information. While it might be tempting to write down all of your passwords in a notebook or a piece of paper, this could place you at considerable risk if that piece of paper were to get lost. That’s why you should use password saver apps that’ll keep your passwords safe without you having to memorize them.
2. Don’t Share Your Bank or Personal Information with Anybody
There are many methods available to modern conmen which they can use to trick you out of your personal data. Some of these include sending you “urgent” email requests that prompt you to click on a certain link. Although they look real, you should never fall for these tricks, as your bank will never ask you for personal data or banking info online. If you notice such a request, make sure to report it to your bank via a telephone call and don’t even open the emails you get from these bogus service providers.
3. Update Your Devices Often
Constantly update your devices to make sure the security software is functioning properly according to the latest standards. Most mobile device and computer manufacturers automatically update their software in order to beef up security and introduce new features. Don’t forget to update the security software, firewall, banking app, and antivirus software.
Not All Networks Are the Same
Even the most secure mobile devices and computers can be vulnerable to attacks if you use an unsecured network to access your online banking. You should also refrain from accessing your bank account through public Wi-Fi networks because that increases your risk of attack tenfold. Rather access important websites from your home network, and this goes for your email too.
For the best results, use your cellphone banking app and connect through your own data.
Lastly, always protect your online transactions by using a Virtual Private Network such as IPVanish. This is an almost fail-safe way to protect online banking privacy no matter where you are.
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