Top 5 Tips For Safer Online Banking

Online banking is safe with the proper precautions; it is becoming more and more popular each day. Whether it is bill payments, funds transfer or creation of a fixed deposit, internet banking allows you to do it in a fast and convenient way. Instead of going to the bank and waiting in an unending queue, internet banking has made all banking functions accessible through a few clicks. The following sections detail safety steps for online banking as well as ways your personal information may be compromised.

1. Access your accounts from a secure location

It’s always best practice to connect to your bank using computers and networks you know and trust. But if you need to access your bank online from remote locations you might want to set up a VPN (Virtual Private Network) so that you can establish an encrypted connection to your home or work network and access your bank from there.

2. 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.

3. 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.

4. Set up account notifications (if available)

Some banks offer a facility for customers to set up text or email notifications to alert them to certain activities on their account. For example, if a withdrawal matches or exceeds a specified amount or the account balance dips below a certain point then a message will be sent.

5. 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.