Cybersecurity
Smart Tips to Keep Money from Being Stolen Through Online Banking
There are a lot of things that have changed since the invention of the internet, including how we bank and access our accounts. You used to have to visit a local branch to make deposits and withdrawals.
There are a lot of things that have changed since the invention of the internet, including how we bank and access our accounts. You used to have to visit a local branch to make deposits and withdrawals. Now you can photograph a check and deposit it from your phone. Approximately 73% of people around the world use some form of online banking at least once a month, and people have never had such convenient account access. But that convenience comes with risk.
In 2021, account takeover fraud increased by 90% and new account fraud jumped 109%. As the ease of online banking has increased, so has banking-related cybercrime. If someone breaches your social media account, it can be a real inconvenience. But if an attacker breaches your bank account, it can be devastating and may result in significant losses that you cannot recoup from your financial institution.
Mistakes That Allow Criminals to Access Your Account.
Not Enabling Two-Factor Authentication. Two-factor authentication (2FA) requires an extra step to gain account access, usually a one-time passcode sent by SMS. Many people leave this disabled because they do not know it is there or consider it inconvenient. Leaving this setting off makes it significantly easier for a bad actor to breach your account.
Falling for a Phishing Scam. Criminals send emails that look like they come from your bank, sometimes promising incredibly low rates on credit cards or warning you of unauthorized account activity. When you click the link to log in, you land on a fake page designed to look just like your bank's normal website. These are just a few ways scammers can obtain your online banking login details, and once they have them, they will act immediately.
Using Easy-to-Guess Passwords. If your account password is easy to remember, it is often easy to guess. Best practices for passwords include making them at least ten characters long, including at least one number, one symbol, and one upper-case letter, and avoiding personal information such as your birthdate.
Downloading Unsafe Mobile Apps. Banking trojans are often hidden in malicious mobile apps that can look as innocent as a task manager. Once installed, these trojans seek out banking and wallet app credentials.
Logging Into Online Banking While on Public Wi-Fi. Attackers monitor public hotspots and spy on the activity of others. You should never type a password or other sensitive details when connected to public Wi-Fi.
Tips for Improving Online Banking Security.
Turn On Two-Factor Authentication. Enable two-factor authentication in your online banking account. According to Microsoft, it can block 99.9% of fraudulent account login attempts.
Set Up Banking Alerts. Time is of the essence when an intruder accesses your account. Set up banking alerts through your online banking for things like low-balance alerts and login alerts. The faster you can notify your bank of a breach, the better chance you have of limiting the impact.
Install Antivirus and DNS Filtering on Your PC and Mobile Device. Reliable antivirus software is important on both your PC and mobile device. Many people do not think about protecting their phones, yet they shop online and bank via mobile devices regularly. A DNS filter adds another layer of protection by blocking dangerous phishing sites before you can reach them.
Take Phishing Awareness Training. Knowing how to identify phishing via text, email, and phone can help you avoid becoming a scam victim. There are many free phishing awareness resources available online, and the team at Cyber One Solutions can provide more personalized training options.
Get Help Protecting Your Family from Scams.
There are key digital solutions that can help keep your family safer from online threats. Contact Cyber One Solutions today to schedule a chat about online security.