ONE of the things that the pandemic has intensified is our utilization of online financial and banking applications. Why not, of course we are talking about our safety and instead of going to the bank to deposit money or to the mall to make some bills payment, these online banking platforms offer us the practicality, convenience, and safety of completing our various financial transactions.
However, in every good or boon, there's always at least one thing bad or bane about it. With many cyber criminal lurking around and taking advantage of our high dependence on the internet and online technology these days, we have to pay extra attention to the online security features that should be instituted to protect us from fraud and scams.
On Sunday, clients of a famous bank in the country were alarmed and reported incidents of their money being taken away from their accounts. The bank was quick to reassure its clients that the said "losses" will be immediately reimbursed to their accounts. As a prompt intervention, the bank also required its clients to change their passwords for online banking (which I did, by the way) to secure the money in their accounts.
While we should expect that these financial institutions invest in high specification and sophisticated cyber security measures to protect their system, clients like us can also do our own part of safeguarding our own accounts from being hacked and scammed. Here are some tips for safe online banking transactions:
1. Always change passwords every so often.
While it is a hassle or a burden for some people to always remember their passwords, but changing it regularly adds a safety layer to your account. You may store it in your diary or planner and avoid saving it in your cellphone as mobile devices are also prone to being hacked online. In choosing a password, refrain from using the common information such as your birthday, name of spouse, or children. Try to think of a word which has significant meaning to you which you will not really forget remembering. Also, make it a habit to log out from your account after using it.
2. Set-up multiple factor authentication.
Online apps have added these features and despite these taking some time to do for every transaction, these features also ensure that your account stays protected and safe from hackers online. Also, be wary in giving away your One-Time Passwords (OTPs) to anyone asking from it through a call, text. or even email.
3. Do not transact online when using public wifi.
Most public wifi connections are not safe and secure, and any data that you input in every financial app may be accessed by those waiting to get any data available from this connection. As a protocol, always transact when you know that you are using a private internet connection which is at home or in the office, if possible.
These are just a few of the tips that we can do to ensure that our accounts remain safe and protected from cyber attacks. If and when possible, making a trip to the bank whenever it is safer so can also do the trick for us.