Introduction

You probably have a bank account that you use on a regular basis. If that is the case, you probably use your online banking account all the time. Maybe you are tired of waiting in line at the bank or, maybe you’ve simply noticed how much you can get done through your online banking account. (Either way, thank you, financial technology.) However, as much of a blessing online banking can be, there are things you should consider with online banking. The most important thing you need to consider are scams. This article will tell you six things you can do to ensure that you do not fall victim to the scams of online banking.

Are Banking Applications Safe?

Mobile banking is on the rise.  Whether you are using it to transfer money or check a balance, you are constantly using it. According to Statista, more than 75% of Americans are using their mobile devices to find out how much money they have in their bank account. Due to the growing development of financial technology applications, you can perform several financial transactions and save yourself a few hours. Depending on who you talk to, some would say that mobile banking is a safe way to keep track of your balance. That might be true, but there is always the possibility of someone spying on your mobile banking activity. This could leave you vulnerable to identity theft and hacking into your mobile banking account.

Did You Know That Most Banking Applications Track Your Data?

According to PCMag, over 80% of applications track and store your personal information. You need to make sure that your mobile banking application is safe from hackers and scammers. This might come as a surprise, but you can actually protect yourself. (Instead of relying on your mobile banking application to do the work for you, you can do it yourself.) You probably did not read the terms and conditions (or your privacy policy) when you were signing up for your mobile banking application but that shouldn’t pose a problem. There are many ways that you can protect your personal data and prevent becoming a victim.

Think About Downloading Only Verified Bank Applications

You will find that there are many bank and financial technology companies that are really proud of their creation, which is why they will tell you everything there is to know on their websites. If you cannot find the information about their application easily (or at all) and they push you to download their application, then you should be careful. The mobile banking application could be a fraudulent one and leave you vulnerable financially. A true and verified fintech application will offer detailed data on their application and all of its features. Make sure that you download your mobile banking application from a reliable app store and never download an application that you found from a text message.

Use a Two-Factor or Multi-Factor Authentication

You should consider using two-factor or multi-factor authentication, which will help ensure your money’s security. If someone gets their hands on your log-in info, then you will still remain safe. The authentication process will need more than your username and password. They will need to confirm your identity, depending on the settings that you choose. You are not only helping yourself, but you are helping the bank with cybersecurity. Sometimes, you will receive a text message that is sent to your phone with a one-time code and an expiration date. If your mobile banking application does not offer this service, you should reconsider using the application.

Think About a Strong Password

“1234” might be easy for you to remember, but it is easier for hackers to go through your account. You might not want to use a complicated password because it is hard to remember, but you will be much safer that way. With a strong password, you can ensure keeping all fraudulent activity away. You can also ask your browser to save your passwords for you. As an alternative to memorizing all of your passwords by heart, you can use a password manager that will protect your passwords through encryption. This way you can make sure that no one hacks into your account through your log-in info.

Try To Avoid Public Wi-Fi As Much As You Can

You might be tempted to use public Wi-Fi, since it is so convenient. But, you should really avoid using public Wi-Fi networks. You might get an alert that notifies you that the network you are on is not secure. In that case, you need to be careful. There is a possibility that other people are monitoring your online activity. They can find out your personal details and use it to gain access to your applications.

Consider Setting Up Push Alerts or Notifications

Setting up push alerts and notifications will inform you of all financial interactions, including your own. Many mobile banking applications will ask you if you want to receive notifications for different services on your account. If you find that someone purchased something with your card, then you know that something shady is going on. It’s not you, so it is someone else. Once you receive a notification, you can immediately notify your bank about any cybersecurity issues.

Think About Other Applications That You Are Downloading

Your mobile banking application could be with a reputable bank, but you still need to take precautions. You could do your best to keep your personal data safe, but your bank account could still be compromised. Make sure that the other applications you download are verified and do not give your financial info to any application you download.

Conclusion

Overall, you should consider using only a verified mobile banking application. Also, you should think about using two-factor or multi-factor authentication for further security. Additionally, you should think about a strong password to combat the possibility of someone hacking your account. You might not know this, but you should try to avoid public Wi-Fi networks.