Tips and Tricks for Preventing Online Banking Fraud
If you use an online banking service, then you’re potentially exposing yourself to various types of fraud, which in turn could scupper your finances and make life difficult in the long term.
To prevent this from happening, there are several things you can do which will dramatically improve your chances of avoiding common fraudulent tactics.
Here are some tips and tricks to follow that everyone should know about.
Protect Your Personal Information: How to Shield Yourself from Data Breaches
It’s essential that you protect your personal information when using online banking. A data breach can be devastating, so make sure you follow these steps for maximum security:
- Never share passwords or PINs with anyone. This includes family members, friends, and even bank staff! Even if they seem trustworthy, it’s not worth the risk of someone accessing your accounts without permission.
- Use two-factor authentication whenever possible. This adds an extra layer of protection against unauthorized access to your account details.
- Keep all software up-to-date, as outdated apps and operating systems can facilitate hacking attempts more easily than secure versions do.
- Always be mindful about where you enter sensitive financial information, such as credit card numbers or Social Security numbers. Only provide them on websites which are secured by SSL encryption technology (look out for HTTPS instead of HTTP).
Be Careful What You Click On: How to Spot Phishing Scams and Avoid Being Duped
Phishing scams are one of the most popular methods used by fraudsters to gain access to your online banking accounts. It’s important that you know how to spot them if you want to stay safe!
First, always be wary when clicking on links in emails or messages, especially if they direct you towards a website which looks like it could belong to your bank, but doesn’t seem quite right. Hovering over the link should show its true destination. It’s better to go directly to a trusted site rather than relying on an email link, such as when applying for a SoFi credit card, so that you know it is legitimate.
Second, never open attachments from unknown sources, as these can contain malicious software designed specifically for stealing personal information such as passwords and PINs.
Similarly, avoid downloading files from websites or emails which appear suspicious. Even an innocent-looking PDF file may contain hidden malware underneath its facade.
Finally, double check that any URLs sent via email are legitimate before inputting sensitive data into them. Again make sure ‘HTTPS’ is present in the address bar, and that the website looks genuine. If in doubt, don’t risk it.
Monitor Your Accounts Regularly for Suspicious Activity
It’s important to stay vigilant when it comes to online banking fraud. The best way to do this is by regularly monitoring your accounts, like so:
- Check all of your bank statements at least once a month, and look out for anything unusual such as payments or transfers which don’t appear familiar. Contact the bank immediately if there are any discrepancies.
- Consider setting up transaction alerts on your accounts so that you’re notified whenever money is taken from or added into them. This should give an extra level of peace-of-mind against fraudulent transactions slipping through unnoticed!
- Keep tabs on who has access to your online accounts, and make sure no one else knows login details (except yourself). Also use strong passwords, rather than easy-to-guess phrases.
Modern banks are getting better at detecting and dealing with fraud, but they still rely on customers taking their share of this task onboard. So if anything strikes you as odd about your accounts, do not hesitate to let your provider know.