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Coronavirus poses Another Challenge: How to Practice Safe Online Banking

Coronavirus poses Another Challenge: How to Practice Safe Online Banking

The ever-mounting coronavirus pandemic is relentlessly transforming the way people all across the globe live their everyday lives. Social distancing along with strict government guidelines to stay home in order to avoid unreasonable interactions simply implies rethinking about the changed approach towards carrying out routine tasks including money management.

In view of the prevailing uncertainty, banks are persuading consumers to derive maximum benefits from online, phone, and mobile banking services instead of making physical visits to the banks’ branch. With higher dependence on online banking through both conventional and unconventional banks comes a higher risk of cybercrimes.

Banks all around the world are coming up with warnings about COVID-19 scams that could make you and your money the next target during this chaotic time involving everything from fake charity platforms, to vaccine offers, to traditional email scams.

Sadly, with difficult times comes both the saviors as well as the looters. If you are concerned about the way you have been doing online banking so far, then there are various steps you can take to make your online banking secure.

Gather proper information about your Bank’s Security procedures

The first and foremost thing is to keep the profile of your online banking safe. Stay informed about the latest security measures that your bank might be implementing amid coronavirus. Banks are capable of executing numerous security layers for mobile as well as online banking:

·       Automatic logout

·       Secure Socket Layer (SSL) encryption

·       Firewalls

·       Antivirus and anti-malware programming

·       Biometric and/or facial recognition

·       Multifactor authentication

Jointly, these can effectively provide protection from hackers who may try to invade your accounts online. If you are unaware of the actions your bank is taking to keep the details of online banking safe, inspect the website or mobile app first. In case you still hold some confusion, do not think twice about contacting your bank to inquire about what security safeguards have been implemented.

Say No to Public Wi-Fi for Using Online or Mobile Banking 

Working or studying from home has now become a new normal for several people and their families. In the wake of COVID-19, to make sure that individuals who need internet have it, numerous service providers enabled free Wi-Fi hotspots in cities until the crisis exists.

Although, as useful as it sounds, using public Wi-Fi may pose a threat to your online banking information especially when the connection is insecure. For hackers, nothing could be easier than to steal private information from public Wi-Fi. The only alternative left is to skip using public Wi-Fi and depend upon secure internet access at home. But due to some emergency, if you are compelled to use the public platform, do not forget to check if your connection is secured before logging in. You can increase security measures by using a VPN as it builds an encrypted secure pathway.

Change the Passwords

Though this step is useful regardless, it holds more importance specifically during this tricky situation. In case you forgot to update your password of online/mobile banking, then do it right now and invest little more time in making your password slightly more unique by using the distinctive combination of numbers, letters, and symbols.

Pay heed to Banking Alerts 

Do not overlook banking alerts, these are a very important tool to maintain online security particularly when you do not log into your account many times a day. These alerts include transaction alerts related to the use of debit or credit card, failed login attempts, password or personal information update, and much more. Do not ever ignore a text or email notifications, it can help identify fraudulent activity.

Be Careful in Giving Access to Your Account   

It becomes very easy to manage money with the help of financial apps but to get access to these accounts you need to sync up your bank account so that these apps can track your deposits and spending. As much as it makes your financial life easier, it can put your information at risk. To avoid such an unwanted situation, refrain from using untrusted financial apps. The least you can do is to check the several layers of security protection offered by an app.

Stay Away from Phishing Scams 

As cases due to coronavirus are on the rise, phone, email, text phishing scams often increases. You may get emails from false charitable organizations that will trick you to click their link or ask you to provide your debit card number to make a donation. Be extra careful and even get in touch with your bank directly whenever you get emails asking your private bank details and also create awareness among your acquaintances and family.

Conclusion 

Although, no one ever imagined a situation as tricky as this that would hit our lives in unimaginable and unprecedented ways. However, how difficult or complex the situation may appear, the key always remains to stay calm and careful even when it comes to banking. These days, banking forms a substantial part of our lives and therefore, safe banking is something that should be practiced regardless. It is important for everyone to make this a habit. Due to digitization, while it comes with a lot of conveniences, integrating some more precautions into your daily routine can help in making your online banking safe and more effective.