Is Your Money Safe? Here’s How to Secure your Online Banking Transactions
Online banking transactions become a part of daily life. But with its increasing use comes an increase in cybersecurity concerns, such as hacking and identity theft.
Amihan’s mission is to help its clients provide rewarding and data-driven experiences for their customers. Given our experience working with top financial services, we created this guide to share tips on how to secure online banking transactions.
In this digital age, most transactions can be done using a mobile phone connected to the internet. But with recent news of online transaction issues, how sure are we that digital accounts and e-wallets are safe?
According to pna.gov.ph, “ More than half of the country’s adult population now owns a financial account, according to the results of the Bangko Sentral ng Pilipinas (BSP) 2021 Financial Inclusion Survey (FIS).” The Philippines’ populace has adopted digital banking while the nation was in lockdown to stop the pandemic from spreading throughout the country.
Reputable financial institutions employ several security protocols such as encryption, Multi-factor Authentication, Firewalls, Intrusion detection, and Regular security audits. But users can take precautionary steps to prevent hackers from obtaining their financial information.
Here are some methods you may use to safeguard your online banking activities.
- Regularly change your password
Use the bank-provided password the first time you enter your online banking account. After using this password, change it to a personal one. The more complicated (a mix of letters, symbols, and numbers in upper and lower case) the password you make, the more secure your account will be. Additionally, update your password as frequently as possible and keep it in a secure location at all times.
- Enable Two-Way Factor Verification
To improve the security of your online or mobile banking accounts, you can enable Two-Factor Authentication. This security feature adds an additional layer of verification when logging in.
This method may be inputting a special code, an automated phone call, biometric verification like fingerprints, or identifying an image. This makes it harder for hackers or identity thieves to access your account even if they have your login credentials. Contact your bank or financial institution to inquire about the availability and steps to enable Two-Factor Authentication.
- Avoid Using public WIFI / public computers
It is best to avoid using public computers to access your bank accounts, such as those available in cybercafes or libraries. It is difficult to track who is using these computers, which increases the possibility of password tracking or public viewing. If you must log in using a shared computer, be sure to delete the temporary files, browser history, and cache before logging out. Allowing the browser to remember your login ID and password is also not recommended.
- Sign up for Banking transaction alerts
Many banks and financial institutions offer the option for customers to receive alerts through text or email when significant transactions occur on their account, or when the balance drops below a certain amount. This allows customers to quickly contact their bank if they notice any suspicious activity or unauthorized transactions.
Customers can then take steps to protect their accounts from further fraud. Additionally, customers have the ability to dispute unauthorized charges within 60 days of the statement date.
- Avoid sharing your personal information
Never share or disclose your confidential information with anyone, especially over the phone or through email. Banks and financial institutions will never ask for your login information. Only use your username and password on the official website of your bank. Be cautious of phishing attempts that may appear to come from your bank.
Online banking offers customers convenience and ease of conducting transactions. You can monitor your balances, deposit checks, send money, and find better interest rates from online-only banks. But as with many things that rely on the internet, it comes with security risks. To balance these benefits and protect your accounts, make sure to take steps to safeguard your information and confirm that your bank is using industry-standard security technology. This way you can make the most of the convenience of online banking while keeping your accounts secure.
Want to learn how we make better customer experiences? Visit our website at www.amihan.net.
Amihan is a digital transformation partner that helps companies benefit from opportunities, enhance customer experiences, and develop capabilities through top-notch digital, data, and cloud services.
Our services include Digital Strategy Consulting, Innovation as a Service, Cloud Enablement, Infrastructure, Managed Cloud Services, and Resilient Operations. We also offer a variety of cloud and data analytics solutions.
To learn more about Amihan, please visit our website: https://amihan.net
Bernadette Valerio is a Marketing Associate at Amihan Global Strategies and an experienced graphic designer.