You probably didn’t experience it yet, but a lot of people have already been through the toll of online banking fraud. From unauthorized money transfers to purchases of tickets, fraudsters have already found every way of using other people’s money for online transactions. As President Duterte signs law subjecting bank hackers to life imprisonment, account holders should also be mindful of online security measures.
Online banking has given each account holder the ease and convenience of making payments, money transfer and other forms of transactions through mobile apps. However, the more significant responsibility of keeping the account security is in the hands of the account owners.
Here are a few tips on how to keep your online details safe from the prying eyes of scammers.
1. Opt for two-factor authentication
There are many ways to log on to mobile banking. You can key in your username and password, use your touch or face ID, or request to send a one-time password. Let’s see how this authentication measure works. Username and passwords are the most usual form of logging on to an account. When using this method, you need to make sure no one around you is looking at your chosen alphanumeric combinations.
Try to check for a bank that offers two-factor authentication for online banking. If this is not possible, see how you can use a unique log in code or one-time passwords sent to your nominated mobile number.
2. Monitor your account activity
Monitoring your account activity does not prevent the fraud from happening. However, regular monitoring can help you make the necessary actions to either prevent the problem from getting worse. Once you see fraudulent activity, you can notify the bank immediately. Have your credit card or debit card canceled, and let the bank decline any further transactions made with the account. You can also file a complaint and dispute at once and prepare proofs that you did not make the transaction.
3. Analyze email sources
Fraudsters usually imitate the email addresses of banks, even their promos, and offers. This is to lure you into clicking and be redirected to another page. On that page, you will be asked to provide your login details.
Sometimes, the bad guy also includes links towards a site that looks very much like that of your bank. The goal is for you to log-on so they can steal your username and password. Always make sure you log on to websites which you typed in the browser directly.
4. Be careful of what you share online
So, you just received your new card with a credit limit of Php500,000. You feel so happy about it, took a picture of it and shared it on your social media account. The problem is that you did not cover your card number along with other details of the card. In a few seconds, you just compromised your account.
Be careful about what you share online. Not everyone on your friend’s list won’t be interested in your card details. Some fraudsters will find a way to use your credit card number and other information. Fraudsters have devised an automated way to guess your card’s CVV.
Your credit and debit cards are personal and should not be shared with anyone else except with trusted family members. Do not wait for the unauthorized transaction to happen. If you doubt your details may have been compromised, call the bank at once and request a new card.
5. Always log out
You might have accessed your online account with your computer or device; you should always make sure you logged out. You could not warrant the security of the device at all times. Never click on the “Remember Me” or “Save Password” button because the page will store your details and allow others to log in easily. You can also go further with the security measure by clearing the browser’s cache every after the session.
6. Use your apps’ security features
There is something more you can do with online apps, aside from checking your balances and making payments. If you have several accounts, you can lock the cards of the accounts which you seldom use. Check for the lock and unlock button, setting withdrawal limits and setting transaction limits. These features make sure that no significant amount of fraud can happen with your account, especially when these are not in use.
7. Always turn on email and app notifications
Some banks can automatically detect counterfeit transactions and would send you an email about it. Turning on the notifications for emails and apps will let you know about the incident at once and help you make the right intervention. If you received an email notifying you of a change in your account information, you can immediately call the hotline and confirm.
8. Use different passwords for each account
This may seem taxing but having a variety of passwords for several accounts is a security measure. Play with numbers and dates which you can easily remember. You can also devise codes for each of your passwords or patterns which only you can understand. As much as possible, answer different security questions. Once one of your accounts gets hacked, there is a huge possibility that the hackers will try them out with your other accounts.
Regularly change the passwords and even your passcodes to make it difficult for hackers to access the account.
Online banking is gradually taking its part as an indispensable technology that helps a lot of consumers. Digital banking eases out every transaction and helps us track all our expenses. Using these few tips mentioned above will help you maximize the benefits of going online and secure your hard-earned money.