Lacson: Security Tips for Online Banking

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One of the things the pandemic has intensified is our use of online financial and banking apps. Why not, of course, we are talking about our security and instead of going to the bank to deposit money or to the mall to pay some bills, these online banking platforms offer us convenience, convenience and security to carry out our various financial transactions.

However, in every good or benefit, there is always at least one bad thing or curse. With many cybercriminals prowling around and taking advantage of our heavy reliance on the internet and online technology these days, we need to pay close attention to the online security features that should be in place to protect us from fraud and scams.

On Sunday, customers of a famous bank in the country were alarmed and reported incidents of their money being withdrawn from their accounts. The bank was quick to reassure its customers that said “losses” will be immediately refunded to their accounts. As a quick response, the bank also asked its customers to change their online banking passwords (which I did, by the way) to secure the money in their accounts.

While we should expect these financial institutions to invest in sophisticated, high-specification cybersecurity measures to protect their system, customers like us can also do our part to protect our own accounts from hacking and scamming. Here are some tips for safe online banking:

1. Always change passwords from time to time.

Although it is a hassle or a burden for some people to always remember their passwords, but changing it regularly adds a layer of security to your account. You can store it in your diary or planner and avoid saving it on your mobile phone because mobile devices are also susceptible to hacking online. When choosing a password, avoid using common information such as your date of birth, the name of your spouse or your children. Try to think of a word that is important to you and that you won’t really forget to remember. Also get in the habit of logging out of your account after using it.

2. Configure multi-factor authentication.

Online applications have added these features and although it takes some time for each transaction, these features also ensure that your account remains protected and safe from online hackers. Also, be careful not to give your one-time passwords (OTPs) to anyone who asks for them via call or text. or even by e-mail.

3. Do not transact online when using public Wi-Fi.

Most public Wi-Fi connections are not safe and secure, and any data you enter into each financial app can be viewed by those waiting to get the data available from that connection. As a protocol, always transact when you know you are using a private internet connection at home or at work, if possible.

These are just some of the tips that we can apply to ensure that our accounts are secure and protected against cyberattacks. If and when possible, taking a trip to the bank whenever safer can also do the trick for us.

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