How to Keep Your Bank Accounts Protected
May 12, 2022 | Posted by: Sherry Corbitt
With how digitized everyday life is, banking has never been easier. Yet it also raises more alarm to fraud. Many scammers can and will break into your bank accounts if you are not careful. There are many aspects to consider when protecting your bank accounts, especially online.
Have Different Passwords Set Up
This is a significant factor that you want to examine. Something that many of us may do is use the same password for our accounts. Although it may be more convenient for us to use the same password for our accounts, this will end up causing more potential for fraud. Although you can remember it easily, it will be very simple for anyone to figure out your bank account password if they know the password to a seperate account. If you happen to be in this category, ensure that you start adjusting your passwords. You should have a different password for all your accounts, including bank accounts, emails, subscriptions, and other online logins. With all these different passwords, it may be tricky to remember them all. If you want to make a list of them, ensure that you put them in a safe spot. Writing them on sticky notes may not be the best option. Instead, consider making a document in a password-locked folder on your computer or phone. This way, you have all your passwords in one location, and no one will be able to get to them.
Many of us may overlook security questions. When signing up for your bank account, you typically will be required to answer two security questions. It is common for people to quickly put someone in, such as their address, pet’s name, or birthday. This is highly unsafe since anyone can attain this information, even if they do not know you. Choosing questions and answers that only you will know is vital. Some examples include ‘what was your grandmother’s mother’s maiden name’ or ‘what model was your first phone.’ These are questions that will always be the same, and no one will be able to answer them unless they do some serious digging. If you know that your security questions are old and you are unsure if they effectively protect your bank accounts, make sure you visit your bank and get them changed.
Using Public wifi
Getting free wifi in public is always great, especially to check your social media or do a Google search. Yet the hidden truth of public wifi is shocking. When you are connected to an online server, the data that you search for can be accessed by a cybercriminal. Of course, they are not interested in seeing people’s internet searches or websites. They are mainly looking for people who have logged into bank accounts and other types of online money apps. They can get into your accounts by logging on from the public wifi. Next time you decide to connect to an open wifi server, make sure you do not open any bank accounts or login to any bank apps. If you require to sign in to your bank account, using your data is much safer.
Bank Safety Features
Most banks today put in place safety features for their clients. These safety features add extra protection against fraud, and they ensure that fraud can be detected if there are any signs of it. One handy safety feature is an automatic logout feature. This feature ensures that you are logged out of your account every time you close your bank app. This protects you from people getting onto your device and logging back into your account. Another excellent safety feature is account monitoring. Everyone checks their bank accounts at different times in the week or month. Yet throughout the times that we are not checking, there may be a fraud purchase or withdrawal made. Luckily the bank will usually be monitoring your account and notice if there is any suspicious activity. They will typically give you a phone call to confirm if it was you. If it was a fraud, they will have an investigation of the incident and ensure that it gets resolved.
Getting notifications from your bank app can help you stay on top of your accounts. It offers a useful reminder to check your accounts and its activity. Of course, you do not want to be bombarded with notifications. In addition, you may not want others to see any of your bank information, even if it is just a notification. Go into settings to adjust the settings to when you receive your notifications and even have a setup option where it only accepts face recognition to open.
Bank fraud certainly is serious and affects many people every year. Yet if you put safety precautions into place, you can ensure that your banking will stay protected.
If you have any questions about other ways to protect your bank accounts, please reach out to me!
Sherry Corbitt, Mortgage Broker
-Aldrich, Elizabeth (2021). 5 Security Features Every Good Bank Offers. The Ascent. Retrieved from https://www.fool.com/the-ascent/banks/articles/5-security-features-every-good-bank-offers/
-Lake, Rebecca. Foreman, Daphne (2020). How to Protect Your Online Banking Information. Forbes Advisor. Retrieved from https://www.forbes.com/advisor/banking/how-to-protect-your-online-banking-information/
-Modern Money (2021). Protect Your Bank Account From Fraud in 6 Steps. Retrieved from https://www.discover.com/online-banking/banking-topics/protect-your-bank-account/