How to bank safely online

Since online banking has become so prevalent, so too have online banking scams. The banking apps and websites may be secured, but they’re still susceptible to security breaches. The best way to protect yourself is to stay vigilant and practice safe online banking.  

To make things easier, we’ve listed a few key online safety tips to help you keep your online accounts safe: 

Don’t click on links attached to emails or SMS 

A common scam is phishing, where cybercriminals send emails or text messages pretending to be from your bank. The goal for scammers is to get you to send sensitive personal or financial information, which can be used to access your bank account or steal your identity.  

Often, when you click links attached in these spoofed emails or text messages, you’ll be led to a copy of the bank’s official website or app making it easy for people to mistake it for the real thing. 

It’s very unlikely that your bank, lender, or other credit institutions will ask you to access or make changes to your account through a link. Most official text messages or emails will ask you to go to their website or apps directly if you need to check your account details.  

If you do receive an email or text message instructing you to click a link, report it as spam. For concerns, contact the hotline or other official channels to ensure your online safety. 

Be cautious when using public Wi-Fi 

Public Wi-Fi is convenient, especially when you’re in a pinch, but it’s not without risks. You could be vulnerable to fake hotspots or rogue Wi-Fi networks, which give cybercriminals access to all your phone’s information.  

When using public Wi-Fi, it’s recommended that you avoid using your banking apps or websites. Not all public Wi-Fi networks are malicious; however, it’s better to play it safe and keep your important information away from potential scammers.  

If you are going to use a public Wi-Fi, it’s advised to use it with a VPN, only use SSL (Secure Sockets Layer) connections, and turn off sharing. For additional safety, always keep your antivirus software and devices updated. 

Have a strong password 

Your password is your online banking account’s first line of defence against hackers. This is why creating a secure password is important. It may be easier to remember simple passwords with your name and birthdate, but it also makes it easy to hack. 

• Here are a few ways you can create a really strong password: 
• Make it long (at least eight characters long) 
• Have special characters or symbols (e.g., !@#$%^&*?) 
• Include non-sequential numbers 
• Use a mix of uppercase and lowercase letters 
• Use passphrases 
• Avoid sequential letters (e.g., abcde, qwert, xyz, asdf) 

It’s also best to use different passwords for different accounts. In the event that one of your accounts is compromised, it won’t affect all your other online accounts. 

Keep track of your transactions 

Keep an eye out for charges and fund transfers you don’t recognise. Even if they’re as small as a dollar, if you don’t recognise the charge or transfer, it’s best to call your bank and ask for more details. There are scammers out there that test the waters by making very small, almost insignificant transactions. If they don’t get reported, they’ll see whether they could get away with more. 

Use additional safety measures provided by the app or website 

Some apps or websites let you enable multi-factor authentication or two-factor authentication for additional security. With this enabled, you’ll have to input a one-time pin (OTP) before you can successfully log in to your account. It’s an easy and efficient way to deter hackers. There are also apps that let you activate biometrics or facial recognition when logging in. 

Keep your devices secured 

Aside from your online bank accounts, you need to keep your devices secured as well. Regularly check for software and antivirus updates, so you’re less vulnerable to new cyberattacks. If you leave your device unsupervised in public, it’s best to lock it or power it off so that no one can use it.  

Ideally, your phone and computer have a password or have facial recognition activated. This way, if you ever lose your device, it is much more difficult for someone to open it and get your personal and banking information. 

Want to learn more about online safety? 

Check out helpful articles on how to avoid scams and keep yourself safe online on our security hub.