Latest Posts:
  • 20 Best French Series On Netflix to Watch in 2023
  • 10 Best Romantic Turkish Series Dubbed in Arabic
  • The 11 Best Gadgets for Digital Nomads
  • 10 Best Vending Machines Brands to Buy in 2022
  • 16 Best Free Graphic Design Software in 2022
  • What is SWIFT Code in Banking? A Detailed Guide
  • 10 Best NFL Free Streaming Sites
  • List of 7 Best Laptops for Graphic Design in 2021
  • How to Intercept Phone Calls – A Detailed Explanation
  • How to Choose the Right VPN for You
  • Tips and Tools to Protect Privacy on Public Wi-Fi Networks
  • 62 New Best Turkish Series To Watch in 2023
  • FastestVPN Review: Lowest Price with Beefed-Up Security Features
  • 25 Best Romantic Chinese Dramas to Watch
  • List of 10 Best Free UK VPNs in 2023
  • List of 12 Best Free VPN Chrome Extensions in 2023
  • Twitter
  • Instagram
  • Pinterest
  • BlogLovin
  • LinkedIn
DigitalCruch
  • VPN
  • Guides
  • Reviews
  • Gaming
  • Apps
  • Gadgets
  • Smart Home
  • Entertainment
  • Contact Us
Online Banking Security
Guides

How to Maximize Your Online Banking Security

By DigitalCruch January 15, 2022
0

The use of online banking is proliferating. Mainly due to the Covid-19 pandemic, people switched to digital banking at a fast pace. According to a recent forecast of Statista, around 1.9 individuals were using online banking services, and this figure will reach 2.5 billion users by 2024. Although the use of online banking services is becoming common, but security concerns are also rising.

That is why DigitalCruch presents a detailed guide with readers about maximizing online banking security.

How Online Banking Functions?

In typical banking, account holders need to visit the bank branch or ATMs to conduct transactions. But online banking functions in a convenient manner where users perform distinct financial transactions through the web or mobile applications. In this regard, account holders just need to make a few clicks to transfer funds, pay bills and even connect bank accounts with financial software or payment apps like PayPal or Stripe.

Online Banking Benefits

How Do We Benefit from Online Banking?

Here are the core benefits of using online banking:

  • Online banking enables individuals, startups, SMEs and large businesses to open an account online. Similarly, it is smooth to administer banking operations through internet banking.
  • Users don’t have to restrict their operations according to banking hours when they depend on internet banking. Indeed, with SWIFT system, they can pay anyone, anytime, anywhere in the world. This gives great mental relief to users.
  • By the same token, the interface of the banking application is straightforward to use for all of the users. They also don’t need to carry and store the invoices and recipes because the entire transaction history is available online.
  • It also made transactional and non-transactional financial activities effortless for bank users, from paying bills to generating statements.
  • Quick notifications, 24/7 access, on-time loan payments, integration with other apps, and fraud alerts are also exciting online banking features.

Potential Security Threats to Online Banking

With many advantages, online banking also has some potential drawbacks that we are discussing here:

  • Though countries prefer cashless economies, it could be disastrous to pay bills and purchase daily food items in case of large-scale cyber-attack. Don’t you think banks and their online systems could be on the hit list of hackers? According to Citigroup, around 2.7 million USD was stolen from 3400 accounts in 2011. Hence, it is definitely an uncommon scenario but could be a potential security threat to online banking.
  • It could be precarious if you leave blueprints of your banking details on different devices by the same token. These details could be compromised if you don’t care about the safety of login credentials. 
  • Phishing, keylogging, pharming and identity theft are also potential security risks that are associated with digital banking.

Effective Tips to Maximize Online Banking Security

Finally, DigitalCruch is going to discuss one of the most effective tips to maximum online banking security. Here we go:

Use Unique & Strong Passwords

If you are using your personal data like birthdate, address, your or your loved ones’ names, then the security of your bank account could be compromised anytime. Identically, using common words, numbers or letters in sequence, short passwords, phrases and phone numbers is also prohibited by security experts.

It is always suggested to use long passwords and add any numbers and capital letters. To avoid security threats, you can probably make these kinds of passwords ‘SSgyfbU9087ffqty’ or ‘77635#Ghd89,gd90wwgt’.

Strong Password

Two-Factor Authentication

Using large and strong passwords is not enough. Yes, to make your online banking activities invulnerable it is also crucial to enable 2-factor authentication. With this extra layer of security, you can’t instantly log in to your account with a username and password. To access your account, you will have to enter a security code that is generated on your mobile number or application that you link with your account while enabling 2-factor authentication.

Two-Factor Authentication

Use VPN Service

Usually, account credentials are compromised when you use unsafe devices or browsers to log in to your account. To avoid such situations, it is always recommended to proceed with a secure browsing environment under the flag of VPNs. Withal, if you are not familiar with how it works, then you can sign up for a trial on a reliable virtual private network.

In this way, you can understand how zero-log and military graded security features can benefit you while making online payments.

VPN

Enable Banking Alerts

On the other hand, it is also essential to keep your banking notifications, emails and alert on all the time. They will keep you aware of any suspicious activity at the right time.

Bank Alert

It is not rocket science to enhance online banking security. With the above tips, you can keep your digital banking activities safe from cyber and other security threats.

0

Related Posts

Protect Privacy on Public Wi-Fi Networks

Tips and Tools to Protect Privacy on Public Wi-Fi Networks

January 12, 2023
Reasons to Use E-Signatures for Confidential Documents

10 Reasons to Use E-Signatures for Confidential Documents

May 27, 2022
Protect Your MAC or Windows From Cyber Threats

How To Protect Your MAC or Windows From Cyber Threats

May 18, 2022

Comments are closed.

  • Most Loved Content
    • Turkish Series
      62 New Best Turkish Series To Watch in 2023
    • Watch Turkish TV Series With English Subtitles
      12 Best Sites To Watch Turkish Series with English Subtitles
    • Sefirin Kizi
      Sefirin Kizi (Ambassador’s Daughter) Plot, Cast & Everything
    • Free Graphic Designing Software
      16 Best Free Graphic Design Software in 2022
  • Twitter Instagram Pinterest BlogLovin LinkedIn
  • DigitalCruch
    • About Us
    • Disclaimer
    • Press Release Disclaimer
    • Privacy Policy
    • Contact Us
    • News
  • Featured Posts
    • Turkish Series
      62 New Best Turkish Series To Watch in 2023
      Entertainment
    • Watch Turkish TV Series With English Subtitles
      12 Best Sites To Watch Turkish Series with English Subtitles
      Entertainment
    • Sefirin Kizi
      Sefirin Kizi (Ambassador’s Daughter) Plot, Cast & Everything
      Entertainment
    • Free Graphic Designing Software
      16 Best Free Graphic Design Software in 2022
      Apps
  • Recent Comments
    • DigitalCruch on 62 New Best Turkish Series To Watch in 2023
    • Hassana Bello on 62 New Best Turkish Series To Watch in 2023
    • Patricia on 62 New Best Turkish Series To Watch in 2023
    • DigitalCruch on 62 New Best Turkish Series To Watch in 2023
    • Mona on 62 New Best Turkish Series To Watch in 2023

Copyright © 2019-2023 DigitalCruch.com. All Rights Reserved.

  • Twitter
  • Instagram
  • Pinterest
  • BlogLovin
  • LinkedIn