Bank Security 101: Protecting Yourself and Your Money.
March 15, 2023

Bank Security 101: Protecting Yourself and Your Money.

Bank security has always been a topic of concern for people, and for good reason. Each year, thousands of people lose their money due to frauds, scams, or hacker attacks. With the increasing use of technology in banking, the risk of security breaches is also rising. However, there are several measures you can take to protect yourself and your money from online and offline frauds. This article discusses Bank Security 101 – measures you can take to secure your bank accounts and financial transactions.

1. Choose a strong password and change it often

Many people use weak passwords that include things like birthdays, phone numbers, or simple words. This makes it easy for the hackers to guess your password and access your accounts. Therefore, choose passwords that are difficult to guess and include a combination of letters, numbers, and symbols. Moreover, change your password frequently to reduce the risk of hacking attacks.

2. Enable two-factor authentication

Two-factor authentication provides an extra layer of security to your bank accounts. When you enable two-factor authentication, you will receive a code on your phone, which you need to enter to log in to your account. This ensures that even if someone else has your password, they cannot log in to your account without your phone.

3. Avoid public Wi-Fi

Public Wi-Fi networks are not secure, and hackers can easily access your computer or mobile device through them. Therefore, avoid using public Wi-Fi when you access your bank accounts. If you need to use a Wi-Fi network, use a virtual private network (VPN) to encrypt your internet connection.

4. Keep your bank details confidential

Your bank details, such as account numbers, credit card numbers, and CVV codes, should be kept confidential. Do not share this information with anyone, and avoid entering your bank details on unsecured websites.

5. Use a secure payment gateway

Whenever you make an online payment, ensure that you are using a secure payment gateway. A secure payment gateway uses encryption technology to protect your payment information. Moreover, check the website address and ensure that it starts with “https” instead of “http.”

6. Monitor your account activity

Keep an eye on your account activity regularly. If you notice any suspicious activity, such as unauthorised transactions or incorrect balance information, report it to your bank immediately.

7. Be aware of scams and frauds

Scammers and fraudsters use various methods to trick people into revealing their bank details or transferring money. These include phishing emails, fake calls, and social media scams. Be aware of such scams and always verify the identity of the person or organisation before sharing any information.

In conclusion, protecting yourself and your money from bank-related frauds and scams requires a combination of caution and proactive measures. Always keep your bank account details confidential, use strong passwords, enable two-factor authentication, avoid public Wi-Fi, use secure payment gateways, monitor your account activity, and be aware of scams and frauds. By taking these simple steps, you can enjoy the convenience of online banking without worrying about security risks.

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