Over the past decade, banking has evolved thanks to constant advancements in technology; the latest innovations have enabled easier and more convenient banking transactions. With the COVID-19 pandemic pushing digital transformation further, traditional banking is less preferred as the world embraced digital banking platforms.
In recent times, 76% of Americans have used mobile applications to do their banking transactions. While in general, online banking brings a positive experience, it is still important to remain cautious in using such services.
Online Banking Safety Tips
With the continuous increase in cases of fraud and security breaches along with the risks brought by deepfakes, banks and other companies that provide financial services must educate their clients on the best cybersecurity practices. Here are six online banking tips to provide to your clients to ensure their safety.
1. Refrain from using public networks while making transactions
While public networks provide easy and free internet access, there are certain risks that come with using them. Public network usage currently exposes 87% of Americans to hackers and allows them to gain access to their accounts, monitor their transactions, or obtain sensitive information that may be used for fraudulent activity.
2. Manually input your bank’s website URL
Another way to ensure safe online banking is to tell your clients to manually input the website URL of your bank.
Some hackers send emails to your clients that seem to be coming from your bank. These emails may contain a link that will direct them to a fake page. It is better if you encourage them to manually input your bank’s web address in their browser.
3. Keep devices updated
Reminding your clients to update their devices will be key to their safety. Updated devices have higher capabilities to secure data and prevent infection from viruses. Additionally, encouraging them to install licensed anti-virus applications provides extra protection.
4. Monitor banking transactions often
Telling your clients to monitor their banking transactions regularly will help keep them updated on their account activity. By carefully monitoring withdrawals and fund transfers, it will be much easier for them to spot if there are unauthorized and suspicious transactions on their accounts.
5. Think twice before saving log-in information
If your clients are using multiple devices to conduct transactions, tell them to refrain from saving their log-in information. People who are borrowing their devices may be able to gain access to their bank account.
6. Use complex passwords
Another factor that makes it difficult for hackers to bypass accounts would be strong and complex passwords. Remind your clients to create passwords that have varying letter-case, numbers, and symbols.
Enjoy More and Worry Less with Secured Online Banking
The rise of online banking has given people the option of convenience when conducting online transactions. Since they can process transactions whenever and wherever, the use of online banking services is not expected to slow down any time soon.
However, it’s important to know that certain risks come with online banking. Thus, your clients must be aware of the best cybersecurity practices to keep their accounts secure. To ensure client safety, make sure to acquire Q5id’s multi-factor Proven Identity verification and authentication solutions.
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