Internet banking changed the way how banking should be done. In the past, you must go to the bank before you could transfer money to other people or request a statement of account. However, due to the introduction of the Internet banking system, bank account owners have more control and power in managing their accounts.
Almost all banks now are providing this kind of service because it increases efficiency and lessens the costs connected with banking. With Internet banking, the bank could cut the cost of hiring more employees, lessen the usage of paper, and speed up the processing of transactions such as money transfer, bills payment, and request for a statement of account.
However, if there are advantages in online banking, there are also some known disadvantages, such as the inability to access the account without an Internet connection, identity theft, online banking fraud, and scams. All of these problems can be prevented when you have the right knowledge and tools.
In this post, you will learn how to be secure when using Internet banking and what should you do to prevent online banking fraud and identity theft.
1. Create a unique login ID and password
The first line of defense against identity theft when using online banking is a unique login ID and password. As much as possible, it should be a combination of letters, numbers, and symbols so that it will be hard for other people to guess it.
You should not also disclose or reveal your password to other people or write it in the paper. As much as possible, you should always remember it.
2. Log in to the authentic site
There are many duplicate websites of Internet banking site, especially for popular banks called phishing site wherein it is made to get the victim’s login information. Always double-check the website before attempting to log in. Make sure it is the real one. You can check it by typing Internet banking on Google.
Make sure to check whether the URL has https for security purposes. It means the site is encrypted, and there is a secure connection between you and the online banking web page.
3. Avoid phishing and spam emails
One way cybercriminals used to get your financial information is through phishing and spam emails, so be aware of the unknown emails that you are receiving. Don’t open any attachments if it comes from an unknown source and always use an email provider that can automatically filter spam messages like Gmail or Yahoo mail.
4. Log out
You should not forget to log out of your account after you finish using it, especially when you are in Internet shops. Make your browser to not remember your password and ID.
5. Install an anti-virus and firewall to your computer
In order to protect your Internet connection and computer, you should install anti-virus and firewall to protect it from virus attacks, malware, and other worms. You can get free anti-virus from the Internet like Avast, so installing one should not be a problem.