Did you know banking consumers lost over $2.5 billion to fraud in 2024? The reason? Increasingly sophisticated cyberattacks and online banking scams. This is an alarming situation, one that impacts every single online banking user.
Fortunately, there are ways to protect your bank account. Here are six measures you should take to protect your personal information and money from online threats:
1. Set Long, Unique Passwords
A password acts like your first line of defense against online banking scams and fraudulent attempts. Therefore, use a strong and unique password for your banking app.
Make sure the password is at least 12 characters long. Moreover, use a combination of uppercase and lowercase letters, along with numbers and special characters. Avoid using easily guessable information as your password, including birthdates or kids’ names.
2. Enable Multi-Factor Authentication
To add an extra layer of security, consider enabling multi-factor authentication. Even if a hacker steals your login info, they’ll be met with additional verification steps. This could be a code sent to your mobile device via email or text.
You can also enable biometric authentication methods, such as your fingerprint or face ID.
3. Learn to Tackle Phishing Attempts
If you’re wondering how to protect your bank account from hackers, understand what phishing attempts are and how they work. A scammer tries to trick you into sharing your personal and banking information.
They might send an email posing as your bank or another government agency. Then, the scammer would create a sense of urgency by saying there’s a problem with your account or that they have noticed suspicious activity. They’ll share a link where you’ll be asked to enter your banking login information.
So what can you do? Hang up immediately if you receive unsolicited requests for personal or banking information. Don’t click on links from unexpected texts or emails. Remember that your bank won’t ask for sensitive information this way.
4. Call Your Bank
If you get a suspicious call or message, call your bank immediately. Use the number mentioned on their website or your card. A reputable online bank like SoFi would guide you. They will report your incident quickly and prevent any unauthorized transactions from occurring.
5. Never Allow Remote Access
Posing as your bank or a tech expert and asking for remote access to your device is another sophisticated banking fraud tactic. Scammers can see everything you are typing, including banking app login details, passwords, and security codes.
Never allow remote access unless you have initiated contact with a verified bank personnel yourself.
6. Avoid Public Wi-Fi
Public Wi-Fi isn’t exactly secure. You can use it for idle browsing or sending messages. But it’s best to avoid using Wi-Fi for banking activities, such as logging into your account or sending money. Use a VPN if you must.
No one’s denying the convenience of digital banking, but let’s make active vigilance and safety measures part of the conversation. Take additional measures to protect your hard-earned money!
