Secure Online Banking: 8 Dos and Donts When Using a Digital Bank

With the Internet, computers, and smartphones making a lot of things easier for people to accomplish, it certainly makes sense to take advantage of the services provided by digital banks. Aside from the convenience they offer, these services also allow people to get a closer look at their banking activity.

But as with many things in life, malicious individuals have found ways to exploit the popularity of online banking. To make sure you don’t become a victim, here are eight dos and don’ts you need to remember when using a digital bank:

Do:

1.Use strong passwords.
Passwords serve as your first line of defence against malicious acts online, so make sure you have a strong one for your digital bank account.

A strong password consists of both upper and lowercase letters. It should also include numbers and special characters (if the app or software allows).

You’ll want to steer clear of passwords or passphrases that can be easily guessed, such as publicly accessible information (e.g., your name, birthday, phone number, etc.) and common logical phrases (e.g., blue house, sweet cakes, etc.).

Random combinations are best, but if you find them quite difficult to remember, you can go with words or phrases that aren’t spelled traditionally or don’t make any logical sense.

Longer passwords are also considered much more secure than shorter ones as this makes it harder for someone to guess random combinations, even with password cracking software. If possible, go for at least 14 characters.

To create a long password you can easily remember, choose well-known verses and toss numbers into them. You can replace letters with special characters as well.

You should also make it a habit to change your passwords periodically.

2.Install and update antivirus software.
Many different threats that emerge online can put your security at risk.

Protect yourself from them by installing reliable anti-virus software on your devices. Whether you’re using Mac or Windows or a phone running on iOS or Android, you must make sure you have good antivirus software to thwart cyberattacks.

Of course, you must also keep the software up to date. Experts recommend manually downloading new security patches instead of letting them download automatically to ensure solid security.

3.Check your bank statements.
While banks are great at scrutinising questionable transactions and recognising fraud, it is still best to check your bank statement every month. Since you’re the one using credit cards and accessing financial accounts, you are in a better position to discern any unauthorised transaction made with them.

4.Log out of your account.
After using a computer or mobile device to access your bank account, make sure you log out afterwards. Unless the bank website or app you use automatically does this after a given time frame has ended, you should log off the account yourself just to be sure once you're done.

You must also close the browser window and delete your access history afterwards, especially if you happened to use a shared or borrowed device (which should be avoided as much as possible).

5.Sign up for banking alerts.
Notifications and banking alerts serve as a record of your transactions and help you stay on top of your banking activities.

Depending on the bank, you may get SMS or email notifications about withdrawals, transfers, password changes, and even failed login attempts. This way, you will know whether someone else is trying to access or use your account.

These notifications also help stop more fraudulent activities on your account if someone did manage to gain unauthorised access.

Don't:

6.Access your account using public Wi-Fi.
Never attempt to access your bank account while using public Wi-Fi, as hackers can easily bypass their security mechanisms compared to private networks.

To prevent cybercriminals from accessing your account, stick to secure networks in your home or office. The same goes for mobile wallets, credit cards, and the like.

7.Sign in using mailers.
Cybercriminals always look for ways to steal login credentials, and one of them is through fake mailers in what people now know as phishing schemes.

Email and SMS phishing, which often seem like actual authorised messages from a reputable institution you trust, mostly target account owners in the guise of being a credit card company, a bank, an online payment app or website, and even an online store.

Their modus operandi typically revolves around making you click links or open attachments. Some excuses they include to convince you to act on the message include:

Noticing supposed log-in attempts or suspicious activity on your account
An alleged payment or account information issue
Personal information verification
A fake invoice
Clicking a link to make you pay something
Offering a government refund or some freebies or discount coupon
Other things you might notice in phishing include:

Official logos and company names – They use these to make the email look authentic.
Account concern – This is meant to catch your attention and raise concern to make you feel the need to do as the email says.
Generic greeting – This is the biggest red flag as any reputable bank or financial institution will ensure that they know and use their customers’ names in all direct correspondences.
If convinced, users who enter their login credentials, click a link or download an attachment end up opening the door for hackers to initiate transactions in their accounts without their knowledge.

Because of this, it would be best to access your digital bank by entering their website directly into a browser or using their official banking app. You can also bookmark or save your bank’s authentic website and only use that to access your account.

8. Skip operating system updates and security controls.
Besides anti-virus software, you must also keep your operating systems updated on mobile or desktop. You see, these companies release patches to protect data against new methods of hacking.

It is also important that you keep your device’s security controls on. This means you must avoid jail-breaking or rooting your device as these restrict app installation for your own protection.

Ensure Digital Bank Security
From opening an account to applying for home loans for expats in the UAE, you must ensure that you follow the recommended online security practices in digital banking. Use this article as a guide to determining what you should and shouldn’t do to avoid costly consequences later.