A large amount of consumers today are already using online banking to handle a variety of different transactions, from checking, to transferring funds, to paying bills, and more. And with banks today encouraging consumers to switch to online transactions, the movement towards online banking grows more every day. However, that also means increased risks for people, if the proper security precautions aren’t taken.

 

Many of the tips you should follow in order to ensure proper security for your finances are simple common sense, yet you'd be surprised how many people don't practice them (maybe you are one of them). But by following the below tips and always remaining cautious and aware when doing any online banking transactions, you'll greatly lower the risks of hackers and identity thieves gaining access to your accounts.

 

 

The best way to make sure that nothing strange is going on with your bank accounts is to monitor them on a regular basis. Make sure that all recorded transactions are recognized as transactions you yourself have performed. If you see any withdrawals or charges for things that you don’t recognize, contact your financial institution immediately. Additionally, make sure that any online shopping transactions are for the correct amount. Sometimes you might get charged twice accidentally, but if you contact the establishment on a timely basis, they can fix the error.

 

 

Password protection is of the utmost importance, especially if you have more than one account. By using different passwords for each account, you can at least protect your other accounts should one password be discovered and an account compromised. You want to be sure to choose a strong password, using a combination of capital and lowercase letters, numbers, and special characters if the website permits it. You might also consider changing your passwords about twice a year. And always opt for any extra levels of security on banking websites if they offer it as an option. It's better to take a few extra seconds to log in and be that much safer for it.

 

 

When you are at home on a secured network, you are relatively safe from prying eyes. But if you try to access your account in a public space such as a coffee shop, restaurant, hotel, or other area where many people gather, you are at risk of having your signal intercepted by a technology savvy hacker, who can then use the information they acquired to access your account whenever they please.

 

 

Even though you are on a secured network when at home, if you don’t have virus protection software installed, you are still at risk of having your data compromised through viruses and malware. There are certain types of malware and viruses that can install themselves on your computer without your knowledge, and record every keystroke you make, sending the data back to the hacker. That means the hacker will know your username and passwords for every site you access. But with reliable virus removal software, you can eliminate that risk.

 

 

When reading through your emails, it is not uncommon to find emails on a regular basis from your bank, financial institutions, and other sites you may have accounts with such as Ebay or PayPal. But sometimes those emails won't actually be from the companies they say they are—instead they are fake emails designed to acquire your username and passwords by encouraging you to log in to the site in order to remedy some dire situation, such as your account being closed or an unauthorized access. Never log in to any site through an email message, because if it is a fake email, clicking on the link will bring you to a fake site that mimics the real site. Instead, type the site web address into your browser and go to it that way, so that you can be sure you are going to the actual site and not a fake one.

 

By following the above steps on a consistent basis, you can be sure to reduce the risks of your financial information being compromised. Remember to also keep your system software up to date as well, as new updates often contain additional security settings. The same goes for your browser, and try to use a browser or websites that utilize encryption for an extra level of added security.