With the increase in the use of digital transactions, protecting your bank account has never been more important. There is no day that hackers do not devise new strategies on how to perpetrate their evil deeds, and therefore people must be aware of these vices. Below are seven measures that one can take to ensure that their bank account is safeguarded against fraud.
1. Use Strong and Unique Passwords
The first barrier of protection for your bank account is your password. One must ensure that they come up with a good and hard to guess password that other people cannot easily guess. A strong password is usually a combination of alphabets, both capital and small, numbers and symbols. Do not use simple to guess information like name, date of birth, or simple words.
Also, it is recommended that you have a different password for each of the accounts you have online. This practice is useful in that if one account is attacked, the others are safe. It is also recommended to use a password manager to keep the password database safe and generate good passwords.
2. Enable Two-Factor Authentication
Two-factor authentication (2FA) is an additional security measure to your bank account. In 2FA, you are expected to give two proofs of your identity before you are allowed to access the account. This usually entails a factor that you are aware of (password) and a factor that you possess (a mobile phone or token).
Most of the banks provide 2FA as an option, and users are advised to activate it. In this way, even if someone for some reason gets your password, he or she will also need the second type of identification to get into your account. This greatly minimizes the vulnerability of the system to intruders and hackers.
3. Monitor Your Account Regularly
One of the easiest yet most effective ways to prevent and even notice fraud is by checking your bank account frequently. Monitoring your account activity will enable you to easily identify any fraudulent activities or any activities that you did not authorize.
It is advisable to develop the habit of reviewing your account statements and the history of transactions on a regular basis. Almost all the banks today have provided internet banking services that enable you to track your account balance in real-time. In case you observe any transactions that you do not recognize, you should contact your bank to act on the issue.
4. Protect Your Online Connections
When it comes to using your bank account online it is important that you make sure that your connection is safe. Open Wi-Fi networks found in coffee shops or airports are usually not encrypted and are vulnerable to hacking.
By connecting to the internet through a VPN that has the capability of establishing a secure connection. This tool helps in directing your internet connection to pass through a safe server, so that hackers cannot easily get your information. With VPNs, you can easily log into your bank account when connected to public networks; hence, minimizing the chances of being attacked.
Also, always make sure that the websites you are accessing are secure. Look for "https:saying “https://” in the URL and a padlock icon in the address bar. These indicators inform that the website protects your data with the help of encryption. It is possible to turn to trustworthy and popular services to get a clearer idea of what’s a VPN and how it can shield your information.
5. Be Cautious of Phishing Scams
Phishing is one of the most common tricks that hackers use to get people’s personal data, such as the account number. These are mostly fake emails, messages or calls from institutions that seem to be genuine and seek to swindle their victims.
To avoid phishing scams, do not open links or download attachments from senders that are unknown or are questionable. It is always important to check the validity of the communication received by contacting the institution through official means. Beware of the messages that are written in the tone of urgency, which requires you to share some personal details or make some decisions.
Also, turn on the spam filters of your email account to minimize the chances of phishing emails getting into your inbox. It is also important to learn about the most frequently used types of phishing and keep abreast of new scams to be able to distinguish them.
6. Keep Your Software and Devices Updated
Ensuring that your software and devices are up to date is very important in ensuring that your bank account is secure. Every update that is released has security patches that can fix some of the flaws that hackers could use.
Make sure your operating system, web browsers, and any financial management software you are using is updated. Where possible, enable the automatic update so that you can get the latest security updates as soon as they are released.
The same applies to your mobile devices, ensure they are running the latest software versions. Mobile banking apps should also be updated from time to time to enjoy the new security features that come with the update. Staying with old software means that you are vulnerable to attacks, and your information can easily be accessed by hackers.
7. Secure Your Physical Documents and Devices
Despite the fact that many banking operations are conducted through the Internet, it is important not to neglect the protection of paper and hardware. Sensitive papers like bank statements and credit card statements should be kept in a safe place and disposed properly by shredding.
Pay attention to the location you use to store your PINs and passwords. Do not write them down where they can be easily found by the targeted person. However, to ensure the information is safe, store it using a secure method like a password manager.
Also, make sure that your devices are protected with passwords, or even better, fingerprints or facial recognition. Allow the option for encrypting your device in case the device is lost or stolen. This second level of protection makes it possible for a physical intruder to have full access to your gadget but cannot have full access to your bank account details.
Conclusion
Thus, if you adhere to these seven steps, you will be able to increase the level of protection of your bank account considerably. Knowing the signs and being vigilant is the best way to avoid identity theft and safeguard your money. However, the security of your bank account is in your hands and following the above steps can be reassuring in the world of growing technological advancement.
