Savvy & Safe Online Banking

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Girl using mobile phone (Photo: Getty Images)

Online banking has become a highly popular, easy method of banking. More and more people are turning to some form of online or mobile banking. According to a Pew Research Center study” 51% of U.S. adults, or 61% of internet users, bank online”. But with this convenience comes risk from hackers and scammers who try to steal your identity and money online. So, how do you protect yourself?

Take a look at a summary of Naked Security’s tips on how to safeguard your online banking transactions

  1. Choose a bank account that offers some form of two factor authentication for online banking, such as a key code or unique image.
  2. Create a strong password, avoiding common words or phrases, and change it every few months. Also, for security questions, the answer does not have to be the real answer, just one you will remember.
  3. Keep your security software (anti-virus, firewall, etc.), operating system, and other software up-to-date to ensure that there are no security holes present when using your computer for online banking.
  4. Beware of suspicious emails and phone calls that appear to be from your bank asking for account information. Access your online bank account directly by typing the address into your browser and call your bank back via a number that you are familiar with and you know is legitimate.
  5. Access your accounts from a secure location, using computers and networks you know are safe and secure. Avoid using public networks and always look for the padlock icon in the corner of the browser, signaling that the website is encrypted.
  6. Always log out and clear your computer’s cache at the end of each session.
  7. Set up account notifications to immediately alert you if there is any suspicious activity on the account, such as large withdrawals or a low remaining balance.
  8. Monitor your accounts regularly, paying attention to all transactions over the past few months.

A few simple steps like these can help protect you against the most common forms of fraud and identity theft, but it is important to remain vigilant in protecting your personal and financial privacy because scam artists are always looking for new ways to trick unsuspecting consumers. Source: Naked Security.

For more details, check out 8 Tips for Safer Online Banking. To report a scam, go to the BBB Scam Tracker. To find trustworthy businesses, go to