How can you protect your data when banking online?

1 Use a strong password

One of the most basic but important steps to protect your data is to use a strong and unique password for your online banking account. A strong password should be at least eight characters long, include a mix of uppercase and lowercase letters, numbers, and symbols, and avoid any common or predictable patterns. A unique password means that you do not use the same password for any other account or service. This way, if one of your accounts is compromised, the others are still safe. You can use a password manager to generate and store your passwords securely.

2 Enable two-factor authentication

Another layer of security that you can add to your online banking account is two-factor authentication (2FA). This means that you need to provide two pieces of evidence to log in to your account, such as a password and a code sent to your phone or email. 2FA makes it harder for hackers to access your account even if they have your password, as they also need your second factor. Many online banking platforms offer 2FA as an option, so you should enable it whenever possible.

3 Use a secure network and device

When you access your online banking account, you should always use a secure network and device. A secure network is one that is encrypted and protected by a password, such as your home Wi-Fi or a trusted mobile hotspot. You should avoid using public or unsecured networks, such as those in cafes, hotels, or airports, as they can expose your data to hackers or eavesdroppers. A secure device is one that is updated, antivirus-protected, and locked by a password or biometric feature, such as your personal computer or smartphone. You should avoid using shared or public devices, such as those in libraries, schools, or workplaces, as they can store your data or have malware installed.

4 Check the website and the email

Before you enter your online banking credentials, you should always check the website and the email that you are using. A legitimate website should have a padlock icon and a https:// prefix in the address bar, indicating that it is encrypted and verified. A fake or phishing website may have a similar but slightly different domain name, spelling errors, or pop-up windows, trying to trick you into giving your data. A legitimate email should come from an official and recognizable sender, have a clear and relevant subject line, and address you by name. A fake or phishing email may have a spoofed or unfamiliar sender, a vague or urgent subject line, and generic or impersonal greetings, trying to lure you into clicking a link or opening an attachment.

5 Monitor your account and report any issues

The last tip to protect your data when banking online is to monitor your account and report any issues as soon as possible. You should check your account balance, transactions, and statements regularly, and look for any suspicious or unauthorized activity. You should also review your credit reports and scores periodically, and look for any errors or signs of identity theft. If you notice any problem, you should contact your bank and the relevant authorities immediately, and change your password and security settings. The sooner you act, the better you can limit the damage and recover your data.