Home Internet Ways to Protect Your Bank Accounts From Online Fraud

Ways to Protect Your Bank Accounts From Online Fraud

4 min read

Online banking has changed the way we do things. From subscribing to your favorite streaming service to buying groceries for your home, you can do everything with a credit card. Moreover, you can pay your bills online and deposit cheques at the ease of home.

However, while doing all that, it is very important to keep yourself safe from online fraud. Cybercriminals are now using more sophisticated methods than ever to steal personal information and their money. You can get the idea about the severity of the situation from the statement that the FBI reported on average 1300 new cases of cybercrimes every day resulting in over $3.5 billion in losses. Along with that, there were more than 650,000 cases of identity theft, a number that was never seen before.

So, how can you protect your bank account from online fraud? Experts have recommended several ways that you can use to improve your bank account’s security and make transactions with confidence.

Avoid Using the Same Password for All Your Accounts

You have probably heard several times that you should not use the same password for all your accounts. The major reason behind this? Using the same password for all accounts means putting all of them in a jeopardy. If someone can figure out one, he can access all of them.

Therefore, it is important to have a unique password for all your accounts. These passwords must also be strong and should include uppercase & lowercase letters, numbers, and special characters.

Along with that, you should also change your passwords every 60-90 days, according to StackExchange. Doing so might not ensure that your accounts are 100% safe, it will certainly decrease the possibility of becoming the low-hanging fruit. As a tip, you can create a base password and then add to it for every account. That will save you from remembering too many different passwords and protect your accounts.

Benefit from Two-Factor Authentication

Two-factor authentication is an additional security layer where people need some other form of proof like a one-time code along with the account password. Activating that for your account would mean you can’t log in by simply using the username and password, you will need to go through the second verification step as well.

As a result, the chances of someone logging into your account, even when they have your login details, would be difficult.

This two-factor authentication can also be enhanced to make things easier. For instance, you can only be required to go through that while logging in from a new device or when you are changing any information.

Use Ad-Blocker

Ads are among the most common ways for hackers to attack any device and steal information. These ads don’t have to be from a malicious website and can be infected with malicious codes. For instance, you might visit a website offering ads for free courses or downloading free programs.

As soon as you will click the ad, your personal information will be exposed. These ads can download harmful files to your device and steal all the information, or simply add cookies to track your activities.

The best way to protect yourself from such situations is to use the adblocker. Most of these tools are free and can be downloaded easily. Once you activate them, the chances of interacting with infected ads decrease significantly.

You can also use anti-virus software that can block any harmful downloads. Though the good security software are paid, if you have a service provider such as Charter Spectrum, you might be able to get it for free. Spectrum customers can reach out to customer service by following https://www.localcabledeals.com/charter/customer-service and ask for more details.

Keep Your Software Up to Date

Another way for hackers to get access to your system is through security holes. That means, if you don’t update your software, you are putting yourself in harm’s way.

Along with timely updates, patch your software regularly. A patch is provided to users to cover any security holes in the software. That means, doing so would make them secure and increase the security of your device.

Refrain from Using Public Wi-Fi

The idea of public WiFi sounds great. However, it is one of the biggest enemies if you are concerned about security.

Where some experts recommend completely stay away from it, others suggest being careful of what you do. For instance, you can get in touch with family or friends, but logging in to your bank accounts or other social media profiles might not be a good idea.

The reason behind that is the imitation of public WiFi networks to grab login details of users or to gain access to their webcam and personal files. Therefore, be careful of the connection you use for connectivity.

Last Updated: July 20, 2021

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