Online banking has changed the way we carry out payments. We used to manually pay our bills and subscriptions. Now, all you have to do is have an electronic device and access to a strong internet connection and you will be on your way. Other than that, you can transfer funds without ever having to step into a bank.
Technology has advanced exponentially over the last few years. It brings us many advantages that allow us to progress in life. However, just like every other idea, it has its own disadvantages.
The same concept applies to online banking. It has given us several benefits. Online banking is accessible, convenient and easy to use. However, there are certain risks that come with placing your funds online. They may not be common, but it will affect you greatly.
One of the major threats of online banking is your account being hacked or scammed. If you are not careful, you could end up losing all of your savings. But, what exactly can you do to ensure your online bank account is safe? Well, read on to find out the things you can do to secure your transactions.
Secure the connection
The first thing you need to do is secure your internet connection. When using the online banking website, ensure that it is secure by looking at the search bar at the top of the page. If the lock icon seems to be in a locked position, it means your connection is secure.
However, there are times when your connection might be compromised. Hackers can latch onto your network like leeches and grab all the sensitive details and information in it. They have skills that can extract this information and soon enough your account will be hacked. So, to avoid this, you should install Virtual Private Network (VPN). This allows you to hide your online activity from others. You are able to serve the net without any risk of information leak.
Other than that, you should also avoid using networks that are not yours. For instance, try not to carry out any transactions from a public network that is accessible to all. Here is where your details may be open for hacking.
Always update the application
If you have an online banking account, you should also have the application. The online banking application is far more secure then the website. Plus, it is easier to log in and out of the account. However, you should remember to always update the application when needed. These updates are necessary as bugs are fixed and issues are solved by the app managers or the bank. If you fail to update the app, you might be prone to an attack.
Read the email blast from your bank
Once you have registered your account with the bank, they are most likely to ask you for your email address. This is to ensure that you are getting the latest announcements of updates, issues and privacy changes. Try to check your bank’s email blast every now and then. They have detailed information on how to ensure your account is secure, and what to do if it is compromised.
Check out online banking website Malaysia for more.