National Online Banking Day, observed annually on the second Monday in October, provides you with the opportunity to review your online relationship with your bank. This relationship is impacted by how many devices you use to access your account information. The greater the number of devices, the more important it is for you to create a secure way for you to access your account information online. So take a few minutes, read these tips below and see if you need to update how you secure your online banking relationship with your bank.
Use a Strong Password: Each bank will have different requirements for your online banking password. Most will include at least one Capital letter, one special character, one number, you get the idea. The trick here is to create a unique password that you can remember. Keep in mind, if you forget it, you can reset it online, or call the banks customer service department and they will help you reset it.
Use a Password Manager: You definitely don’t want to use the same password for all of your online accounts. There are a number of password managers available that you can use. Find one with the features that are important to you and start using it.
Use Multi Factor Authentication: Allowing your password to be the only key to your accounts online is not a good idea. Multi-factor authentication (MFA) will require you to successfully present several separate pieces of information to access your accounts. Authentication normally includes at least two of the following pieces of information: knowledge (something you know), possession (something you have), and inherence (something you are). You set up MFA once you log in to online banking.
As part of the authentication process, you will login using your id and password and them complete the MFA questions. Once you are authenticated, you will receive a code on either your cell phone, home phone, or email address after you input your password. Then you finish logging into online banking using the code. The thought here is that even if someone has figured out your online banking id and password, they will not have access to the answers to the MFA questions or your devices and they won’t be able to log into your account. On the other hand, if you get a code from the bank, and you’re not logging into online banking, you probably want to give the bank a call to determine if someone is attempting to log into your online account. You may also want to change your password.
Use Your Data Plan when accessing Online Banking: Don’t use an unsecured Wi-Fi network. For more information on public Wi-Fi safety, click here.
Use the Alert Feature: Set up Online Banking to send you alerts when key events occur. If you are getting notified when a deposit is made, when an item clears, you have up to date information on your account balance and activity. If something doesn’t look right, login and review your transaction history.
Email Alert: Don’t read emails, or click on links in emails, from people you don’t know. This is the easiest way to install malware on your computer. If you need to access your account, take the extra time to go to the banks website and log in there.
Watch out for Vishing: Vishing is short for “voice phishing”. The goal here is for a thief to access your identity and account information using the telephone. Vishing relies on “voice over phone technology” to trick you into providing information that others can use to access you accounts online. For more on Vishing click here.
These are just a few, of the many tips you can use to effectively manage your online banking security.
Click here for more information from the FDIC about online banking safety.
Click here for information from the Federal Reserve on Consumer Mobile Banking usage
For more information about the safety and security of the online banking programs available at Fidelity Bank, click here.