Internet banking has evolved over the years to become the formidable technology it is today. Many transactions today can be taken care of without having to go to the bank. In the earlier days, we had to go to the bank, fill out various forms for depositing, withdrawing and even transferring funds. In a way, this kept fraud to a minimum since actually defrauding the bank was a bit harder this way. Now that we can do our banking from anywhere, there has emerged a new crop of criminals who want to steal from you from the other side of the world by just typing in a few keystrokes on their computers.

These days just by logging into your bank’s website, you can make transfers, check balances, view statement and even deposit checks via your Smartphone. In as much as all this makes our work easier and allows us to focus on more important tasks, some criminals track our activities online and take advantage of any slip-up we make to rob us blind. According to research findings by Javelin Strategy & Research, hackers have stolen more than $112 billion over the last six years. Such numbers can make you seriously question the safety of your money. With this in mind, here are some effective tips that will make sure you don’t become such a victim.

Use Strong Passwords

Only Use a Secure Website

Strong passwords are a user’s first line of defense when it comes to keeping your online banking transactions safe. You probably wouldn’t mind if someone guessed your Reddit password because as much as there could be some fallout, damage control won’t be as hard. If someone guessed the password to your online banking, they could bleed you dry in a matter of seconds. Imagine all your life’s savings gone in an instant. To make sure this doesn’t happen, memorize a secure password. Strong passwords normally consist of twelve characters that have letters both upper and lowercase, symbols and numbers. When a password designed like this, even the most sophisticated computers can take years before being able to crack it.

In an attempt to hack a user’s login details, hackers use a technique called phishing to get the information they need. Phishing is using fake web pages that are totally identical to the original website they want information to. Phishing is using fake web pages that are totally identical to the original website that hackers want information to. The most noticeable difference between these sites and the legitimate ones is that the legitimate ones have a different address bar which normally has the green padlock. Many banks today use EV (Extended Validation) SSL Certificate on their websites so that the user knows the website which they are accessing is secured and reputed Certificate Authority validates the business identity which operating this website. An EV SSL (Extended Validation Certificate Secure Sockets Layer) provides the users highest levels of trust when operating on the site.

A website with EV SSL is more trustworthy due to the prominent green address bar that shows the company name. Users should note that many, not all financial services providers have secured their websites with EV SSL. Therefore, when you are directed to a similar looking website without the green address bar, know that you are being targeted for a phishing attack. One of the biggest and most trusted EV SSL distributors in the world is Symantec. There are many benefits of using Symantec EV SSL certificates such as company name display in browser green address bar, data protection from hackers, Symantec secured site seal and much more.

Use Two-Factor Authentication

Using a VPN

Two-step verification has been with us for a while now. Many people don’t like using it because they view it as time-consuming. This verification might be true to some extent, but I believe when it comes to your money, you would rather be safe than sorry. Enabling two-factor authentication might mean you log in a bit slower, but in the end, it is worth it. Banks require you to register your phone number or preferred email address where the one-time pin (OTP) will be sent. Therefore, every time you log in, the website sends you the OPT via text or email. Upon entering the correct code, you are granted access to the account. By enabling two-step verification, you make sure that even if someone gets to know your password, they cannot access your account. Furthermore, when you receive an OTP, and you’re not logging into the account yourself, it’s a sort of notification that someone is trying to access your bank account whereby you can call the bank.

Virtual private networks are the best line of defense against malicious persons when accessing your bank account on a network that you do not control. Such networks include cafes, airports, hotels, etc. you might think that since the place has good Wi-Fi, it is safe to log into your account there – most of the times it is not. In many public places, there are traffic monitors and people sniffing your network traffic. As such, a VPN comes in very handy in these cases. Since most VPN worth their salt are premium and not free, they spare no expense in making sure your anonymity is guaranteed. VPN change your IP address and encrypt your traffic so that it cannot be intercepted in transit. Apart from that, it also makes sure that nobody can see what you have been doing online.

Only Use the Bank’s Official App

Since the world has gone mobile, banks have followed suit. Today, every bank offering internet banking solutions has an app that is designed to make banking on the go that much easier and less painstaking for the user. However, many con people will attempt to acquire your online banking logins so that they can steal from you. These apps look almost identical and will ask you for your username and password. When you provide this information, you will note that you’ll be given a negative response and asked to log in again. This is an attempt for the hackers to verify previously provided data. Before downloading a mobile banking app, make sure that the author of the app is the bank itself. By doing this, you ensure that you’re dealing with the legitimate bank, and not a con.

Conclusion

By using these methods outlined above, you can be sure that your online banking transactions remain safe from prying eyes. As much as these methods are useful, you don’t need to stop there. There are a few more ways you can use for that extra layer of security such as having an up-to-date antivirus and making sure that you regularly install operating system updates on your computer since most of these updates patch up existing vulnerabilities.