It’s easier than ever to manage your bank account from wherever you are—whether binge-watching your favorite TV show from the couch or waiting in line at the grocery store. Online and mobile banking have many advantages, from helping you deposit a check to making a bill payment. So how can you protect your bank account from fraud, scams and identity theft? If you take these steps, you can help enhance your bank account security and bank online with confidence.
1. Use unique passwords for every account
You probably know that having a strong password is important. But as you work to protect your bank account from hackers, one password, no matter how strong it is, may not cut it.
If you use the same password for multiple accounts, all of them are in potential jeopardy, says Weisman. If a hacker uncovers the one password, that can make it easier for them to access your other accounts. This can potentially include bank accounts with your sensitive financial or payment information.
2. Leverage two-factor authentication
As you work to protect your bank account from fraud, two layers of defense are better than one. That’s where two-factor authentication comes in. With this method, you’ll need your password and another proof of identity like a one-time code sent to your phone in order to log in to an account. If hackers get a hold of your bank account login credentials, it would be difficult for them to log in without your second verification.
In some cases, two-factor authentication will only be activated for certain actions to protect your bank account from hackers. For example, Discover offers Enhanced Account Verification as an additional layer of security. This may be activated when you’re logging in to your account from an unfamiliar device or when you’re making updates to your personal information.
3. Be cautious of public Wi-Fi
From your favorite coffee shop to your local library, public Wi-Fi is available all over. But are public Wi-Fi networks safe to use? Weisman says it depends on what you’re doing online.
If you’re browsing the news or reading blog posts, it’s probably fine, he says. If you’re doing anything that requires login information, such as signing in to your online bank account, it’s best to avoid such activity, he adds. Why? When you use public Wi-Fi, the open connection could allow cybercriminals to potentially grab your username and password as they pass between you and your bank website, Weisman explains.
Some banks, including Discover, allow customers to use a fingerprint login to safely and securely access their account on their smartphone. This is a form of biometrics, which uses physical characteristics to identify you. Biometrics can help you protect your bank account from hackers because your fingerprint (or face, in the case of facial recognition technology) can’t be forgotten or stolen like a character password.
4. Update and patch your software regularly
If you ignore those pesky software update notifications that pop up on your devices, you may want to reconsider. You could be putting yourself at risk if your device isn’t updated. That’s because hackers search for security holes in systems, Grossman says.
In addition to keeping your software up to date, remember to patch it on a regular basis. A patch is software that provides codes to cover any security holes. Software updates often include patches, so it’s possible you’ll be automatically notified when they are available. If not, you can always check your device for patches to download.
5. Install ad blockers
If the ads on your screen seem too good to be true, they might be—even when you’re on a legitimate website. Malvertising, where cybercriminals create ads infected with malicious codes, is another scam that can leave your bank account exposed.
How does malvertising work? Maybe you see an ad offering a free program. Once you click on the infected ad, malware may be downloaded to your device that can potentially steal information about your identity, Weisman says. In some cases, loading the webpage with the corrupted ad is enough to trigger an attack.
6. Utilize features and tools provided by your bank
As you work to protect your bank account from fraud, take time to research the security measures your bank has put into place. When you maximize the security features your bank provides, it’s easier to keep your sensitive information safe. For instance, Discover offers secure online and mobile banking that encrypts all personal and account information.
Some banks, including Discover, allow customers to use a fingerprint login to safely and securely access their account on their smartphone. This is a form of biometrics, which uses physical characteristics to identify you. Biometrics can help you protect your bank account from hackers because your fingerprint (or face, in the case of facial recognition technology) can’t be forgotten or stolen like a character password.