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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Banking

    Posted By Wanda Rich

    Posted on February 19, 2024

    Featured image for article about Banking

    Online banking security: How to protect your information

    Managing your finances is incredibly straightforward thanks to the innovations in digital banking, encompassing both online and mobile platforms. These technologies allow you the flexibility to take care of monetary transactions such as paying bills, depositing checks, and transferring funds on the go. Their unmatched convenience has cemented online and mobile banking as the go-to methods for financial management, with a substantial78% of Americans expressing a preference for these digital options.

    However, questions linger about the security of online and mobile banking platforms and the safety of users’ sensitive information within them.

    It’s important to acknowledge that while trustworthy financial institutions are at the forefront of implementing robust security protocols to protect clients’ data, there still remains a proactive role for customers. Taking personal security measures is crucial in bolstering your defense against potential cyber threats, ensuring your financial and personal information remains secure.

    Online Banking Security Tips

    #1 Change Passwords Regularly

    Regularly updating your passwords is a critical step in protecting your online accounts from unauthorized access, ideally every three to four months. This practice narrows the window of opportunity for cyber intruders who may have obtained your credentials. If you find the task of coming up with new passwords daunting, consider using a password generator. Tools like TeamPassword’s generator produce secure, random passwords, streamlining the process significantly. Establishing robust and distinct passwords for each of your accounts serves as the foremost defense against potential cyber threats.

    #2 Provide Only Basic Information to Buyers

    If you have a business, of any size, you have to give customers your details. This customer data does not pose a threat to your business but does not reveal anything unnecessary, including your identity.

    By the way, you can change your location for security reasons or to expand your reach on Facebook Marketplace. For this purpose, VPN for business is actively used. Considering that only regional offers are available in the marketplace, changing the region is the only solution. If you’re looking for a more specific tool, take a look at VeePN.com and its VPN service. It has 2500+ VPN servers and a ton of security features that allow you to safely and easily change regions. VPN also protects your information from everyone: ISPs, hackers, large corporations, etc.

    #3 Enable Two-factor Authentication

    Take advantage of multi-factor authentication if it’s available through your bank or credit union. This security measure, also known as two-factor authentication, layers an additional safeguard by requiring two separate types of verification before granting access—typically your password combined with a numeric code received via text message or email, ensuring safer login sessions.

    #4 Avoid Public Wi-Fi

    While the prospect of managing your finances, like depositing checks or transferring funds, from the comfort of a cozy café might seem appealing, it’s important to consider the safety risks. Savvy hackers could potentially intercept your data from just a few seats away. Mistakenly connecting to a fraudulent Wi-Fi network can also leave your device vulnerable to malicious software attacks. In situations where you have no alternative but to use a public Wi-Fi connection, take precautions: look for “https” in the website’s URL to ensure a secure link, or set up a VPN on your mobile device or laptop for an extra layer of protection.

    #5 Be Wary of Phishing Scams

    Phishing ranks as one of the most prevalent tactics deployed by identity thieves to obtain sensitive personal and financial data. Typically, this fraud involves deceptive techniques aimed at extracting your confidential details.

    Various guises of phishing scams exist, though they often manifest in the form of deceptive emails or text messages. Take, for instance, receiving an email that bears a striking resemblance to official communication from your financial institution, prompting you to sign into your banking portal to submit updated personal details.

    Upon clicking the provided hyperlink, you’re led to believe you’re accessing a legitimate website; however, it’s a counterfeit façade. Alternatively, engaging with the link may inadvertently install malicious tracking software on your device, thereby enabling thieves to record your keystrokes and steal your credentials.

    In either scenario, your login information is compromised, albeit unbeknownst to you. Hence, it’s vital to approach emails requesting your financial or private data with heightened vigilance and discernment.

    #6 Choose Reliable Financial Services

    While fintech applications, such as those for mobile banking, are convenient for financial transactions like managing bank accounts, paying bills, transferring funds, and making purchases, their security levels vary.

    Prioritize security when selecting a mobile banking application by ensuring you’re using a legitimate app from your bank. The safest route to download is directly through your bank’s website. Should you choose to download from the App Store or Google Play, take a moment to confirm the authenticity of the app by examining the listed developer’s information and browsing through user feedback.

    Exercise caution when deciding to share your online and mobile banking credentials with any third-party applications, particularly budgeting tools that require such information to synchronize and summarize your financial status. This could expose your sensitive data to potential vulnerabilities.

    Conclusion

    Experience the ease and empowerment of managing your finances with online banking. Enhance your financial security by taking charge and safeguarding your sensitive banking data. By staying vigilant, you greatly reduce the chances of unauthorized access to your personal information.

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