5 ways to avoid online banking fraud

online banking fraud

Online Banking Fraud is a fraud or theft committed using online technology to illegally remove money from a bank account and/or transfer money to an account in a different bank. Fraudulent crimes are just as fast growing as the number of people who have so far embraced online banking. Thanks to this, many people have resorted to shunning away from this trend due to fear of losing their money.

However, there are means through which you can avoid being a victim of online banking fraud and these include;

1. Set strong passwords for your account:

Since many fields have taken on an online trend, this has become a cautionary move for nearly everything. This therefore does not exclude online banking where you must be very careful for the sake of your finances.

Ensure that while you are setting your password there’s a mixture of characters, include both uppercase and lower case letter, a few figured and some punctuation marks so that it is hard for strangers to figure out.

Also, don’t leave your password written on a sticky note or peace of paper on your desk since anyone can land on it and use it to your disadvantage. Instead, save your password with Google so that Incase you forget, google steps in for you.

2. Don’t access private information through WiFi:

Wifi centers usually attract a number of people who could also be the cybercriminals that are trying to get their hands on whatever it is you have lying in your bank account. Therefore don’t access private information using a WiFi spot.

Some of the private information could be your account details, instead of accessing your bank through a WiFi spot, wait to use a secure personal internet connection in order to probaby guard your finances.

3. Use two-factor authentication:

While setting up your account, in case the bank provides two-factor authentication or multiple-factor authentication, it is advisable to use it so as to further boost the security of your online account.

Upon the usage of two-factor authentication, you will be asked for the usual username and password, additionally security shall be added so as to ensure further security and limit on chances of being hacked.

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4. Signup for bank alerts:

As an online bank customer, it is also important to sign up for bank alerts. Once you have those in place, in case of any transactions such as withdraws or deposits on your account, you will receive a notification or an alert indicating that something is not fine then you can follow the right means to safeguard your finances.

5. Watch out for the financial apps you download:

While downloading a financial app, it is important to do a background check and evaluate whether the app is in deed authentic, if other people have used the app and if it has confirmed to be a good app.

Using apps which are fake endangers your account as it easily exposes your money to fraudsters. Additionally, who run an application and can always steal from you at anytime. Make sure the application you download is authentic.

Finally, we continue to urge you to always check in for content updates.

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