Best Practices For Online Banking Security (2024)

FAQs

What is the best security for online banking? ›

Create a "strong" password with at least 8 characters that includes a combination of mixed case letters and numbers. Change your password frequently. Never share username and password information with third-party providers. Avoid using an automatic login feature that saves usernames and passwords.

According to some data-protection experts, banking with a smartphone via an official mobile app provides more security than a computer. That's because computers make it easier for users to inadvertently download malware.

Virtual Private Networks (VPNs) are used to create a secure connection between two or more computers over the internet.

Installing antivirus software is one way you can reduce the risk of fraud and increase security. A firewall acts like a barrier and prevents potentially malicious software from accessing your device and the personal, sensitive and financial information stored in it.

The OCC has defined nine categories of risk for bank supervision purposes. These risks are: Credit, Interest Rate, Liquidity, Price, Foreign Exchange, Transaction, Compliance, Strategic and Reputation.

What are the don'ts for online bank transactions? ›

Never click on a link from an e-mail you get. Be Secure: Keep your operating system and browser up-to-date with the latest security patches. Install these only from a trusted website. Keep your passwords, Personal Identification Number (PIN) and card numbers confidential.

This includes, for example, protecting data and communications with encryption, and using multifactor authentication, security alerts, and automatic logouts as standard features to ensure online bank security.

The risks of online banks

The biggest risk of online banks is that someone will access your savings or checking account and steal your information and money. This typically happens when your account is hacked by cybercriminals who get your username and password.

Yes, it is safe to use a VPN for online banking. In fact, online banking with a VPN is safer than without it. A virtual private network does not compromise your data and protects it when you bank over public Wi-Fi or through a home network.