Whether you keep your money in a traditional savings account or use your bank account for daily spending, it’s important to protect your money from theft. That’s why all financial institutions offer different security features and services, like account alerts, password requirements, and more. However, not all of these security features are created equal. Some are better than others at securing your money from unwanted access. Today we'll explore some of the most secure ways to access your banking accounts while minimizing risk as much as possible. Keep reading to learn more about the pros and cons of each option along with recommendations for which security feature is right for you.
How To Securely Access Your Account
Before you can start protecting your online banking security, you’ll need some way of logging into your account. The simplest way to do this is to create an online account using your existing email address. Most online banks allow you to link your existing account and create a new account using your existing login credentials. This way, you can keep all your finances in one place and simplify your life. Online banking accounts also tend to be cheaper than in-person options like the bank’s local branch or drive-up ATM. When it comes to online banking security, there are a few key features to look out for. - Multi-factor authentication: Multi-factor authentication is the practice of requiring additional pieces of information with every login, like a password and something you have, like your phone. While having just a password may be easy to remember, they can be easily stolen by cybercriminals who use brute force attacks. With multi-factor authentication, you can add an extra layer of security with something you have, like your phone, which can act as a secondary form of verification. - Security questions: Besides your username and password, most online banks ask additional security questions such as your mother’s maiden name, your hometown, and more. This personal information helps to protect your account from cybercriminals who try to guess common answers to account security questions. This information is helpful for protecting your account from fraudulent activity, and also from a situation where a family member might try to gain access to your account. - Two-factor authentication: If you’re really concerned about account security, consider enabling two-factor authentication (2FA). In addition to a password and what you have, 2FA requires you to also enter an additional code sent to your phone. This helps you to protect your account from unauthorized access, as your phone can’t be hacked or stolen and used to obtain the additional code.
Online Banking
Online banking services have been around for nearly a century and have become an essential part of everyday life. Online banking allows you to access your funds, make transfers between your accounts, and manage your spending. It also offers many additional security features and benefits, like mobile app notifications, transaction history, and more. These security features can make online banking an especially appealing option for those who prefer to manage their finances from the comfort of their own home. However, before choosing an online banking service, it’s important to understand how different services implement security. - Anti-malware: A key way to protect your online banking security is through the use of anti-malware. Anti-malware monitors your computer for known malicious software, such as viruses and other software that might try to steal your information. Typically, this software is built into online banking websites. This way, malicious software can’t install itself on your computer and try to steal your information. - Password length: A longer password is not necessarily more secure. In fact, some research has shown that people who use passwords with eight characters or more are more likely to have their accounts compromised. This is because longer passwords are generally more difficult to remember, which can lead to mistakes, like writing down passwords or sharing them with others.
Mobile Banking
Another great way to protect your online banking security is by accessing your account via mobile app. Mobile banking apps allow you to securely access your funds, track your spending, and even access your account from any computer with an internet connection. To use mobile banking, you’ll need to download the app from the app store and sign up for an account. From there, you can set up an account with the app and log in to access your funds. Mobile banking apps also offer additional security features related to account protection, like the ability to set up a pin code or lock screen pattern to help you protect your account. Additionally, many mobile banking apps offer useful features like cash wallet, which allows you to easily transfer money between accounts.
Face-to-Face Authentication
If you already use a bank’s face-to-face authentication service, it may be worth switching to an online-only account. Many banks will offer one or both of these options when you open an account. Most commonly, customers are required to undergo a face-to-face ID verification when opening a new account. Some financial institutions, like Wells Fargo, offer a way to drop this requirement after a certain number of logins. It’s also important to understand the risks of each of these security services. While some face-to-face authentication passwords are longer, others include easy-to-memorize sequences of letters, numbers, and symbols. Depending on the security feature of your chosen online service, you may be able to access your account without an authentic ID and simply reset your password.
Bitziman® Deposit Boxes and Proxies
If you’re ready to go even further to protect your online banking security, consider a deposit box or proxy. These security features provide the highest level of account protection by storing your funds in a secure location, like a bank vault, while you access them through your online account. Deposit boxes and proxies can be especially helpful if you have a long and complicated password or if you’re concerned about your account being hacked. The most common type of deposit box is a lockbox, which is like a regular bank account with a key. Typically, to access your funds, you simply get a key and open the box. These types of boxes typically cost between $100 and $300 per year and do not require any monthly fees, unlike many online security features.
Final Word
Keeping your money safe is one of the most important things you can do for your family’s finances. The best way to do this is by using the most secure online banking services and mobile apps. Along with these best practices, it’s also important to regularly update your software, keep your computer virus-free, and remember to use two-factor authentication whenever possible.
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