Keeping Your Digital Banking Information Safe
As technology advances, digital banking is becoming the preferred method of banking for many people across the country. Having access to all of your banking needs at your fingertips has proven to be easy and convenient for most users. Just like with normal banking, we want to ensure that you are keeping your information secure and out of the hands of potential scammers. What steps can you take to make sure that you and your digital banking information are safe from compromise?
Public Wi-Fi
The great thing about digital banking is the fact that you can take it everywhere you go as long as you have a mobile device to log in to. Suppose you’re sitting in your local coffee shop and needed to use their public Wi-Fi in order to access your account through Digital Banking. While public Wi-Fi can be convenient, it is not always secure. You have no way of knowing who can see what you are sending online or who can obtain access to your information. Consider using your cellular data or a virtual private network (VPN) when logging into Digital Banking in public. If you do choose to go the route of public Wi-Fi, be sure that the address on your browser starts with “https.” The “s” signals that the page is secure and will better protect your information from the public eye.
Establishing Passcodes
The great thing about smart devices is the ability to set a passcode or pin in order to keep your mobile device secure. Some devices even offer facial or fingerprint recognition in order to unlock the device. You can also establish settings for your device to automatically lock after a certain time of inactivity. Taking these measures can protect your digital banking information should you misplace your phone or leave it unattended for an extended amount of time.
Secure Passwords
Establishing a strong password is the first step in making sure that your digital banking information stays secure. It’s important to regularly change your passwords and never reuse the same one twice. If for any reason someone were to gain access to your password, changing it regularly can stop them from causing further damage and compromising your account. We recommend using password combinations that are more difficult and not as easy to guess. Try using a mix of uppercase and lowercase letters, numbers, and even symbols. The more complex the password is, the harder it will be to crack. Don’t use personal information such as a pet’s name or your birthday. This information is easy to guess and most hackers will be able to access your account with ease. Never write down your passwords to your Digital Banking. This is also an easy way for your information to get stolen and your account to become compromised.
Enable Multi-Factor Authentication
Robins Financial offers multi-factor authentication options to help keep an extra layer of security on your account. If your financial institution has this option and you haven’t already taken advantage of it, we recommend you do so immediately. When you enable multi-factor authentication, your financial institution may text you a time-sensitive code known as a Secure Access Code (SAC). The SAC is a 6-digit code that will be sent to one of the registered phone numbers you have on file with your institution. You may also receive an automated phone call to verify your account before you are able to log in. Multi-factor authentication makes it much harder for fraudsters to access your account, since they would not only need to know your login ID and password, but they would also need access to the device that the SAC is sent to.
Set Up Text Alerts
In an effort to stay ahead of your account being compromised, we recommend that you enable text alerts to your device. We offer the option of eAlerts to notify you when certain activity takes place within your account. You can personalize these alerts to notify you when large transactions are made on your account or if your balance drops below a certain amount. These alerts will allow you to reach out to your financial institution immediately and protect your account from any further fraudulent activity.
Beware of Phishing Scams
One of the most common ways fraudsters attempt to gain access to your digital banking information is through phishing scams. Phishing scams can appear in a few different ways, but the most common of them is through email. You may receive an email that looks like it’s from your financial institution, telling you that you need to log into your account and update your information. You follow this link to what appears to be a legitimate website and input your login information. Unfortunately, this website turns out to be fraudulent and you have now given fraudsters your personal information which they can use to access your account. Remember, Robins Financial will never request sensitive information via email or text message. If you feel like you may be a victim of such a scam, contact your financial institution immediately.
At Robins Financial Credit Union, our mission is to enhance the financial well-being of our members and community. We honor this commitment by providing educational content to help you make the most of your finances. Read our other blog articles to help you gain the financial knowledge you need to succeed.