4 Simple Steps to Keep Your Bank Account Safe

African American couple compare paper statements to online bank account to check for fraud and financial discrepancies

Criminals are looking for accounts they can easily hack and information they can easily steal. Here are four easy steps you can take to help protect your account from thieves.

  1. Review Your Bank Statements

Whether you receive online or paper statements of your account’s activity, it is important to read them line by line. It may seem tedious and time-consuming, but thoroughly reviewing your statements will reveal discrepancies and charges that are not yours.

To help make sure you receive full fraud protection from your financial institution, Investopedia writer Michele Lerner advises checking your account every day or at least once a week.

2. Build Strong Passwords to Lock Your Account

A unique password acts as a deadbolt on your account. If your password is too hard to crack, a hacker will move on to another victim.

To build a strong password, you need to include elements such as a mix of upper and lowercase letters, special characters, and numbers, according to Forbes Contributor Rebecca Lake. Longer passwords that include a phrase are more secure than short passwords, and even though personal info like birthdates are easier to remember, it will weaken your password, she adds.

“Remember to update your online banking passwords regularly. Changing them every three to six months could help lower the odds of your password being stolen or decoded by hackers,” according to Lake.

If available from your financial institution, you can increase the security of your account with a two-factor authentication code, she adds. Although it is an extra step to take to access your account, it is a step worth taking to help keep your account safe.

3. Avoid Public Wi-Fi When Checking Your Accounts

Even though public Wi-Fi is a hot commodity, using public wireless access to check your account, manage or pay bills is a risky move, warns Lerner. Anytime you access your account for any reason, you need to use a wireless signal that is password-protected.

HTTPS and lock icon showing SSL certificate for safe online websiteFor times that Wi-Fi is your only connection to take care of business, The Balance writer Justin Pritchard recommends keeping your operating system running with updated software, disabling the “connect automatically” default on your smartphone or laptop, and installing and updating anti-virus programs. You will also want to heed warnings from your browser.

“When visiting secure sites, make sure that ‘https:’ appears in the address bar and look for the padlock icon,” says Pritchard. “If you get any warnings (such as untrusted certificates or similar) — especially unexpected warnings while using Wi-Fi away from home — wait until you’re on a secure network to access bank accounts.”

4. Opt-in to Bank Account Alerts and Notifications

Keeping your account safe is a group effort. If your financial institution offers them, it’s a good idea to sign up for bank account alerts and notifications. This way, your account is constantly monitored.

“The kinds of alerts you may want to set up include notifications for new credit and debit transactions, failed login alerts, password change alerts and outgoing wire transfer alerts,” advises Lake.

Keep Your Account Safe With Even More Tips From Beth Wente at Minster Bank’s Wagner’s IGA Location

These tips can help you manage and protect your bank account from criminals and thieves. For even more cybersecurity and identity protection tips, check out this interview we did with Beth Wente, the assistant branch manager at our Wagner’s IGA location.

In the interview, Beth gives even more tips on how to keep your account safe – and what to do if you think your account has been compromised.

>> Read More <<

 

 

Published by Minster Bank

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