Four steps to protect your online bank account

Online banking has made it easier than ever to manage your bank account from anywhere in the world. While convenient, online banking doesn’t come without risks. Here are four steps to take to protect your account.

1. Create a strong password
Use a passphrase incorporating upper and lowercase letters, numbers, and special characters. Avoid using personal information, such as your name and date of birth, to ensure your password is difficult for hackers to guess.

Changing your online banking password every three to six months is a good idea to lower the odds of your pass¬word being stolen or decoded.

2. Don’t use public Wi-Fi
Avoid using online or mobile banking while connected to public Wi-Fi. If a hacker taps into the unsecured network, they can access your personal information, including your bank account login.

3. Enable two-factor authentication (2FA)
Two-factor authentication provides a second layer of security when logging into your online or mobile banking account. For example, you can choose to receive a one-time code via text message or an automated phone call to verify your identity. This makes it difficult for hackers to unlock your account.

4. Monitor your account regularly
Consult your bank statements and review your transactions weekly. If you notice anything amiss, contact your bank immediately. If possible, sign up to receive notifications from your bank that instantly alert you of suspicious activity.

Although online banking can potentially lead to hacking and fraudulent charges, the above practices will help you stay safe.