Before the emergence of smartphones, we had to go physically to the bank for any service. The advent of the internet and later on internet banking changed our perception of banking. The smartphone and other IoT devices came into the scene, which also made banking possible with a few clicks.
Banking apps were created, and our visits to the bank became almost non-existent. There are many benefits of banking online, including 24-hour convenience. However, with these advancements came threats from cybercriminals. The risks that come with online banking include:
1) Phishing
If you have a banking account that you run online, you are likely to encounter phishing scams. This scam involves tricking the victim into clicking on a link sent in an email. Once you click on the link, it downloads malicious software to your computer, phone, or tablet. This software is used to steal your data, such as passwords and usernames.
The email link might also redirect you to a legitimate-looking website. The website goes ahead and asks for personal details that the hackers can use to hack into your other accounts, such as email and social media accounts.
2) Identity Theft
The hackers might not steal your money, but they can still compromise your account details in identity theft. This includes all your identifying information, such as your social security number. This data might be easily used to compromise any other account you might have.
3) Keylogging
If you have a habit of accessing your banking site via public Wi-Fi, chances are, you might become a Keylogging victim. Keylogging is a technique where a software records every keystroke on your laptop or phone. This gives the hacker access to all your accounts.
Solutions:
To avoid these online risks, beef up your overall internet banking security with the following precautions:
1) Do not click on email links
If you receive an email purporting to be from your banker, do not click on it. Instead, open your browser and go to the bank’s legitimate site.
2) Protect your computer or phone
To prevent hackers from gaining access to your data, consider downloading a VPN to encrypt your device. A Virtual Private Network (VPN) creates a secure tunnel between your device and the internet. It hides your IP address and masks your location, allowing you to browse anonymously. Also consider using other security tools like firewalls and antivirus software. Remember to update them regularly.
3) Use strong passwords
When choosing a password, refrain from using familiar and easy to guess passwords such as pet names, birthdays, etc. Choose a password that has a mix of upper, lowercase, numbers, and special characters. Also, use the two-factor authentication process, which requires you to use a unique passcode in addition to your password. The passcode can be sent to a smartphone that only you have access to
4) Always lock your computer screen
If you are using your computer at work or in a public setting, never leave your computer screen idle for long periods. If you have to step away, either log out or lock the screen.
5) Do not use flash-drives that don’t belong to you
One trick hackers use to leave a flash drive lying around, especially in offices. Curiosity will often see most people insert the drive in their computer to check what it contains. Never use an unknown flash drive. It could be a ploy to get malicious software into your computer.
Conclusion
As much as technology has made things easier for us, we must always ensure protection. Hackers often rely on our complacency to hack into our accounts.
Never take anything for granted, and nothing is ever a coincidence. Question everything and be extra vigilant when it comes to your data. Do not click on links, no matter how legit they look. Hackers keep devising new ways to get your data. Be vigilant!
