The issue of online banking and the security it offers to clients has been a regular cause for concern since it was first introduced. With never-ending advances in technology, it was only natural that the world of banking would make its way online too, and the ease of use it offered has meant this choice of banking has flourished. But just like any online medium, security is always a concern, and is particularly important when it comes to the safety of your finances. So how safe is the online banking environment, and do you trust it?
Today, practically everything is conducted in a virtual or online space, including banking. Coming to terms with how much you trust your online banking system is a big step for anyone, particularly if they don’t understand how the system works. A great way to develop trust with an online bank is to do some research into how upfront they are about looking after your security needs. Many established financial institutions such as Heritage Bank provide clients with information on how their online and mobile security features work to put your mind at ease. At the very minimum, online banking apps should have gone through extensive mobile application security testing (mast) to make sure that they were safe to use before they were released into the world, but security is not something that ends once an application is released out into the world – it is something that requires constant monitoring and upgrades to make sure that users, and their data, are safe at all times.
A great way to determine if an online banking system is trustworthy is by assessing how much information it offers to its clients through a website, and how easy it is to seek assistance if you run into any problems. An online bank still has to put its clients first, even if face-to-face contact isn’t part of the agreement. Trustworthy online banks should provide easy access to email, phone or online chat options, and keep their clients informed of any security alerts or breaches.
Change Your Password
Changing your password regularly is not necessarily a sign that you don’t trust online banking, but more a display of healthy caution. Changing your password regularly is key to maintaining the security of your online banking environment, as is the style of password you choose. Never include your name or obvious dates of significance, and alternate letters with numbers, characters, and capitalisation. Keep it as random as possible.
Regularly Check your Account
Keeping an eye on your online account will not only banish any fears of theft, but it will help you stay on top of your finances. Aim to log-in at least once a week, check your balance and browse through recent purchases. Don’t be alarmed by unfamiliar transaction names – some businesses will appear under different names. If you have any queries, now is the time to trust in your banking provider and give them a call.
As technology and its hold only tightens further, there is no escaping the online world. Although it might be an unnerving thought to place your trust in digital financing, it is proving to be a much faster and efficient way to control your money. There is no going back now, but if you still feel unsure about the whole process, always talk to a professional who will explain everything to you in detail.
What are your biggest hesitations when it comes to online banking? Discuss your answers below