Just a few years ago, people used to physically go to banks to take care of their personal finances like transferring funds, paying bills, or check their balance. Nowadays, because of the rise of online and mobile banking, our errands are completed by just a few taps on our smartphones. Tuition payments? No need to wait in long lines! Pay online without the hassle. Bunso needs money for a field trip? Transfer money to their account in seconds!
While this is certainly convenient, issues like hacking and phishing threaten the safety of our online personal finance accounts. Don’t worry! Here are tips that you can follow to protect your online accounts and information.
Only use secure and private networks
Public wifi is free and easily accessible, but you should refrain from logging in to your online accounts using public wifi! These networks are often not secured, making them easy targets for hackers. Make sure that you reserve your online banking transactions when you are connected to your home wifi.
Change passwords regularly
Just like your ATM PIN, your online passwords must be changed regularly. Some banking websites will prompt you to change your passwords every 90 days or so. Make sure to use strong passwords that combine uppercase and lowercase letters, numbers, and special characters.
Your online accounts will give you the option to receive text or email notifications. Make the most out of this! Update your email address and mobile number and sign up for alerts. This way, you will be alerted of any suspicious activity or potential fraud involving your account.
Activate your OTP
OTP or one-time pin or password is a unique character code that can only be used once. The OTP is usually sent to your mobile phone and you are required to input the OTP to complete your transaction. Your online accounts should have this option, so go ahead and enable this feature.
Beware of phishing emails and texts
Phishing scams are attempts to obtain information such as usernames, passwords, bank account details, and credit card numbers. Remember that your bank will never call, text, or email you to ask for your banking information. If you get calls or messages like this, report them to your bank’s customer care hotline right away.
Keep your device safe
Keep in mind that a lot of your private data, including your personal finance information can be accessed through your devices. It is important to safeguard your device at all times. Protect your phone or laptop with a PIN, password, or fingerprint. Familiarize yourself on how to wipe data from your device remotely, in case it gets lost or stolen.
Technology has given us creative and convenient solutions to our banking needs. For a safe banking experience, treat your online accounts as you would your traditional ones: never share sensitive information and always monitor your accounts. Remember that being financially literate also means being able to safekeep your online assets. So, when teaching your children about financial literacy, take the time to also discuss online safety and security. For more tips on how you and your family can be financially smart, visit Parent Portal at Edukasyon.ph!