7 Online Banking Safety Tips You Need To Know | Southern States Bank (2024)

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7 Online Banking Safety Tips You Need To Know | Southern States Bank? ›

Kyle Marchini, senior analyst in fraud management with research-based advisory firm Javelin Strategy & Research: "I give bank apps on mobile devices the edge when it comes to safety,” Marchini says. With computers, he says, it is easier to inadvertently download malware from hackers.

Kyle Marchini, senior analyst in fraud management with research-based advisory firm Javelin Strategy & Research: "I give bank apps on mobile devices the edge when it comes to safety,” Marchini says. With computers, he says, it is easier to inadvertently download malware from hackers.

To help you determine if a website belongs to an FDIC-insured bank, check the FDIC BankFind, a data resource on the FDIC website. You can look up banks by name or website address to verify whether they are a real FDIC-insured bank. Compare the bank name with the web address or URL.

The biggest risk of online banking is that someone could access your account by getting their hands on your username and password, hacking your account, exposing you to a virus, or using your debit or credit card to make a purchase. These risks exist for online and traditional banks offering online banking services.

What are the don'ts for online bank transactions? ›

Don't let any unauthorized person have access to your computer or leave the computer unattended while using Internet Banking Services. 3. Don't disclose/reveal your personal or confidential information to anyone over email/SMS/phone call.

Don't share your Debit / Credit cards with any one. Don't share your personal information like Debit card details/PIN/CVV/OTP/Card Expiry Date/UPI PIN, over phone mails/e mail/SMS to anyone even though some one pretending to be bank officials.

These risks are: Credit, Interest Rate, Liquidity, Price, Foreign Exchange, Transaction, Compliance, Strategic and Reputation.

The biggest risk of online banks is that someone will access your savings or checking account and steal your information and money. This typically happens when your account is hacked by cybercriminals who get your username and password.

A bank account is typically the safest place for your cash, since banks can be insured by the Federal Deposit Insurance Corp. up to $250,000 per depositor, per insured institution, per ownership category. Banks that are insured by the FDIC often say “Member FDIC” on their websites.

It is far harder for criminals to access your mobile network, and this can keep your banking data safer. If you have your device set up to automatically connect to nearby networks, you could be exposing yourself to several risks. You should never connect to a WiFi network unless you know you can trust the source.

Strong password practices serve as a foundation for bank account security. Keep your electronic devices up to date, use care when using public Wi-Fi, and avoid potentially suspicious ATMs. Regularly monitor your account activity and consider spreading your funds across multiple accounts for added protection.