You might feel helpless when it comes to the amount of cyber fraud around the world, but you play an important role in protecting and safeguarding your digital systems and accounts. Here are some easy tips to help you stay safer when you’re banking online. They’re also helpful reminders that can apply to your other online activities as well!
How to Bank Online Safely
Banking online or on a mobile banking app is one of today’s nicest conveniences. You can view your account balance 24/7, pay bills, send transfers, and more. But how safe is it? Most credit unions and banks offer robust security you can feel great about. But there are steps you can take to make banking even safer.
Use Strong Security Questions
When using a service like Interac e-Transfer®, you’re instructed to create security questions when sending money that only the recipient will know. It’s tempting to choose a general question like “What country do you live in?”, but this can have security repercussions. Ensure that your security questions are difficult to guess. Avoid answers that can easily be found online or through your social media pages, for example, your pet's name, or your favourite vacation destination. Never send the answer to the security question in the message you add to the transfer.
Use a Secure Internet Connection
Stay clear of public Wi-Fi, especially if you’re logging into any accounts with private or sensitive information, like your bank account.
Use Strong, Complex Passwords
A strong password is critical to protecting your online accounts. Passwords are often the first defense against cyber criminals. They protect personal information, like your bank accounts, health data, or private documents from falling into the wrong hands.
Use One-Time Passwords (OTP), Two-Factor, or Multifactor authentication
Whenever possible enable the One-Time Password, Two-Factor, or Multifactor authentication features for online accounts. Enabling OTP, two or multifactor authentication adds an extra layer of security because you verify your identity in two or more ways: a strong password and either a numeric code or some sort of biometric like a fingerprint.
Update Contact Information
Ensure that you let your credit union or bank know when your contact information changes. (i.e. phone number, address, etc.). That way, any personal financial information they may share with you doesn’t fall into the wrong hands.
Try Banking Alerts
Signing up for banking alerts can be an early detection method for cybercrime. You can receive alerts by text or email for any number of online banking activities. For example, when there are failed attempts to log into your account or when your balance falls below $100, you’ll receive a notification.
Log Out of Your Session
When you are finished with your banking session (or any online session), always log out by clicking the "Log Out" button, as opposed to simply closing the web browser or mobile application window. To help protect your information, most online banking sessions will end automatically if there has been no activity for a specified amount of time. If your session has timed out, no further transactions can be made until you log in again. This time-out feature helps protect your accounts from unauthorized access if your PC is left unattended or if you have forgotten to log out.
Autodeposit for Interac e-Transfer®
With Interac e-Transfer Autodeposit, there’s no need to log into your digital banking or answer a security question to receive a transfer. Once you register your email or mobile phone number, anytime someone sends you money, the funds will be automatically deposited into the specified account. This service eliminates the need for a security question and answer for every transaction, lessening the risk that someone unintended could intercept the funds.
Computer Security
You may be abiding by some of the tips discussed above, but you also need to ensure the devices you’re using are safe. Keeping your computer up-to-date and virus-free will ensure a safer experience.
Operating Systems
Your computer's operating system needs to be up to date to defend itself from viruses and malicious software (malware). If one part of your operating system develops a virus, it leaves holes in your PC's security defenses and compromises the safety of the information contained in your computer. Keeping your software up to date is one of the most important ways of staying safe online because it is much harder for viruses to infect an updated operating system and software. Hackers are targeting operating systems with new viruses all the time and software companies combat these efforts with security patches. You should always download the latest security patch as soon as it becomes available.
Your operating system lets you know when updates are available by notifying you there are new security features to download. You can also upgrade your operating system to the latest version available from the manufacturer; however, you should ensure your computer has sufficient hardware capacity to support an upgrade.
Remember to back up your data. To fully eliminate a virus that has infected your machine, the re-installation of your operating system may be required. Protect yourself against the permanent loss of important data by frequently backing up your files on an external hard drive so you'll have the data should you ever have a problem with your operating system.
Web Browsers
Web browsers are the gateways to the Internet. Like having an up-to-date operating system, upgraded browsers provide more features, stability, and security. Whether you use Internet Explorer, Firefox, Safari, Chrome, or something else, stay safe online by using the latest available version.
The latest versions of web browsers have security features that can identify and block harmful website pop-ups and warn you if a site is unsafe. Some browsers also have a feature which conceals your browsing history from others.
It’s always best to update your browser as soon as possible and check for updates monthly.
Antivirus Software
Verify if an antivirus software is installed on your computer. Also check to make sure that the software is updated on a weekly basis.
Firewalls
A firewall protects your computer and home network from harmful websites and hackers. It sits between your computer and the Internet, scanning information that is being transmitted. It allows for safe browsing, while blocking unauthorized intrusions. Even though you may think you have no information of value on your PC, firewalls also stop your computer from being used by hackers to send malicious software to other computers.
Most computers now come with a firewall as part of the standard operating system. However, you can get the maximum protection for your computer by installing additional firewalls and ensuring they are kept up to date.
Protecting Your Smartphone
Browsing the web has never been easier – it's all at your fingertips. Smartphones let you surf, shop, or bank wherever you are. Make sure your information stays secure while you're on the move by following these smartphone-safe browsing tips:
- Activate your phone's password feature, which locks the screen and prevents anyone but you from accessing your phone. Set up the password feature on your phone with a code that only you know.
- Don't connect to unknown networks through Wi-Fi hotspots to make financial transactions.
- Beware of smishing – that's phishing on phones through text messages. Never download media or images or click on text-message links that come from unrecognizable people or phone numbers. Never provide personal details or any account details using any form of electronic messaging because this is not a secure form of communication. If you are unsure about a message it appears we have sent you, please contact us.
- Download apps exclusively from the official source for your smartphone's platform, such as the Android or Apple stores.
- Install antivirus software for your smartphone when available and update it frequently.
- Install location finding applications, which work with your phone's built-in GPS. These applications allow you to locate and/or remotely erase (or "wipe") data in your phone if it is lost or stolen.
- Update your smartphone's operating system as soon as newer versions are available.
And as always, if you have any questions about security or fraud prevention, you can also give us a call at 1.866.446.7001 and we’d be happy to help you.