The banking industry is one of the many industries that have had a paradigm shift in the way it does its daily operations, thanks to modern technology. As we speak, online banking has become the new normal, and everyone wants to have control of his or her account from the comfort of his or her home. Although this has come with its advantages, it has introduced many bank accounts to many vulnerabilities, such as account hacking. After years of hard work and sacrifice, all your earnings can disappear overnight. Better still, all your business savings can be wiped off within a click of a button. This is the reason why you should optimize the security of your bank account. In this article, we shall take a closer look at how one can secure his or her bank account and other related ideas.
Reasons Why Your Bank Account Was Hacked
If your bank account has ever been hacked, here are some reasons that could have made you a victim of fraud. These include:
1. You utilized a WiFi service whose password was not protected.
If you live in an urban area, chances are that you visit coffee shops to catch up with friends and family relatives. The good news is that most coffee shops have an internet connection that is free to use.
If you use this internet to access your bank account for online money transfers, the chances of it being hacked are very high. After all, hackers like using unsecured networks as they are easy to access. Besides this, such networks provide them with several people to steal information from.
2. You are fond of using ATMs in sketchy locations
Have you used card skimmers in the past? You will note that these devices are usually placed at ATMs or other locations where you are likely to swipe your credit or debit card to withdraw money or make payments.
Hackers usually use this device to steal vital details about your bank account. In case you suspect that the card reader has a skimmer on it, try to jiggle the card reader to ensure that it is securely attached to the machine. Some of the common places where you will find these devices are gas stations, stand-alone ATMs, restaurants, and so forth.
3. You shopped at a retailer whose data was breached by hackers
If your retailer of choice has had his or her data corrupted or breached, the chances of being a victim of such circumstances are very high. Such is usually the case whenever you do your shopping at that shopping outlet.
Although you may not be an immediate victim of fraud, be sure that it will certainly occur to you. Therefore, you should stay up-to-date on the latest news to know the retail shops that might have had their data breached.
4. You opened an internet link through a text from an unknown number
Hackers can also acquire your number online and then send you a fake text with a web link that claims to offer lucrative deals or bargains. Once you open the link, they will be able to access your information on the other hand and can use it to hack your bank account.
10 Best Ways to Secure Your Bank Account From Hackers
Since we have established the various reasons why a hacker may have had access to your account, time is ripe for you to know how you can secure your bank account from fraud and other cybercrimes.
1. Always use a unique password for your bank accounts
The importance of using strong passwords cannot be overemphasized. Ideally, you should set a strong password for your bank accounts. If you have multiple bank accounts, you should not set the same password for all of them.
By doing so, you will make the bank accounts vulnerable to hacking. If a hacker gets to know one of your passwords, he or she can use it to access other accounts. Therefore, you should always ensure that your bank accounts have unique passwords that are hard to guess.
2. Enable a 2-factor authentication
Besides using strong and unique passwords, you should enable a 2-factor authentication so that hackers can have a hard time accessing your bank account. Unlike other methods, this method works magic.
Here, you will not only need a password, biometric login such as a facial scan or fingerprint to access your account but also a one-time code, which can always be sent to your phone so that you can type in. Even if the hacker knows your password, it will be difficult to assess your account as he will not have access to your mobile phone.
2. Avoid Wi-Fi networks that are not password protected
If you are a frequent visitor to public places such as coffee shops and libraries, you should avoid using the Wi-Fi network present to access your bank accounts online. By doing so, you will expose yourself to a higher risk. If possible, try to access your bank account using a home network as hackers can hardly access it.
4. Invest in an encryption software
As we speak, encryption software has become widely accessible and affordable. The good news is that this software usually encrypts both the activity and data on your computer. Consequently, it will be challenging for a hacker to access any of your vital details.
5. Get creative with security questions
Once you forget your account’s password, chances are that you will be asked to answer several security questions. Hackers will undergo the same process once they try to access your account remotely. If a hacker reaches this stage, he or she should not have an easy time answering the security questions.
Ideally, you should be creative with the answers you set for these questions. By doing so, you will be able to avert identity theft. For instance, if a security question asks, ‘where were you born?’ the answer should not be obvious. A good answer can be ‘onion’ or ‘grapes’. A hacker can hardly guess such an answer, and this will go a long way in securing your bank account.
6. Keep an eye on your bank statements
Most banks usually send bank statements to members now and then. The moment you receive the bank statement, review it carefully. Once you notice that a certain transaction looks unusual, do not hesitate to contact your bank immediately. Chances are that someone might have had access to your bank account.
In addition, if you get a push notification from your credit card company, you should not ignore them. In most cases, these companies usually send push notifications to your mobile device or tablet in case something looks fishy or suspicious during a purchase.
For instance, if a large amount has been charged in a certain retail store, different from the retail stores that you are used to, you will get this notification on the go. Here, you will be asked to confirm whether you are the one who made the purchase or not.
7. Ensure that you update and patch your software every now and then
Modern tech devices such as smartphones, tablets, and laptops need to get updated every now and then. By updating your device, you will be able to optimize the security of your device’s data.
This is because hackers take advantage of the security loopholes in systems that are not up-to-date. Therefore, once you get that pesky software update notification, do not ignore it but rather consider it immediately.
Apart from updating your device, ensure that you patch it regularly. Simply put, a patch is software that offers codes that seal all the security loopholes your device might have. You can get this software online from reliable sites and can help you keep your device’s data safe all the time. Consequently, you will be able to prevent bank account hacking by a large margin.
8. Install ad blockers
Although some ads can be helpful, others are too good to be true. Even if you visited a genuine website, be careful before you click any ad you see on your screen. Nowadays, cybercriminals create ads that have malicious codes that can expose your bank account.
In most cases, these ads offer free programs, among other goodies. Once you click them, malware will be downloaded to your device and can corrupt and steal vital information about yourself. Installing ad blockers can help keep these ads at bay.
9. Utilize the security features provided by your bank
Different banks usually have different security features. To prevent your bank account from any form of fraud, you should take advantage of the existing security measures your bank has put in place. By doing so, you will keep sensitive information safe, and thus hackers will not be able to access your account.
10. Be careful of phishing scams
Phishing is a common method that scammers use in order to gain access to someone’s bank account. Here, you will be prompted to give your personal financial information so that your data can be updated. Once you give your personal financial information, the scammer takes advantage of that and uses it to hack your bank account.
In most cases, phishing scams come in the form of emails and links. Be careful whenever you receive an email that looks different from ordinary emails. Also, do not be quick to click any link that tells you to log in using your bank account details.
Finally, if you receive a call from a person asking you about your banking information, be hesitant to shed more information. In most cases, a bank will contact you using their official number. Better still, the bank will inform you to visit the nearest branch so that you can update a few details, here and there.
Final words
The ordeal of having your bank account hacked is the last thing you ever wish to experience. If this happens, all your savings may go down the drain. In addition, you may have a difficult time accessing your account like you are used to. To avert all these inconveniences, you should consider the ideas we have mentioned above so that your account can remain safe. This will not only secure your bank account but also secure your money.