As the digital world continues to grow and change, so does the use of online banking. On a monthly basis, 73% of people utilize mobile or online banking services.
Unfortunately, if an online banking user is unaware of proper online banking etiquette and security, they could be at risk for account breaches. Read on to learn the five common online banking mistakes and how to avoid them.
1. Weak Login Credentials
One of the easiest ways for a hacker to gain access to your banking account is weak login credentials. These credentials include your username and a password.
Keep your online bank account secure by using a username and password that you do not use for any other logins. Your bank password should include a variety of upper and lowercase letters, numbers, and special characters and should not contain actual words or phrases.
Choose a longer password and remember to update it regularly for maximum account security.
2. Not Checking Your Account Regularly
Account hackers hope for negligence on the part of the account holder to prevent the discovery of fraud.
Neglecting to check banking activity puts you at a higher risk of missing fraudulent charges on your account. If needed, place a reminder in your calendar to check your statements and account activity to avoid this error.
3. Too Confident in Mobile Deposits
Among the many benefits of mobile banking is the ability to complete mobile deposits.
With this benefit comes a warning to keep the physical check on hand until it clears your bank. Technology is not perfect, and on occasion, there may be a mistake in the deposit. Keeping the physical copy will allow you to reconcile any discrepancies.
4. Accessing Your Account on Public WiFi
Public WiFi is helpful for working or updating your accounts on the go. However, public internet access comes a higher risk of a hacker getting into your banking account.
Should you need to access your bank account on public WiFi, use a virtual private network (VPN). Doing so will keep your connection safe from digital attacks in the public space.
5. Neglecting to Double Check Online Payments Before Submitting
As you learn more about financial planning and utilizing a budget, it may be appealing to make payments online. Online banking grants you the opportunity to simplify bill pay from your checking account.
When scheduling payments, ensure you check the payment date and processing time. If you wait too long to schedule the bill pay through your online portal, the payment might not arrive on time. Avoid late fees by scheduling your payments with enough time for them to clear your account.
Avoid these Common Online Banking Mistakes
Online banking is a valuable tool for managing your money. When used wisely, you can avoid the common online banking mistakes which can put your accounts at risk.
Manage your money well by staying on top of your spending and the security of your account. Head over to the Finance tab to find other tips and resources for financial management in the future.