Online banking mistakes to avoid

When it comes to online banking, a simple mistake can have big consequences. The cyber-crime rate is increasing so much as a result of new technology. So, if you’re often using internet banking or cellphone banking, knowing what you can do to keep your information protected is crucial.

By being mindful of the following 3 common mistakes, your money should stay where it belongs — with you. So too will your financial information.

  1. Having a simple password

Are you guilty of having the same password across all your internet banking and social media accounts? Perhaps your passwords are usually a combination of birthdates of important family members. If so, you’re putting yourself at risk.

Creating a unique and complicated password — a combination of upper case and lower case letters, numbers and special characters. This will make it much harder for criminals to figure out your password, which means your financial information will stay safe and your money protected. Also, update this password regularly.

  1. Your phone being easily accessible

We rely a lot on our cellphones for calling, texting, keeping up with the news, social media and even mobile banking, so it’s easy to fall into the trap of thinking that a simple app download couldn’t cause any harm.

Only download phone banking apps from official websites like iTunes or Google Play stores, or go directly to your bank’s website. (Hyperlink). And if you prefer internet banking, visit websites where the address starts with https://.

  1. Not paying attention to your accounts

Life gets busy, and regularly making time to go through your accounts and your bank statements is often overlooked. This however means that you could be a victim of a crime and not even know about it.

Set aside a few minutes each day to monitor the activity in your bank accounts. This way, you’ll spot fraudulent transactions and stop cybercriminals before they can put an even bigger dent in your wallet.

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