Is Online Banking Safe?
Perhaps the biggest obstacle keeping some from banking online is a concern over security. There are some concerns with online banking that don’t apply to in-person transactions, it’s true. But overall, if a bank uses secure technology on the back end, it is safe.
As long as the Federal Deposit Insurance Corp (FDIC) insures a bank, online transactions are just as trustworthy as the ones you make at the branch. You can check if a bank has FDIC insurance with the FDIC’s BankFind tool (Vectra does!).
Here are some steps you can take to bank online safely:
- Use multifactor authentication: If your bank offers it, it’s wise to opt into multifactor authentication. This means when you sign in, your bank will send you an email or text with a code. Enter the code, and it will let you sign in. This way, if somebody steals your password, they still can’t access your account without your devices.
- Avoid public Wi-Fi: Public Wi-Fi networks — such as those at libraries or cafés — are great, but maybe don’t do your banking on them. They might be unsecured and you don’t know who else has access to them.
- Use a strong password: A long, complex password is difficult to crack. It might be wise to avoid words altogether. While there are sophisticated password-cracking programs, no human is going to guess something like, “X!gh9B422?y.” Write a password like that down on a piece of paper, and you’ll probably be OK.
- Use antivirus software: Keeping up-to-date antivirus software on your computer is good for your banking and everything else you do.
What Are the Benefits of Online Banking?
The main benefit is convenience. You can access your accounts anytime from anywhere.
Wake up at 2 AM worried that you didn’t make your credit card payment this month? Check it right now, and if you didn’t, pay it right now! On vacation and your debit card is declined? Log into your account and see why. You can even interact with a representative of your bank to get to the bottom of the issue.
You can also schedule automatic payments and set up alerts for money coming out of your accounts. Online banking is handy and you can use it to improve your banking habits.
Want to learn more about online banking? Contact a Vectra Bank professional and see what we offer!
