Do you remember being leery about how you handled your banking online? There was a time not too long ago when most of us wouldn’t entertain using our phone to text someone, let alone deal with finances. Fast forward to today, and most of us are using mobile banking in some form. Whether it’s on your smartphone, iPad, or laptop, the convenience mixed in with socialization of use has driven our behavior and acceptance of this once untrusted method.
A recent survey shows that 73% of people around the world use some form of online banking. Here in Central Texas and Austin, you’re more likely to see someone pay for something with their phone than you are to see cash.
With the spike in using online methods, account takeover fraud has increased by 90% in 2021. New account fraud jumped to a whopping 109% year over year. And so it goes, with the rise of online banking, so has banking-related cybercrime.
If someone breaches your Twitter account, it can be a real pain. But, if a hacker breaches your bank account, it can be a nightmare. Significant loss and what’s worse is you may not recoup what they stole from your financial institution.
Read more below to learn about the common pitfalls people make and the simple tips and tricks you can use to stay secure.
avoid these mistakes
Not Enabling Two-factor Authentication
Yeah, I know. It’s a hassle, right? Two-factor authentication (2FA) is a simple process that can easily thwart off those cyber criminals looking for low handing fruit.
Many people make the mistake of not having a secondary way to authenticate that it’s them, which allows bad actors to take advantage. One extra step would remove you from being an easy target.
Gone Phishing? You’re the Fish
Have you ever seen notices from your Bank letting you know they will never ask you to confirm certain info via the web? Maybe you got a warning of unauthorized use and you need to call or an email asking you to go to this page asap! Sound familiar? These attempts are known as Phishing.
Cyber criminals cast as many lines (emails/texts) out to see if they can catch a few fish (your info). Once they get the info, they’re off to the races to take as much as they can.
Are You Using an Easy of Same Password Every time?
Using an easy password means a hacker will figure it out just as easily. Passwords like “Password 123” or “ILoveCats” should be avoided.
Another thing to consider is avoiding password atrophy. If you’re using the same password over and over there is strong likelihood that your info could be on the dark web and the cyber attacker will use that password and variations to hack in.
Check out the best practices below:
· Create a password that is at least 10 characters
· Include variations like a symbol, uppercase, and lower case
· Use a password manager like BitWarden (My favorite free Chrome Extension)
· Avoid a password that is personal (e.g., don’t use your birthdate, etc.)
Using Public Wi-Fi ? That’s a No No!
Using public Wi-Fi is like using a public restroom. You should rarely use them and expose nothing too personal. Cyber criminals hang out in places where public WI-FI is available to either look over your shoulder for PW info or spoof the WI-FI to get your credentials. You should avoid typing in a password or other sensitive details when connected to public Wi-Fi.
Being more secure is easy
Enable Your Two-Factor Authentication
By using multi-factor authentication or two-step verification, you can easily sidestep issues. According to Microsoft, it can block 99.9% of fraudulent account login attempts.
Set Up Banking Alerts
By having alerts sent to your phone, you’ll immediately know of any account activity, allowing you to thwart any unauthorized actions. With any hack, how fast someone can respond helps to prevent big issues or big losses.
Use Your Weapons
They often frame security as a battle between bad actors and the everyday people. Two simple tools to help defend you are Antivirus and DNS Filtering options.
If our phones have allowed us to replace our PCs. Then it makes sense that we add antivirus software to them for the same reasons of protection as we did with PCs.
By adding DNS filtering, you can ensure that you or your employees cannot reach untrusted and malicious sites.
Learn How to Phish
I’m not talking about going to concerts in California or Oregon there are many options to learn about phishing attacks and once you get the hang of it, it is easy to spot and avoid.
If you know how to spot phishing via text, email, and phone, you can avoid being another scam victim.
Well friends, that’s it for today’s tips and tricks. Being aware of these things will allow you to stay safe and avoid any online banking issues. At Waterloo Technologies, we love helping folks figure out the best approaches for online security.
Give us a call to schedule a chat around online security or for questions you may have regarding IT.
