Today, technology has been playing a primary role in our daily lives. It brings you the nearest shops and services at a tap. Takes you close to family and friends from miles away at a tap.

With the technology we have today, banking is no excuse with innovation. Your transactions at a tap, say hello to online banking.

What is Online banking?

An online bank is just like any other traditional banks. The only difference is; online banks do not have a physical office or building. All you need is a phone or computer.

For years we’ve all been used to visiting a physical bank to finish transactions. But with online banking, you can do it anywhere at your convenience. 

Just like a physical bank, online banks are safe especially when they use specific security measures to protect your money. It is also vital to be aware and knowledgeable about online banking before jumping into it. When that happens, you can enjoy the benefits of online banking.

How safe is online banking?

Bank websites and apps are one of the most targeted platforms of hackers. As a result, banks keep on improving their systems to be guarded by these attacks. 

Worst case scenario, your money is stolen. Bankrate says that, If you’re discreet about your personal information and report the loss immediately, the bank is most likely to reimburse your account.  

However, this does not apply to institutional depositors. So, if your bank account is under your business name, then you’re not covered by this policy.

With that, we can say that online banking is safe. However, being cautious should be practiced when banking online. Here’s what you can do to keep your online banking safe and secure:

Do your homework

Before jumping into any decision, it is a must to do your homework. Check blogs and reviews about your desired online bank, ask people who have used it, and compare which one works best for you.

If the account is for personal use, try to compare banks that have the services you need. If it’s for business, you can read business finance app reviews to help you decide which bank to go to.

Choose a bank with the best security system.

The first one you should be looking into is the security system of the bank.

One way to check a website’s security is by looking at the web address. You want to find “https” instead of “Http” alone. The S stands for “security.” If the website address has this, it means the website is secure.

You can also ask if there is a two-way authentication required. It is also another way of protecting your account. When you log in, you need to input your account number and password. Then, additional information is asked to make sure that it is you. Other banks use phone numbers to authenticate the user. 

Be mindful of your debit card.

Being mindful of your debit card is not new to anyone, but some might have overlooked this. Con artists and scammers are on the search to put your money in their pockets, so don’t make it easy for them. 

Keep it quiet when you input your pin. Also, avoid putting it into places that can be easily seen or stolen particularly your wallet. You also don’t want to put it on social media. 

Changing your pins and passwords can help you secure your accounts. Although it may sound like a bother, scammers won’t likely keep up with your passwords.

By Eddy

Eddy is the editorial columnist in Business Fundas, and oversees partner relationships. He posts articles of partners on various topics related to strategy, marketing, supply chain, technology management, social media, e-business, finance, economics and operations management. The articles posted are copyrighted under a Creative Commons unported license 4.0. To contact him, please direct your emails to [email protected].