Banking means the safety of your assets in a secure place. With technological advancements, banking has transformed into online banking where we can perform all the operations of a bank sitting in our home using the bank’s application.
What is online banking?
Online banking allows you to perform all the banking services without making a trip to the bank. Online banks also offer the same services as traditional banks, sometimes even better.
Bank Hacking and cyber attacks
Online banks have made sure that it is safe for their users. Although some scams may come with it, that too comes when the account holder knows how to protect their account from fraud or attack.
With rising technological advances come growing technological crimes too. Because there are several things you can do sitting in your home, many crimes are committed at home. Therefore, before diving into these technological advances, you should know whether they are safe.
There is big data in an online bank’s database. If there is a data breach, this may be considered an attack that is enough to make the headlines, but the cyber security department of the bank account makes sure that this event never occurs.
On the other hand, many small cyber-attacks on the account holder are considered more minor scale attacks compared to the data breach. This may happen to an individual who does not know how the account can be better protected.
How to boost your banking security?
The safety of online banks depends on how the account holder keeps it safe. There are some necessary precautions that a user should take to make their accounts safe from hackers or cyber criminals.
- Choose a bank with industry-standard security
- Don’t use public Wi-Fi for private banking
- Update your antivirus software
- Change your passwords regularly
- Subscribe to text alerts
Moreover, online banks also provide identity theft protection for a small fee. From a user’s point of view, this should be the first and foremost precaution. When you enable this option, the bank will notify you if there is any data breach.
Online banks use the 256 bits advanced encryption standard (AES), also known as military-grade encryption, because the military uses it to protect some of their very classified data. But this does not mean that it is unbreachable. No matter how much something is protected, one can always find a way to get into the system. Therefore, users are advised to change their passwords regularly and use combinations challenging to decrypt, such as a collection or combination of uppercase, lowercase, numbers, and symbols.
Banks also offer two-factor authentication to keep the user safe from this type of breach, and it is advised for any users to enable this feature as it saves them from many possible cyber-attacks.