With banking mostly done online these days, criminals are constantly exploring new ways to get their hands on our money. This leads to the critical need to secure online banking services while ensuring that users are aware of the risks. The following recommendations should be followed by everyone to ensure that online banking business is safe and secure. We must always be one step ahead of scammers and con artists:
Use solid security details
Secure your passwords! If your credentials have been stolen, a fraudster will try your password on other accounts you may have. Here are some password hygiene rules to follow:
• Keep your passwords complex and unique. When creating a password, try to use a combination of letters, symbols, and numbers, and use a different password for each website you use.
• Keep your login details secret and never write them down or carry them in your purse or wallet. Remember, your credentials are the gateway to your accounts.
• If possible, enable multi-factor authentication and / or biometric authentication. These measures will greatly reduce the possibility of your accounts being compromised.
Protect your device
One of the biggest threats to online security is a compromised device, be it a computer or a smartphone. To protect a device, it is always recommended that you keep your device’s operating system and applications up to date. Download only the apps you know and make sure they are only downloaded from your device’s app store. Installing and regularly updating your virus protection software is also essential to keep your personal devices and online banking safe.
Emails and SMS
Another popular method used by fraudsters to trick victims into giving them their usernames and passwords is email, through a technique called phishing. Using this technique, criminals send emails claiming to be from your bank or other trusted institution, influencing human emotions through a sense of urgency and attempting to persuade victims to provide personal information and information. ‘other security details – most often directing the victim to a web page very similar to the original.
To avoid being a victim, you must check that he knows the sender well, that there is no sense of urgency or threat and if there are any links present in the e-mail, verify that the URL (website link) is genuine by hovering over the link to verify that they are related to the company you are dealing with.
In addition to phishing, several banks and their customers have recently been the target of smishing scams, especially since the start of the COVID-19 pandemic. Smishing is a form of cyber attack in which the victim is tricked into believing that an SMS was sent by a trusted organization. Some pointers to look for would be general greetings, messages asking for personal information, and urgency.
When it is suspected that it could be the victim of a fraud, it is necessary to act quickly and to notify the bank without delay of any suspicion of fraud. It is also recommended that you take other measures, such as changing passwords to prevent further abuse.
Keep in mind that if a request looks suspicious, it probably is! Beware of unusual requests and trust your initial judgment.
MeDirect Bank never contacts you by email or SMS to update your details, provide credentials, or pretend your accounts are going to be deleted or blocked, unless you take immediate action. MeDirect Bank is committed to protecting its customers and providing a secure banking experience.
Jonathan Carter, Director, IT Security, MeDirect Bank
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