Financial institutions in the UK continue to invent new ways to enable their clients to access their products and services online. While this makes these services fast and convenient, there is just one challenge: security.
We all know that where there is money, cybercriminals have to be there. Besides, there are new players in the online financial services, including online loan providers, cryptocurrency sites, and robo advisors. The problem is that cybersecurity regulations haven’t kept up with this influx, leaving the security burden up to the service providers, and the customers.
In the UK, security breaches concerning online banking continue to grow each year, prompting both the service providers and the clients to look for ways to protect themselves.
Therefore, it is essential to be on the lookout when safeguarding your money and information. Here are some of the things you can do.
Only access online banking at home
It’s essential to resist the urge to login into your online bank account when you are bored just to pass the time. Sometimes you are stuck outside, or you are waiting to be served in a restaurant, and you think this is the right time to pay some bills.
Some things should only be done at home, and online banking is one of them. Wi-Fi hotspots at the airport and coffee shops are not to be trusted as there are always bad guys lagging on them waiting to pounce on your personal data.
Use a VPN
A VPN will give you the security and anonymity needed to perform online transactions without the fear of being snooped on by hackers, internet service providers, and others with bad intentions. However, you need to ensure you use the best VPN for the UK; one that won’t leak your information and hurt you and your finances instead of protecting you.
Enable multi-factor authentication
Also known as 2-factor authentication, multi-factor authentication is crucial for safeguarding your financial information online. This form of authentication offers multiple layers of security to your account. Therefore, it is good to work with a company that provides such procedures and precautions for your online banking account.
Always ensure your devices are protected
First, make sure you install and update antivirus software. Second, ensure your operating software is up to date. Third, your firewall should be turned on. Fourth, ensure you always clear device browsing history and cache. Fifth, be careful with what you download. Sixth, always turn off your device when not in use.
Monitor your bank accounts and credit report
It is essential always to check your bank statements and credit card reports for any suspicious activity. You may also want to analyse your credit scores quarterly to ensure no new accounts have been opened in your name, behind your back. Confirm if your Credit Card Company or bank provides free credit monitoring.
According to the Boston Consulting Group report, financial services institutions are 300 times more likely to be cyber-attacked than other companies. Dealing with these attacks comes at a higher price for both customers and the financial service providers. The above tips should help ensure that you enjoy the convenience of online banking, safely and securely.