Mobile and online banking is growing. Are you staying cyber safe?
October 19, 2017
This guest blog post from the Canadian Bankers Association offers insights on the growth of mobile and online banking among Canadians. How do you measure up? And are you taking steps to make sure your computer and devices are safe?
More and more services are being offered online and how we do our banking is no exception. Banking online is becoming more popular, with more than two-thirds (68%) of Canadians now doing most of their banking digitally. There are many benefits to online banking, including the ability to pay bills, deposit cheques and transfer funds at any time, from anywhere. The convenience can come with some risks, but there are simple things you can do to keep you and your money cyber safe.
Canadians value banking innovations
Banks across Canada are fostering innovation to create secure banking solutions, and 90% of Canadians say they are doing a good job of doing so. More than three-quarters of Canadians reported banking online last year, and 42% of Canadians use it as their primary method of bill payment. You can see how your banking habits compare in the CBA's Issue Brief: How Canadians Bank. You can also watch this short video.
Why online safety is important
It's important to make sure you are using proper cyber security measures to protect your identity and finances. The banks work hard to keep things secure on their end, but we all need to do our part to make sure our systems are safe too. Cyber criminals may try to access your information from other sources, piecing together what they need to access your financial accounts. If they are successful, they might even access your money – even take out a loan in your name.
What you can do
There are many easy tips you can follow to keep your banking information secure:
- Choose strong passwords for your online banking accounts, and don't share them with anyone.
- For any financial transaction online (buying tickets, shopping or banking), make sure the website address starts with https:// which means it is secure.
- Check that you have the most updated version of anti-virus protection and web browser.
- Always check bank and credit card statements and check with your bank if anything looks odd.
For more tips on how to secure your banking info, check out this info on Banking and Finance. It will be a minute well spent!
Precautions for Net Banking: - Type the correct URL of the website. - Do not click on links blindly. - Do not share your password with anyone. - Change your passwords frequently. - Check for your Last Login Time and remember the place from where you have accessed it. - Limit the use of Physical Statement. - Review your account statements carefully. - Sign Up for SMS alerts for transfer/debit/credit if the option is available. - Be cautious while filling the information online. - Don't forget to sign-out/log out of the services which is finished. Precautions for Mobile Banking: - Download the app from authentic platform (play store/App store/ officail bank website) - Use Anti-Virus software in the phone - Do Register a complaint if your mobile has been stolen - Don't buy second hand mobile phones or phones without Bill - Don't give your mobile to any unknown person - Don't switch on Bluetooth if it is not required
Great tips, Vicky!
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