Five ways to improve online banking security.....

Online banking , by computer or phone , is now as common a way to access your accounts as stopping at an Automated Teller Machine, with many bank depositors making it a habit , according to www. nerdwallet .com.
But you know who else loves online banking ? Hackers . After all, it is easier to steal someone ’ s money from far away than while standing in line at the teller window .
Banks are beefing up their security systems to fight cybercrime : More than 70 per cent of bank executives say they have increased their annual budgets in this area , according to a banker survey . But consumers also have a role to play.
Here are five steps to take to protect your accounts so you can bank securely online .
Ask for two- factor authentication
When you log in to a website , you prove who you are by entering a username and a password. That is one factor. With two-factor authentication , you are asked to enter another piece of identification such as a temporary code . The bank would email or text you the code at the time you try to log on , so it is unlikely someone else could receive it beforehand .
Two -factor authentication simply requires two forms of verification before a user can log in , and consumers should ask their financial institution if they offer it.
Skip public Wi- Fi
You can ’ t really tell who can see your data if it is being sent over public Wi - Fi , the kind offered at places like coffee shops and hotel lobbies . Basic web surfing on these public networks may be okay , but it is best to do your online banking from the security of a private home network.
If you travel often and need to use mobile banking , consider choosing your mobile provider’ s data plan for online access. If you have to use public Wi - Fi , another option is to set up a virtual private network to send and receive encrypted data online.
When you are on your bank ’s website , verify that the page is secure before you submit any personal information. Check your browser’ s address bar to make sure it starts with “https ” instead of “http. ” “That lets you know you have a secure connection.
Set up reminders to change your password
When you open an account and sign up for online banking , you are probably asked to create a strong password . That is good advice . In addition , it is a good idea to set up reminders on your task list or calendar to change to another strong password every few months so that it does not become stale and guessable .
Along these lines, avoid having the same password for all your online accounts . You may not care if someone hacked into that social media account you no longer use , but what if that person could then use it to get into your current and savings accounts ? Keep your passwords distinct and varied .
Be wary of ‘ official- looking’ notices
Some scammers send emails that claim to be from a bank , asking you to click on a link to settle some issue with your account. These emails might have the right logos and language , but it could be a phishing effort to get you to give up your username, password, or other sensitive data . Phishing attempts are becoming increasingly sophisticated.
If you receive an email that is even a little suspicious, don’ t click any links in the message . Remember that you can always sign in to your account by opening a new web browser session and typing in your bank ’s web address . You could also call your bank at a number you trust.
Ask your bank how it is keeping your records secure
Take a look at your bank ’s website , or contact customer service, to learn about any encryption technology it uses , whether it monitors accounts for fraudulent activity and if it limits your liability for unauthorised transactions . Find out what your bank is doing to protect you. If you are not satisfied with the answer , consider switching to a bank where you will be.
Online banking is convenient, but you want your financial information to stay secure . Taking steps to protect your accounts is a vital part of managing your personal finances....