Online Banking: Safety and Security

If you’re interested in banking online it’s important to be aware of the security risks. Leaving yourself vulnerable to hackers can give people access to your financial information and even give them the ability to transfer money out of your account and make purchases. Just as you would be careful not to leave your checkbook lying around in a public space, following good password management and security measures is essential to keeping your online banking account secure. The following series of videos is produced by Ready, Set, Bank (sponsored by Capital One). This course follows a series of videos related to different steps in the online banking process.

This first video discusses how to take your security seriously. The video goes over why security is important to you and your bank. It also gives information on how banks work to protect your security and your information, and what sort of habits or unknown purchases they may be looking for when trying to detect fraud and identity theft.

This second video in the series, preventing fraud, details your bank’s role in helping keep your account secure. It contains helpful tips on when to communicate with your bank and why is it important to review your bank statements regularly.

If you have questions about what your bank is doing behind the scenes to keep your information safe, please take a look at the following video. It goes over how banks use encryption to keep your account details safe and secure, and how to be sure that you are using a secure website address when banking online.

Most online banking will require multi-factor authentication when signing into your account. If you have questions about multi-factor authentication, or what sort of things count as those factors, please take a look at the following clip. Multi-factor authentication makes it harder for hackers to gain access to your account, and it is becoming more prevalent when signing in to various accounts (even those outside of banking).

Sometimes we can forget to check our statement history on a regular basis. If you’re busy, a touch forgetful, or just not entirely comfortable checking an online account with great frequency, please take a look at the following video. This video entails information on how to set up security alerts from your bank (phone call, text message, or email) regarding things such as potential fraudulent activity or even a low balance. This video also gives a warning on how to recognize a phishing email, which is a type of scam in which a fake email that looks like it may be from your bank requires you to put in personal information. Your bank will never ask you to type in a password over email, and it’s always best to simply delete those emails and log in to your bank manually or call directly to ensure they don’t need any information from you.

Another way to keep your online banking account safe and secure is to be aware of what sort of information your bank will require when they call. The following video discusses in what instances your bank may be giving you a call (such as confirming purchases to ensure no fraudulent activity is taking place) and when to contact your bank’s customer service line if you’re concerned about the validity of a call or email.

Scams are everywhere! It can be amazing what people will do or say over the phone, email, or text to get your money or personal information. If you are thinking about online banking, or just interested in better financial security in general, please take a look at the following video on how to spot a scam. The video details how they are structured, and red flags to look out for.

Finally, check out the last video in this installment to learn more tips and tricks on how to spot suspicious activity on your bank statement and keep an eye our for scams! It’s important to always be alert, and it is always okay to hang up and call your bank directly. If anyone on the other line becomes threatening, or claims that if you hang up the call you won’t be helped, that’s a big red flag that you are speaking with a scammer!

If you’re interested in improving your financial literacy, we would also encourage you to take a look at the Business and Finance databases offered to you for free through the St. Tammany Parish Library. To find these databases, simply go to our website sttammanylibrary.org, click on ‘Online Library’, and select ‘Business & Finance’. Databases we offer include MorningStar, opens a new window (covering securities), Value Line, opens a new window (investment research), and Weiss Financial Ratings, opens a new window (strength ratings for insurance companies and other financial information).

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