There are a lot of things that have changed since the invention of the internet. One of these is how we bank and access our accounts. You used to have to go into a local bank branch to make deposits and withdrawals. Now, you can take a picture of a check and deposit it from your phone.
Approximately 73% of people worldwide use some form of online banking at least once a month. People have never had such convenient account access. But that convenience can come at a cost.
In 2021, account takeover fraud increased by 90%. New account fraud jumped a whopping 109%. As the ease of online banking has grown, so has banking-related cybercrime.
If someone breaches your Facebook account, it can be a real pain. But, if a hacker breaches your bank account, it can be devastating. It can mean significant losses. Losses that you may not be able to recoup from your financial institution.
In this article, we’ll look at the mistakes people make that leave their accounts at risk. Then, we’ll go over some important tips on how to keep your bank account better protected.
Two-factor authentication (2FA) is a simple process that packs a big punch. When you enable this setting in an online account, it requires an extra step to gain access. That step usually consists of receiving a one-time passcode (OTP) by SMS and entering that at login.
Many people make the mistake of leaving this disabled. They either don’t know it’s there, or they think it’s too inconvenient. But leaving this setting off makes it much easier for a bad actor to breach your account.
Several types of phishing scams target online banking. Cybercriminals send emails that look like they come from your bank. They’ll even promise incredibly low rates on credit cards.
Other scams can involve warning you of unauthorised account activity. But when you click the link to log in, you’re on a fake page designed to look just like your usual bank website.
These are just a few ways scammers can get your online banking login details. Once they have them, they’ll act immediately to get whatever they can.
If your account password is easy to remember, it’s also often easy to guess. Using weak passwords is a common mistake that enables many cybercriminals.
Some best practices for passwords include:
Banking trojans are often hidden in malicious mobile apps. These apps can look as innocent as a task manager, but once installed, banking trojans seek out any details they can find. They are looking for banking and wallet apps.
One surefire way to give away your online banking password is to log in while on public Wi-Fi. Hackers hang out on public hot spots and spy on the activity of others. You should never type in passwords or other sensitive details when connecting to public Wi-Fi.
Enable two-factor authentication in your online banking account, also known as multi-factor authentication or two-step verification. According to Microsoft, it can block 99.9% of fraudulent account login attempts.
Time is of the essence when an intruder breaches your account. The faster you can notify your bank of the breach, the better. You could reduce the impact on you by having your account locked down immediately.
Set up banking alerts through your online banking. These can include things like low-balance alerts and login alerts.
Having reliable antivirus software on your PC and mobile device is important. Many people don’t think about protecting their phones in this way. Yet, they shop online and bank via mobile devices.
It’s also good to use a DNS filter that protects you from going to dangerous phishing sites by blocking them.
Do you know how to identify phishing? Are you up on all the newest scams? You can make yourself less vulnerable by taking some phishing awareness classes. There are many of these for free online. You can also contact us for more personalised training options.
Knowing how to spot phishing via text, email, and phone can help you avoid becoming a scam victim.
There are some key digital solutions we can put in place to keep your business safer from online threats. Give us a call today to schedule a chat about online security.
You need the best IT support in London. Technology is complicated and expensive. It’s so hard to maintain everything and know what to do when something breaks or goes wrong. IT problems can put a damper on your day. They’re frustrating, time-consuming, and seem like a never-ending cycle of issues.
Penntech’s average NPS score over 90 days is 84. The average Net Promoter Score (NPS) for IT Managed Service Providers (MSPs) can vary. Still, an NPS of around 50 is considered excellent in this industry, with scores above 70 exceptional and rare.
We offer our services on a trial basis for the first three months because we’re confident in our delivery and approach.
Penntech offers a wide range of IT services, from strategic project management to 24/7 remote support, ensuring all your IT needs are always covered.
We provide advanced cybersecurity measures and expertise, including penetration testing services and Cyber Essentials, to protect clients from cyber threats.
We offer Clients the ability to scale IT services up or down based on their needs. This flexibility is crucial for businesses that experience seasonal changes or rapid growth.
Other providers often enforce their preferred IT stack, but we don’t, as IT is not a one-size-fits-all solution.
We ensure our Clients’ business continuity through robust disaster recovery and backup solutions.
With experience in various verticals and industries, Penntech understands different businesses’ unique IT challenges and can provide customised solutions..
Contact us today or explore the range of support packages on offer.
Business owners often have to wear many hats, from handling HR and marketing tasks to managing the finances. One task…
Cool Windows 11 Features That May Make You Love This OS
Microsoft released the Windows 11 operating system (OS) over a year ago. It was well-received mainly with reviews as stable…
6 Ways to Prevent Misconfiguration (the Main Cause of Cloud Breaches)
Misconfiguration of cloud solutions is often overlooked when companies plan cybersecurity strategies. Cloud apps are typically quick and easy to…
4 Proven Ways to Mitigate the Costs of a Data Breach
No business wants to suffer a data breach, but unfortunately, it’s difficult to avoid them in today’s environment. Approximately 83%…
The benefits of AI include advancing our technology, improving business operations, and much more. Adoption of AI has more than doubled…
Leading Password Managers for Personal and Business
We hope that your business is already considering a password manager system, but there’s still the matter of finding the…
What’s Changing in the Cybersecurity Insurance Market?
Cybersecurity insurance is still a pretty new concept for many SMBs. It was initially introduced in the 1990s to provide coverage for large enterprises. It covered things like data processing errors and online media.
What are the advantages of implementing Conditional Access?
It seems that nearly as long as passwords have been around, they’ve been a major source of security concern. Eighty-one…
In today’s fast-paced digital landscape, businesses face numerous challenges in managing their IT infrastructure. Managed IT services have emerged as…
IT Support Tips for Office Managers
Practical Advice on Managing IT Issues Efficiently Managing IT support for office managers can be challenging, but with the right…
Top IT Remote Support Tools to Assist Team Members
In today’s increasingly remote and hybrid work environments, reliable remote support tools are essential for quickly and efficiently resolving IT…
Essential Components of a Disaster Recovery Plan for Office Managers
A well-crafted disaster recovery plan (DRP) ensures business continuity and minimises downtime during an unexpected disaster. As an office manager,…
How an Office Manager Can Maintain an Inventory of IT Assets
Maintaining an accurate inventory of IT assets is crucial for efficient management, cost control, and security within an office environment….
What an Office Manager Should Consider for Quality Hardware
Selecting quality hardware is essential for maintaining a productive and efficient office environment. As an office manager, you need to…
How an Office Manager Can Monitor IT Network Performance
Monitoring IT network performance is crucial for maintaining a smooth and efficient office environment. You may not have a technical…
Essential IT Policies for Office Managers
As an office manager, establishing comprehensive IT policies is crucial for maintaining security, efficiency, and compliance within your organisation. These…
IT Troubleshooting Guide for Office Managers
Basic IT Troubleshooting Guide As an office manager, you often need to address everyday IT issues to keep the office…