The Security of Online Banking
10/4/2023 | Team United
Banking online is one of the most convenient ways to manage your finances, but you might be asking yourself “Are all of these passwords and access codes necessary?”
It’s a valid question, but when you consider that identity theft and online fraud is an $17 billion dollar business for cyber criminals, the need for extra Online Banking security measures becomes clearer.
Security vs. Convenience: Which is more important?
The short answer is—both. Or to put it another way, you shouldn’t have one without the other. An online banking account without the proper level of information security leaves it vulnerable to thieves who will attempt to password hack or install viruses on your computer to gain access to your funds. On the other hand, too many requirements can be cumbersome and create frustration for the intended user.
Balance is the key to creating a safe and convenient Online Banking experience—which usually starts with a strong password that is updated often. When using a password, make sure you are not using the same password for your financial accounts as you do for other sites. Having your email hacked is bad enough—don’t make it easy for cyber criminals to steal your money too.
You may also choose to secure your mobile device with such tools as facial recognition or Touch ID.
Security measures beyond passwords.
Even the strongest password, over time, can be compromised—that’s why it’s important that your financial institution have other layers of security in place to protect your accounts. United provides a “defense in depth” approach to securing Member data, including multi-factor authentication, data encryption, and 24/7 monitoring.
In addition, United Federal Credit Union keeps Members informed about how personal information is used through a detailed privacy policy. Getting to know your bank’s privacy policy is an important step in understanding who has access to your account details.
Protecting yourself against fraud.
Financial institutions can only do so much when it comes to protecting your money—there are easy ways you can help yourself stay safe. To avoid being a victim of fraud, be smart about your personal online habits and partner with a reputable financial institution. Check out our tips on keeping your information safe online as well as our advice on how you can spot and avoid scams.
Get started with Online Banking today.
Banking from home is a great way for you to stay in charge of your finances anytime, anywhere. More and more financial intuitions are offering not just Online Banking, but Mobile Banking options as well. All of these solutions are designed to provide you with the convenience needed to manage your money 24/7. However, it is important to remember that while convenience is nice to have, keeping your bank account information safe from cyber criminals is equally important.
For more information about United’s Online Banking features, visit our website.
