7 Online Banking Safety Tips You Need To Know | Southern States Bank (2024)

FAQs

7 Online Banking Safety Tips You Need To Know | Southern States Bank? ›

If you find yourself using public Wi-Fi for your online banking operations, make sure you use a VPN. It will encrypt your activity, which means that snoopers on the same network will be prevented from being able to brute force their way into your device.

If you find yourself using public Wi-Fi for your online banking operations, make sure you use a VPN. It will encrypt your activity, which means that snoopers on the same network will be prevented from being able to brute force their way into your device.

You don't know who has access to the network traffic and whether they can view the data you send. For better online banking security, Marchini advises using your cellular network.

While VPNs have a lot of perks, there are potential downsides, too. A VPN can reduce internet speed and increase latency, which slows down online activities. Using a VPN can get your accounts blocked by social media sites for suspicious activity.

Instead, banks run a lot of software in the background to make sure you're really you. Among several factors considered during logins are: the time of day, location, device IP address, mobile carrier, and if any links prompted users to open the app.

A bank account is typically the safest place for your cash, since banks can be insured by the Federal Deposit Insurance Corp. up to $250,000 per depositor, per insured institution, per ownership category. Banks that are insured by the FDIC often say “Member FDIC” on their websites.

What are the don'ts for online bank transactions? ›

Online banking is generally safe and not easy to hack — as long as you take the right steps to protect your information. This means setting up strong passwords and changing them frequently, and using additional tools like two-factor authentication to give yourself an extra layer of protection.

Look for the Padlock

If you see a closed padlock, it means the website is safe to use. If you see 🛈, this means that the website isn't going through a private connection and someone can potentially see the information you're sending through the website.

To manage these risks effectively, banks use a combination of risk assessment tools, risk monitoring systems, and risk mitigation strategies. Regulatory authorities often impose requirements on banks to have comprehensive risk management frameworks in place to ensure the stability and integrity of the financial system.

Secure payment methods, such as a credit card payment gateway, are built with encryption and other security protocols to ensure the transaction goes through safely. There's no harm in adding another layer of protection with a VPN. Anyone can fall victim to financial fraud when making payments online.

Is home WiFi safe for internet banking? Yes, if your home WiFi connection has been set up by a professional team and features the most up-to-date security, then you will be protected when banking online. However, outdated hardware, software and applications can leave you vulnerable to hackers.

Use a VPN. Virtual Private Networks (VPN) will allow you to have a secure connection to hotel WiFi that disguises your device's location and protects sensitive data by hiding it behind dummy information.