Millions of Americans use online and mobile banking to manage their financial lives. While the service is convenient, is it safe? Ken Tumin, founder of DepositAccounts.com says if consumers take reasonable precautions, their information should be secure. He suggests following these seven steps:
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Set strong passwords
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Never use public Wi-Fi to conduct any financial transactions.
“Criminals could intercept the communications and be able to take things like your password and login information,” Tumin says.
Install updates regularly
Make sure the operating system on your smartphone and PC is up to date with the latest upgrades.
DepositAccounts.com says some mobile phone users do not consider security software as important for their devices as they do for their computers. Tumin says owners of PC’s and Android mobile phones need that added level of security.
Sign up for protection
Monitor your account for any suspicious activity by signing up for fraud monitoring or identity protection services.
“If someone is pulling your credit or applying for a credit card, for example, those kinds of monitoring systems would be able to alert you,” Tumin says.
Monitor your accounts
Review your statements monthly. If there are any unauthorized transactions, report them to your bank immediately.
“If you do that as the last line of defense, that will make sure you are protected should anything happen,” Tumin says.