Online banking security: 6 tips to protect your personal information

Kate Gillan | Citizens

When it comes to banking online and in a mobile app, do you know how to keep your personal information and accounts safe? Arming yourself with knowledge is key to ensuring you experience secure banking. And while you don't have to choose online or mobile banking for every transaction, there's a reason why digital banking services are growing in popularity. In addition to being safe, it's also convenient. According to an American Bankers Association poll, 99% of consumers are happy with their bank's digital offerings.

You may not feel ready to use online banking, and that's ok. We understand that making the switch to online banking and using your bank's mobile app can be uncomfortable. But it's helpful to know the facts and features before deciding. Whether you're considering it for everyday tasks, such as viewing your account balances, depositing checks, bill pay, or just checking out your spending habits for budgeting purposes, here are six facts about online banking to help with your research.

1. Biometrics enhance security

You may be wondering, "Is my bank's mobile app and online banking secure?" Keep in mind banks don't want fraud to occur any more than you do, and many have enabled several stringent security measures, including biometrics, to their digital platforms such as online encryption, fingerprint authorization, firewalls, and automatic logoff to prevent unwanted activity.

2. Avoid public Wi-Fi

With remote work on the rise, a lot of people enjoy working from cafes or libraries. Keep in mind that if you're on public Wi-Fi, you may run the risk of your network being less secure than in your own dwelling. You'll want to be mindful of where you are working when performing digital banking transactions. Some ways to bank safer are to use a secured network with a strong password whenever possible. Also, turn off settings on your device that allow automatic connections that could permit you to accidentally connect to an unsecure network.

3. Passphrases and multi-factor authentication can help keep your accounts secure

Strong passwords help protect personal information. Passwords should be both long and contain a mix of letters, numbers, and special symbols, where possible. They should use a mix of capital and lowercase letters, and not contain any personal information such as a birthday or last name. And you may even need to offer some loving advice to a family member or friend (ever heard of someone using "password" as their password?). Be sure to change your password with some frequency. Also, consider using multi-factor authentication, which is increasingly available from financial institutions and businesses. While impressive sounding, multi-factor authentication simply means adding a two-step verification to secure your accounts even further. When you sign into your digital accounts - both online and in the mobile banking app — that's a step called "authentication." Essentially, you're proving to the bank that you are who you say you are, typically proven with a username and password, or another means like a fingerprint, PIN or facial recognition software. Next, a second factor is just another way of proving it's really you on your device by entering a single-use code delivered to your phone, email or via text message.

4. Check your bank accounts regularly and choose a bank with a zero liability policy

If something looks suspicious to you, report it to your bank or institution. You can make this part of your daily routine. Some people check their account activity after their morning coffee, or when they first sit down to start their workday, or even while sitting in their toddler-s gymnastics class. The convenience of banking on a mobile device allows accounts to be checked in seconds, wherever you are in your day. If you see a fraudulent charge or suspicious activity, report it straightaway. Make sure you choose a bank with a zero liability policy to ensure you are protected. Also, ensure your contact information is up to date, so you can be contacted quickly if your bank finds suspicious or fraudulent activity on your account. And don-t release information about your accounts to third parties if you can help it. A third party is a supplier, outsourcer, licensee, agent, or advertiser, and presents a risk to the consumer if they are allowed to gather information. When you share information with a third party, even a friend, they have the same access to your information as you do. This puts your accounts at risk if they have a breach of security.

5. Avoid phishing scams and identity theft

Speaking of third parties, you may have read the term phishing, and wondered what it was all about. Phishing is an increasingly common method that identity thieves use to get access to a person's financial information, accounts, and credit cards. The best way to guard against phishing is to avoid sharing personal information and to learn what steps to take to protect yourself.

The most typical type of phishing scam is an email, but phone calls asking for personal information are also a variant. They can look very official, and may even have your bank's logo and account information. They may ask you to log in to your account and update your password. Follow these steps to avoid being a victim of phishing, and you'll be in tip-top safety shape!

• Check the email from the sender. If you don't recognize it, don't click on the email.
• If you accidentally do click on the email, don't access any URLs. You can hover your mouse over the URL if you're truly curious without clicking on it to see where it leads. Hot tip: Clicking on these URLs can put malware or tracking information on your system, which allows the thieves access, and we don't want that!
• Remember, if it smells like a fish, it's phishing! Contact your bank before divulging any personal information such as a Social Security number or password.

6. Enable alerts to stay one step ahead of hackers

You're already monitoring your accounts. Let's add another layer of security with alerts, also known as push notifications. Push notifications are symbols, sounds, emails and other alerts sent digitally to alert you to changes in your bank account. You'll be alerted if you change your password or have unusual spending or a low balance. And it's not just fraud that notifications alert you to; they can also help you with budgeting, or knowing when your paycheck has hit your account. They help you stay on track in terms of spending and saving, as well as planning for your life's goals.

Ready to try online banking?

No one likes being told what to do. You need to decide for yourself if digital banking is best for your lifestyle and personal preferences. Should you decide to give online banking and the mobile app a try, rest assured it's secure, easy, and opens up your schedule to allow you to spend your time doing what you want. It's also convenient — you can bank on the mobile app sitting on a beach chair, or sipping a margarita. To enroll, check out: