In today’s financially motivated world, financial technology - AKA “fintech” - has allowed people to manage their finances without stepping into a bank. In fact, a Bank of America study found that 62 percent of people now use digital banking. Therefore, it seems prudent to share a few ways to keep yourself safe while using these kinds of mobile apps.
Unfortunately, data theft is far from uncommon, but there are ways that you can manage your online banking without sacrificing your security. Let’s review some of these practices now.
I want to offer you your choice of options: on one hand, you have an official banking application that has been tested and secured for your protection, and on the other, you have assorted applications that make things easier (assuming that you find fraud, data theft, and financial damages “easier”). Sticking to the official application that your bank distributes is a much safer option, as the banks will have a much greater respect for your security and will have invested in the encryption and other protections to keep your finances safe.
While we’ve been known to say this a lot, it doesn’t make the fact that you need a strong password any less true. Considering what your bank account contains, keeping your account as secure as possible with upper and lowercase letters, numbers, and symbols is essential. It is also worth checking if your bank has the option to protect your accounts with multi-factor authentication and embracing the opportunity if it does.
Let’s consider a scenario. You use your phone to access your banking details on a regular basis, so you’ve set it up to automatically log you in once you access the application. Assuming this to be the case, consider what could happen if your phone were stolen. Disabling autofill and autologin can help keep your accounts secure if your device is ever absconded with.
Unfortunately, Wi-Fi networks can vary wildly in their security, which makes them a hotbed for potential data theft. There are plenty of ways to set up a fraudulent network and steal account information. To be sure you aren’t doing that, make sure you are only using a trusted and secured Wi-Fi connection to access this data, and if you can’t do that, use your mobile data plan.
Cybercrime has evolved past the idea of someone furiously tying lines of code into a keyboard to access someone’s bank account. Now that most networks are secure behind encryption protocols capable of keeping an attack out for at least a few decades, hackers and scammers target a more vulnerable part of the network and go after the user with deceit and trickery. This is what is known as a phishing attack, and so it is important to know how to spot and avoid them.
These suggestions are just a starting point. To really secure your business’ finances and learn more about the ways that your data can be made secure, reach out to the team at KT Connections today by calling 888-891-4201.
Rodd Ahrenstorff is the Director of Business Operations for KT Connections, as well as a member of the company’s ownership team starting in 2014. Rodd has been working in the computer and telecommunication fields for over twenty years—a term during which he has held a number of leadership positions. In the past, he has served as a broadcast television engineer, an systems architect, and most recently Director of Information Technology, including a role as a HIPAA Security Officer for behavioral health and multi-specialty medical providers.