Technology has ameliorated our day to day life in various minute yet drastic ways. Whether it is for manual labour or generalising efforts, technology has reduced it to a computerised program. When it comes to managing your economy and financing yourself, technology has remarkably advanced in that field too. Various modes of Banking have been introduced in the market which is equipped with technology. This is termed as Fintech, where financing meets technology.
Online banking is one of the most common modes of Fintech in present time. However, some individuals are still dubious and perplexed about the security of online banking. Here, we will try and decipher the most asked question – is online banking a safe option?
Well, there are certain guidelines that you might want to follow in order to secure your accounts and investments while banking online:
1. The authenticity of the bank: Whenever you are investing in something, make sure that the product you are investing on is 100% authentic and fruitful one in due course of time. Thus, when it comes to trusting some bank with your valuable and hard earned money you might as well want to double check the authenticity and reputation of the bank. Make sure that the bank you are working with is approved and certified by some authorised organisation. Also, before trusting them with your assets, you may do a detailed research on their background and reputation. You may want to check the live Lloyd share price as it provides one of the leading Fintech services across UK.
2. Passcode protection: Passcodes or passwords are like pin codes when it comes to online banking. The security and privacy of your accounts are ensured by the very passcode that you assign. Thus, if they are not secured and compact enough, there is a high chance of hacking and leaking of information which may lead to theft. So, it is of utmost importance that someone, who is making transactions online with a bank or other platforms, creates a password that is critical and has a two-step verification process. You may as well change your passcode from time to time in order to make it even more secured.
3. Avoiding anonymous emails, calls, and links: People often tend to think that their account is under careful watch and the responsibility is entirely upon the bank to safeguard the money. As far as the bank is concerned, they work harder than any organisation to save their servers from being hacked. But that certainly does not mean that one may rely entirely upon the bank for security. Sometimes links, phone calls, emails reach individuals claiming that they are directed by the bank. They might request and advise one to open certain links and enter certain details. Do not encourage such moves and do not enter any links. You are advised to report such advances immediately.
Apart from these three factors, there is another small factor that you may want to consider to ensure your security and privacy. That is, you should not make your transactions through multiple servers and computers. Try to use a single and personal computer or cell phone for your future transactions.
Following these instructions will only ensure your safety and your money’s security to some extent. Online banking is mostly safe owing to the advancements made in fields of technology regarding digital security, it is up to us to use it in an efficient manner.