Nothing is more convenient than being able to make payments, view your balance, or look at statements with the push of a button. Online banking is a useful tool that can simplify daily life, and it’s become increasingly popular in recent years. However, many people still hesitate to go digital in the fear that their information will be lost or compromised. So, is online banking safe?
The short answer is yes, online banking is safe. In fact, digital banking can be safer than traditional paper options, and here’s why:
- Easier to monitor account activity: Research suggests that people who use online banking will check their account activity 4 times as frequently as individuals who use paper services. Carefully monitoring your account can help you identify and address fraudulent activity faster.
- Digital information is more secure: Paper banking leaves behind a trail of documents with sensitive information that strangers could easily access through your mail or trash. While digital platforms are not entirely impenetrable, they are encrypted and much more secure than paper documents.
- Eliminated risk of check washing: Check washing is a common form of fraud, costing an estimated $15 million each year. In this type of fraud, scammers will steal paper checks and remove ink using special chemicals so they can write counterfeit checks or get money orders. Going digital eliminates the risk of your checks being stolen.
How to Stay Safe While Online Banking
Though online banking is a safe and secure way to manage your finances, you will still need to take some precautions to protect your private information. Here are some steps you can take to stay safe while online banking:
- Choose a trusted financial institution: Today, there are hundreds of online banks that you can choose from. However, it’s crucial that you only work with reputable financial institutions who will keep your information safe. At People’s, we are proud to offer excellent online banking options to all of our members.
- Keep everything password protected: Be sure to use strong, unique passwords on all of your accounts. Avoid saving those passwords to your browser, and never share them.
- Activate two-factor authentication: With two-factor authentication, you’ll need two forms of identification to log in. This could mean a password plus a code sent via text or email, or another combination of identifiers. While two-factor authentication may seem like a hassle, using it will ensure you are protected even if your password becomes compromised.
- Don’t connect to public Wi-Fi: When you’re on a public Wi-Fi connection, you never know who else is on the same network. Many hackers will use public networks to access passwords, saved data, and other sensitive information. To stay safe, do not connect to public Wi-Fi; instead, try hot-spotting from your phone or waiting until you can access a secure private network.
Is Online Banking Safe? in Vancouver WA
5 Local Branches Serving Greater Vancouver WA: