235 Views

Here Are 5 Common Online Banking Mistakes You Must Avoid

It is amazing how e-transaction has transformed the banking industry and made transactions very easy for customers.
Unlike some decades back when a person had to get early to the bank to stay in the queue in order to perform a transaction, this is no longer the case. An account owner can do transactions at any time and at any place. With internet, a customer can use his laptop and make all the transactions he wants. Even with the use of mobile phones, a person can receive and send large sums of money as long as he has some data. He can go through the statement of his accounts online, make enquiries from the bank and get instant response. He can even apply for loans and do other transactions.
A common practice among many people who try to do online transactions is using Wifi when they do not have their own Internet. With unprotected Wifi, a person can transfer huge sum of money. While online banking is easy and convenient, experts are of the view that users must exercise some caution while using it for personal transactions.
Many will argue that banking online has been the best invention in recent years. And there is no doubt about that: no more statements and papers — everything is on your computer or mobile device, right at your fingertips, according to blog.merchantsbank.com.
But while banking online is certainly a feat that will make your life easier, there are some things that people do without even realising it can be hazardous to their accounts’ safety.
For your own security and protection, avoid the following online banking mistakes:
1. Don’t use an easy-to-guess password – You may be surprised at the number of people using original passwords, and how dangerous it can be. In an analysis of 32 million passwords, Imperva, an Internet and data security company, found the top 10 passwords are: 123456, 12345, 123456789, Password, iloveyou, princess, rockyou, 1234567, 12345678 and abc123. These give hackers an easy in to your account.
If you’re using one of these or something similar, consider changing it. Note that the best passwords are ones that use both letters and numerals and involve both lowercase and uppercase characters. Also, avoid using the same password for multiple accounts.
2. Don’t use public Wi-Fi – When it comes to online banking, accessing community Wi-Fi is a no-no. Why?“People generally don’t bother to check out the security characteristics of public networks before logging on, plus wireless transmissions can be intercepted by nearby bluetooth-type devices,” says Richard Barrington, a spokesman for MoneyRates.com. That includes public libraries, too.
“The PCs [at libraries] are subject to viruses and spyware that you have no control over,” explains Robert Sicillano, a consultant for McAfee, an expert on identity theft.
3. Don’t dismiss anti-virus protection – This kind of software helps detect and protect you from malicious software (malware) and computer viruses. That is important because “[common viruses like] trojans and worms can infect your computer and use keystrokes and other tactics to get your bank credentials,” warns Sol Nasisi, a chief economist at BestCashCow.com.
It is best if you set up your protection software to automatically update daily. Also, sometimes your financial institution may provide free software, so be sure to ask about it if you are unsure.
4. Don’t ignore your account – Check your account regularly. That will help ensure nothing suspicious is going on in your current and savings accounts. Try checking it once a day or week, but at minimum, you should be looking at it once a month. If you see any suspicious activity, report it to your bank immediately.
5. Don’t post password hints on social media – It sounds obvious, but don’t share any super personal information on any of your social media accounts, including Facebook, Twitter and LinkedIn. Doing so makes it easy for criminals to use this information and possibly open up an account in your name, or even use it to guess what your password is.
“It’s important to be careful sharing your pet’s name, your children’s names, or the name of the high school you attended, especially if you use this information as account passwords or answers to security questions,” says Lisa Robinson, a senior vice-president at Wells Fargo Internet Services Group.
 
“Never share your mother’s maiden name, your social security number, your bank account numbers, or your user names or passwords for any account,” Robinson adds.
Source:  The Punch

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest Posts

5 Collateral You Can Use To Get A Bank Loan
Business
7 views
Business
7 views

5 Collateral You Can Use To Get A Bank Loan

PH - June 21, 2018

These days, it is hard to trust someone enough to lend them money, so instead people have decided to go for loans from banks and other money…

See Why Women Are More Prone To Sexually Transmittable Infection
Food and Health
9 views
Food and Health
9 views

See Why Women Are More Prone To Sexually Transmittable Infection

PH - June 21, 2018

Doctor David Bawa, declares that females are more liable to contact Sexually Transmittable Infections (STI) owing to their anatomy. Doctor David Bawa told the news agency on…

Full Details Of How Pupils Study Under The Tree In Abuja Revealed (Photo)
Shocking
42 views
Shocking
42 views

Full Details Of How Pupils Study Under The Tree In Abuja Revealed (Photo)

MT - June 20, 2018

This may sound like a fairy tale but it is for real. Children still study under trees and unfriendly classrooms in many government owned basic education facilities…

National Publicity Secretary For KOWA Party Hands In Resignation
Politics
42 views
Politics
42 views

National Publicity Secretary For KOWA Party Hands In Resignation

PH - June 20, 2018

Mr Kunle Lawal, the National Publicity Secretary of Kowa party on Wednesday confirmed his resignation as the party’s image maker. Kunle Lawal disclosed in Abuja that he…

10 Things Saraki Said About Nigeria to Russian Parliament
Politics
51 views
Politics
51 views

10 Things Saraki Said About Nigeria to Russian Parliament

MT - June 20, 2018

President of the Senate, Dr. Abubakar Bukola Saraki, on Wednesday, addressed the Federal Assembly of the Russian Federation in Moscow. Saraki arrived Russia on Tuesday, alongside other…

Nigerian Teachers Urged By 2018 Global Teacher Award Winner To Stand For Prize
Education
51 views
Education
51 views

Nigerian Teachers Urged By 2018 Global Teacher Award Winner To Stand For Prize

PH - June 20, 2018

Andria Zafirakou,winner of the 2018 Global Teacher Prize,  has called out to Nigerian teachers to stand for the global prize as applications open for the 2019 edition.…

Here is the List of Executive Orders Newly Issued by the Buhari Administration
Politics
53 views
Politics
53 views

Here is the List of Executive Orders Newly Issued by the Buhari Administration

MT - June 20, 2018

The Muhammadu Buhari Administration has issued a total of 5 Executive Orders since it assumed office. 1. Executive Order (EO1) on the Promotion of Transparency and Efficiency…

From Grass To Grace: Read Inspiring Story of Funmilayo Ugoh
Nigerian Women
64 views
Nigerian Women
64 views

From Grass To Grace: Read Inspiring Story of Funmilayo Ugoh

PH - June 20, 2018

Every one has a past, and ther is no present without a past. But you must not let your past dictate what your future will be, only…

Learn More: Which Eye Brow For Which Face?
Fashion
59 views
Fashion
59 views

Learn More: Which Eye Brow For Which Face?

PH - June 20, 2018

This is just a short tip to make women understand their eye brows better. After going through this tip, you will discover what you want for yourself.…

What Mikel Obi Was Seen Doing Ahead Of Nigeria’s Next World Cup Match
Sports
67 views
Sports
67 views

What Mikel Obi Was Seen Doing Ahead Of Nigeria’s Next World Cup Match

MT - June 20, 2018

Super Eagles Captain John Obi Mikel may have adopted Cristiano Ronaldo’s approach ahead of Nigeria’s second group game against Iceland at the Volgograd on Friday.   The…

Full Text of President Buhari’s Speech at Signing of 2018 Budget
Business
58 views
Business
58 views

Full Text of President Buhari’s Speech at Signing of 2018 Budget

PH - June 20, 2018

President Muhammad Buhari on Wednesday finally signed the 2018 appropriation bill into law. The President assented to the bill more than a month after it was passed…

Meet Solomon Sobande, the Nigerian Manager of Late American Rapper, XXXTentacion
Best of Nigeria
79 views
Best of Nigeria
79 views

Meet Solomon Sobande, the Nigerian Manager of Late American Rapper, XXXTentacion

MT - June 20, 2018

fter the demise of the fast rising American rapper XXXTentacion, a lot seems to be unraveling on the rapper who wasn't quite popular on this side of…

Meet 94-Year-Old Nigerian Woman Who Is A Sickle Cell Patient (Photos)
Food and Health
69 views
Food and Health
69 views

Meet 94-Year-Old Nigerian Woman Who Is A Sickle Cell Patient (Photos)

MT - June 20, 2018

Nigerian doctor, Chioma @Deekachy_md, shared the photos of the elderly woman, Alhaja Alakija, who according to her has lived with sickle cell anemia for 94 years. She…

Shell Gets Approval To Complete N10bn Bonga Southwest Project
Business
69 views
Business
69 views

Shell Gets Approval To Complete N10bn Bonga Southwest Project

PH - June 20, 2018

After years of delay, Shell has finally received approval to complete the building of the world class Bonga Southwest project, following discussions held in London between its…

Why Are Most Nigerians Not Using The Face Unlock Feature Of Their Smartphones?
Technology
64 views
Technology
64 views

Why Are Most Nigerians Not Using The Face Unlock Feature Of Their Smartphones?

MT - June 20, 2018

Face unlock now seem to be the latest trend in the smartphone world as more and more smartphones now come equipped with facial recognition security, offering up…

The Right Footwear For The Right Season
Buzz & Trends
50 views
Buzz & Trends
50 views

The Right Footwear For The Right Season

PH - June 20, 2018

It becomes hard to choose the right shoes during the raining season, therefore many find a solution to these by wearing their desired shoe and still having…

How Much It Cost Me To Build LITV – Linda Ikeji Speaks On Newly Launched TV, Future Plans
Best of Nigeria
68 views
Best of Nigeria
68 views

How Much It Cost Me To Build LITV – Linda Ikeji Speaks On Newly Launched TV, Future Plans

MT - June 20, 2018

While speaking in an exclusive interview published by Pulse Nigeria Business Insider, Nigeria’s most famous and richest blogger, Linda Ifeoma Ikeji, who recently launched an online television,…

Check Out the Biggest SUV Ever, the Russian-Made 8 Wheels Shaman All-Terrain Vehicle (Photos)
Technology
71 views
Technology
71 views

Check Out the Biggest SUV Ever, the Russian-Made 8 Wheels Shaman All-Terrain Vehicle (Photos)

MT - June 20, 2018

Russia’s harsh environments like the snow ,swamps , steep terrains and deep waters are some of the factors that influenced this huge beast. The 8-wheel drive Avtoros…

Loading...