Is online banking secure?
When it comes to online banking, it's completely understandable that you want to make sure all your hard-earned money, transactions, and information are secure and protected against any unauthorized activity. Cyber theft is a rising crime, and you don't want your financial information stolen or have your money suddenly disappear due to fraudulent wire transfers. Rest assured that online banking is safer than ever through powerful data encryption, multi-authentication, virtual cards, and so much more.
How to keep your One account secure
Mobile banking services are designed with a multitude of features and triggers to prevent fraudulent activities. To help keep your One account extra secure, we recommend these top seven things to add additional protection to your finances.
1. Choose a strong password
Have you ever tried to create a new account on a website but saw the error message "your password is too weak"? The same applies to online banking. Strong passwords are by far one of the best (and easiest) ways to secure your online information. Help minimize your risk of cyber-attacks or hacking by regularly changing your online banking passwords – ideally every 90 days.
Your password should not be made of predictable or straightforward words, as scammers can access sophisticated dictionary databases and discover your secret word. The best passwords are a mix of random numbers, symbols, and characters using both upper and lower case. You should never use any information related to your name, date of birth, SSN, location, or account details.
2. Track your account activity with real-time alerts
When it comes to online banking, keeping your account activity on track is crucial. To maximize account safety, turning on real-time alerts can be a huge help. You'll receive instant notifications directly on your mobile phone every time there is new account or card activity.
Alerts are helpful to track overdrafts, declined transactions, incoming deposits, or online payment authorizations. Each alert corresponds to a real-time transaction, so if you notice something suspicious, you can freeze your One card immediately and, if necessary, notify our team for further investigation or dispute any unauthorized charges.
3. Enable multi-factor authentication
Multi-factor authentication gives your banking information more robust protection. Nowadays, more and more mobile apps require users to set up multi-factor authentication to access their services. Upon entering your username and password, the app will ask you to pass another security test. There are four common options: fingerprint, PIN, one-time code, or pattern. This extra step can prevent hackers from accessing your personal information.
4. Avoid unsecured Wi-Fi
Have you ever noticed a warning sign every time you connect your phone to a public network? It's because most Wi-Fi networks are unsecured. Unfortunately, unsecured networks can allow hackers to intercept your personal information much more quickly – either by transmitting data over unencrypted networks or by simply attacking your account with malware or ransomware.
If you need to stay connected on the go or access your bank information from a public location, you may want to switch to your mobile data. Alternatively, you can sign up for a virtual private network (VPN), which creates a private connection that only you can access.
5. Use virtual cards for online expenses
A virtual debit or credit card works like a regular physical card linked to your mobile app's digital wallet. A virtual card is set up to facilitate online payments, ATM cash withdrawals, or contactless transactions. With virtual cards and digital wallets, making secure online or in-person transactions is just a click or tap away, and you'll no longer risk losing your physical One card. You also have more control over suspicious transactions, as you can quickly delete your virtual card directly in the One app if you believe your card information has been compromised.
6. Pay with digital wallet
A digital wallet, or e-wallet, is an online service that allows two parties to make electronic transactions in exchange for goods or services. To access your digital wallet, you may need to download an app to link your banking information. Digital wallets make online transactions much more secure. The app will generate a one-time code to utilize only for the current transaction and usually expire after a few minutes. Therefore, even if someone tries to steal that code, they cannot access your data. In addition, your payment details are protected in a central location, so you no longer need to enter your card details every time you make a purchase.
7. Beware of phishing scams
Phishing is a cyber-attack in which the user is "tricked" into sharing sensitive information to the attacker or inadvertently allowing malicious software within their mobile and computer devices. Most of the time, phishing attacks occur in email, text, phone calls, or direct social messages. For example, to access your banking information, the attacker may send you an email that looks like it came from your banking service, usually including a link that, if opened, may automatically deploy the malware into your system. Therefore, to minimize the risk of phishing, you should always double-check every email, message, or phone call that you receive before sharing any details, especially if they request sensitive information from you. One will never ask for any personal or account information through direct social media messages, so please be aware of any "congratulations winner" messages requesting banking information to have your prize directly deposited into your One account!