In an era where online banking has become not only convenient but often essential, securing your global transactions is crucial. From personal savings accounts to international investments, more than 75% of banking is now conducted online. As transactions cross borders and regulations vary, the risk of fraud increases. Let's dive into key online banking safety tips to ensure every transaction, whether made from your couch or from an airport halfway around the world, remains secure.

1. Use Trusted and Secure Internet Connections

A public Wi-Fi network can be tempting, especially when abroad or in a hurry. However, these networks can be breeding grounds for hackers. The risk is high; according to a recent report, around 60% of data breaches stem from unprotected networks. Always use a secure, private Wi-Fi connection when conducting financial transactions. Better yet, consider using a VPN (Virtual Private Network) for added security when connecting to the internet from less familiar locations.

Tip: VPNs encrypt your data, masking your activity from potential prying eyes. You find exactly what you are looking for - bank safely online with VPN without additional risks. Think of them as invisible shields for your digital information.

2. Prioritize Strong, Unique Passwords and Use Multi-Factor Authentication (MFA)

Many people still use simple passwords, such as "password123" or birthdates. These can be cracked in seconds. To secure online banking, creating a strong, unique password is non-negotiable. Avoid reusing passwords across platforms. Instead, employ a mix of uppercase letters, numbers, and symbols. Better yet, choose a passphrase—think of a sentence like, "B3tterBank!ng@Home$afe," which is complex yet easy to remember.

MFA is another critical layer. With MFA, even if someone manages to get hold of your password, they’ll still need access to your phone or email to complete the login. According to a Google study, MFA can prevent up to 96% of hacking attempts.

Tip: Many banks offer MFA as an optional feature, but enabling it could be the difference between a protected account and a potential breach.

3. Keep Banking Apps and Devices Updated

Cybersecurity risks evolve rapidly, and financial institutions work continuously to address vulnerabilities in their systems. Banking apps and software frequently release updates to patch security holes, so make sure your devices and apps are running the latest versions.

Old software is a weak point; roughly 30% of digital fraud cases are linked to outdated apps and systems. Set your device to update automatically whenever a new version is available to minimize your exposure to these threats.

Tip: Regularly clearing your app cache and browsing history can also help prevent the buildup of data that hackers could potentially exploit.

4. Watch for Phishing Attempts

Phishing remains one of the most common forms of online fraud, accounting for nearly 22% of financial scams. In phishing schemes, fraudsters pose as legitimate organizations to trick individuals into providing sensitive information. You might receive an email that looks like it's from your bank, asking you to verify account details.

Before clicking on any link, double-check the sender's address, scrutinize the URL for oddities, and avoid giving away personal information unless you're absolutely certain of the request's legitimacy. Official organizations will never ask for passwords or PINs via email or text. You can also install VeePN, which fights phishing and prevents many types of hacker attacks. If something feels off, contact your bank directly using their official customer service number to verify the request.

5. Enable Alerts for Suspicious Activities

Most banks offer the option to receive alerts whenever your account experiences unusual activity, such as logins from new devices or transactions exceeding a set amount. These alerts provide a real-time safeguard, enabling you to catch fraudulent activity immediately and take necessary action.

In 2023, over 70% of people who were notified of suspicious activity in real-time managed to recover their funds compared to only 25% who noticed fraud too late. So, take advantage of this feature—it's simple, effective, and gives peace of mind.

Tip: Set your alerts to notify you of every transaction. While it may seem excessive, it’s a solid line of defense.

6. Use Secure Payment Methods When Banking Abroad

When conducting transactions in foreign countries, use secure payment methods, such as credit cards with fraud protection or digital wallets like Apple Pay or Google Pay. Digital wallets offer an extra layer of security by tokenizing your card information, meaning the merchant never sees your actual card number. In addition, using these platforms can protect you from currency conversion scams and hidden fees often encountered abroad.

A recent study found that credit card fraud protection saved consumers over $5 billion globally in 2022. By leveraging these payment methods, you’ll reduce your vulnerability to international fraud.

Tip: Avoid wiring money directly overseas unless it’s to a known and trusted recipient, as wire transfers are difficult to trace and often impossible to reverse.

7. Regularly Monitor Your Accounts

One of the simplest yet most overlooked ways to keep your banking secure is by regularly checking your account statements. Small, unusual charges could be early indicators of fraud. Banks have fraud detection systems, but monitoring your own activity offers an additional layer of oversight.

On average, identifying fraudulent transactions within the first 24 hours can make a significant difference in recovering stolen funds. A weekly check-in takes only a few minutes but could save a lot of trouble in the long run.

Tip: Consider keeping a list of recurring, predictable expenses. This way, spotting anything unusual will be quicker and easier.

8. Limit the Information You Share Online

It’s all too easy to share personal details on social media that could be exploited by scammers to guess your passwords or security questions. Information like your pet’s name, hometown, or even your favorite sports team can give hackers clues to your identity.

A recent study showed that over 40% of people unknowingly share personal data that could be used for security breaches. The less you post publicly, the fewer data points scammers have to work with.

Tip: Double-check your privacy settings on all social media platforms and avoid using easily guessed details in your security questions.

9. Plan Ahead for Safe Transactions While Traveling

When banking abroad, plan to take extra precautions. Let your bank know where you’ll be to avoid accidental account freezes, and review foreign transaction fees beforehand. Additionally, consider using a card that specializes in international transactions to avoid high fees.

Many people are caught off guard when their accounts are flagged for fraud during international trips—this can be both frustrating and unsafe if you’re left without access to your funds. With a little preparation, you’ll be better equipped for smooth, secure banking no matter where you are.

Final Thought: Protect Your Financial Future

In today’s digital world, staying vigilant about online banking is not just recommended—it’s essential. By following these online banking safety tips, you can secure your global transactions and guard against potential threats. Banking safely online requires a proactive approach, but the payoff is well worth it.

*This is a Press release.