With over 11 million identity fraud victims in the United States annually, anyone with a bank account must take the proper precautions. Fortunately, guarding yourself from fraudsters requires a minimal time investment and a little common sense. Here are more easy ways to How to secure your bank transactions.
Check your account activity regularly.How to secure your bank transactions This may be the single most effective strategy you can employ to secure your finances. Balancing a checkbook is advised, though the technique is becoming outdated with the advent of online banking. At the very least, you should log in and view your account activity multiple times every week to make sure there are no unexpected transactions.This is the very easy way How to secure your bank transactions. Report any discrepancies to your financial institution immediately.
Keep your PIN and passwords secret. These are the keys to your money. Guard them with vigilance. Do not give them out to anyone, and never write them down on paper, in an email or in a text message. These can all be easily intercepted.
Use a strong password for online banking. Do not use your birthday, your spouse’s name, your kid’s name, your social security number, your address or anything so painfully obvious. Always use a capital letter or two along with a few numbers. An example of a bad password would be “sarah.” An example of a good password would be “12MarinersRevenge56.” And please, never set the word “password” as your password.
Change passwords periodically. Get a new password every few months or so. That way, if you’ve had to give someone else your password or for some reason made a physical record of it, you will reset your chances of being hacked.
Do not give out account info over the phone. Your bank will not call requesting your account numbers, PINs or passwords. They already have this information. You should be automatically suspicious of unexpected calls. If you have any doubts about the caller, hang up and call your bank directly.
Malicious Activities How to secure your bank transactions
While banks have increased preventive steps, it hasn't stopped cybercriminals from doing their malicious activities online. Spam, credit card fraud, ATM fraud, phishing and various types of identity theft are a recurring problem in the industry. A study conducted by the International Journal of Computing & Business Research about e-banking security vulnerabilities concluded that the most stringent security measures can help alleviate many risks — but not all of them.