Are Online Banks Safe?

Are online banks safe?

Someone said to a friend one day, “I’m not online with my money.” And I replied, “That’s right. Don’t you use mobile banking? So that means your money is online. But it is online with you!”

He looked at me for a minute and suddenly understood what I meant. All of the banks are online these days. If you find one that’s not, you may not want to do business with them. How will you know if someone hacks your bank account, processes an unauthorized transaction, or other action on your account?

But the common question is, are online banks safe? Remember that most banks offer mobile banking, which allows its users to check into their account any time of the day or night to check balances, update information, and such like.

This makes it convenient for the account holder. But it also ensures that your money is right where you think it is-in your bank.

When you have an account with no mobile banking app, you have no idea what is going on with your accounts unless you call their customer service number. Otherwise, you’ll have to wait until you get your bank statement almost a month later.

Most people understand the importance of mobile banking. But the security issue still bothers many people. This is understandable. One reporting company, GlobalSign reported that cyber bank robberies accounted for over $1 Trillion in loss altogether in 2017. The site goes onto to give examples of cybercrimes that were reportedly carried out by certain areas of the world. You should look in to this report yourself to verify these statistics.

However, we know that cybercrimes do occur. It is wise to protect yourself the best you can by never giving out your debit card number to anyone, changing online passwords as often as you can, and keeping some cash on hand in case you are unable to get into your bank account for a period of time.

Additional, cyber experts and IT people say you should never “bookmark” a bank’s login page because people can put up mirror sites to hack in easier this way. Instead, type in the URL of your bank login screen every time. This will decrease your chances of having your accounts hacked.

As you can see, mobile banks do have security issues, but in general, they are safe if users are careful about how they use them and always protect their passwords. In the event of a security breach, they should notify the bank administrator immediately. This is easier to do with mobile banking than traditional banking.

That being said, you can see why there is such a need for mobile banking IT experts. If you have a young person who is great with computers, IT, and even money or math, encourage them to look into careers in security or FinTech. This field is just getting started, and it would be wise to keep it as an option.

Good luck with college and remember to bookmark us for more essential tips and tricks in the near future!