When was the last time you entered a banking hall to conduct transactions?

Perhaps, you can’t even remember or just one or two times within the past one month.

That’s becoming the new normal. About a decade ago, you practically had to enter a bank, get into the usually long queues in order to make a complaint or withdraw cash.

Today, with smart mobile devices we carry in our pockets or personal computers and tablets, connected to the internet, we can virtually conduct any form of banking transactions.

However, it also comes with risks. Although the technology is pretty much reliable, it can get compromised if you get reckless with some sensitive information that should have protected you.

So, how do you stay safe while conducting banking transactions online. Here are 5 tips:

1. Never Click On Suspicious Links

Have you ever received an email with a link that didn’t look right? Or a weird looking text message?

When you looked at it you thought, something doesn’t feel right here.

When that happens, trust your instincts; DO NOT click on the link.

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This is because it may be a link to a malicious website trying to impersonate your bank.

If you enter your banking info into that site, you’ve just given it to cyber criminals who could log into your online banking and steal all your money.


2. Do Not Conduct A Banking Transaction When Using Public WiFi Networks

One would have recommended you conduct banking transactions on secure public Wifi networks; but it's hard to tell how secure if it's FREE.

So, the rule of thumb is, stay away from any public Wifi when conducting banking transactions.

When next you attend a function in a big hotel offering free Wifi, don’t be tempted to use that opportunity to send money to anyone.

It could cost you more than you bargained.


3. Only Use Official Banking Apps

These days there are several financial technology companies offering mobile apps for several forms of transactions.

However, it is highly recommended that you stick with the official mobile app of your bank.

These online apps are rigorously tested to ensure all your data is secure and encrypted. These apps also tend to be much more secure than text messaging, making them the safest way to bank online.

Never use a financial application created by someone other than your commercial bankers.

The developers could very well be stealing your private information for devious purposes.


4. Try Not To Lose Your Mobile Device 

This may be easier said than done.

Sometimes you have absolutely no control over what happens. It’s important that you don’t lose your mobile device.

The easiest way for someone to steal online banking information is if they can get their hands on your smartphone or tablet.

However, you can be proactive by setting up the “Find My Phone” on your device and by always turning on your location.

More so, don’t store your password information on your phone. Don’t write it in the notes or make a voice recording of it.


5. Create An Uncrackable Password 

Your online banking passwords should not be possible to guess or by-pass.

When choosing your password, do not be concerned more about whether you’ll be able to remember it than if cyber criminals will find it easy to crack.

The best culprit in terms of password choice is date of birth. Leave your birthday out of your choice of password. It's easy to guess.

A hacker can use a variety of software programs to guess at your password until it gets it right, opening the digital vault.

Your password should contain a variety of uppercase and lowercase letters, numbers, and special characters.

Image Credit: LoansFind

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