Is online banking secure?
No bank account is completely secure from fraud, online or not. But according to Financial Fraud Action UK, the vast majority of payment fraud in the UK (80%) is card fraud – not online banking fraud.
Online banking involves a lot of security measures. With basic internet banking, you’ll usually have to log in using security questions and a device that generates random codes based on your PIN or card. With digital banking via an app, you need your phone and often your PIN to make payments.
Of course, you’ll need to do your bit too. Here are some top online banking tips to help your accounts stay safe:
- Be alert. Check your statements as often as you can. If you notice anything unusual, contact your bank as soon as possible.
- Be wary. Don’t give out your passwords or personal details to anyone claiming to be from your bank, either by phone or email.
- Log out. Always log out of your online banking session or close down any apps on your smartphone or tablet.
- Only use secure connections. Public Wi-Fi connections, such as those in coffee shops, usually don’t offer the same level of security as your Wi-Fi at home.
- Keep virus free. Use up-to-date anti-virus software on your computer or tablet.
- Use secure passwords. If you have to set up a password or PIN, it should be hard to guess and different from passwords you use for anything else.