Online Banking Safety: Simple Steps to Protect Your Money
Online banking lets you check your balance, see deposits and pay bills without leaving home. It can be safe and convenient when you use a few good habits. This guide gives simple steps to protect your accounts and the warning signs that a call or message is a scam.
These are general safety steps that apply on any phone, tablet or computer. Screens look different from bank to bank, so check your bank’s own help page or call the number on the back of your card for exact steps.
Set Up Your Account With Care
- Go to your bank’s website or app by typing the address yourself or using the official app from your phone’s app store. Do not use a link from an email or text.
- Make a long, unique password that you do not use anywhere else. A password manager can remember it for you.
- Turn on two-step verification (also called multi-factor authentication). The FTC says it makes it harder for scammers to get into your accounts even if they have your password. Our guide to two-step verification shows how it works.
- Keep your phone and apps up to date. The FTC recommends turning on automatic updates.
- Sign up for balance or transaction alerts in your bank’s settings, if offered, so you can spot anything unusual quickly.
Everyday Habits
- Log out when you finish, especially on a shared or public computer.
- Avoid banking on public wi-fi at a cafe or hotel when you can. Your own home network or your phone’s data connection is a better choice.
- Check your accounts regularly and call your bank right away if something looks wrong.
Warning Signs of a Scam
The FTC warns about callers who say there is fraud on your account and ask you to take action. Here is what it advises:
- Leave your money where it is. Anyone who tells you to move your money to “protect it” is a scammer, however urgent they sound.
- Never share a verification code. Real bank staff will not ask you for the code sent to your phone.
- Hang up and call back using the number on your statement or the back of your card, not the number the caller gave you.
- Do not click links or open attachments in unexpected emails or texts. A real company will not text you a link to update payment information.
If you shared a code or sent money, tell your bank right away and report it at ReportFraud.ftc.gov. The FTC notes that money sent to a scammer is often hard to recover, so acting fast matters. You can forward scam texts to 7726 (SPAM) and forward phishing emails to reportphishing@apwg.org.
Never be embarrassed if this happens. These scams are carefully designed, and reporting helps protect others.
More on Seniors Tips
- Two-Step Verification Explained: A Simple Guide to Protecting Your Accounts
- Password Managers Explained: A Simple Way to Keep Track of Your Passwords
- Government Impostor Scams: How to Spot Fake Social Security, IRS, and Medicare Calls
