Safety Tips to Keep Your Account Safe with Online Banking

Online banking makes it easy to manage your money on the go, whether you're checking your account balance before paying a bill or sending money to a friend or family member. But it's important to take basic steps to keep your account safe from hackers and scammers.

The first step to banking online safely is learning about common tricks fraudsters use to hack bank accounts and steal money. These include: using software to guess your bank account password, grabbing login credentials by "snooping" on activity on public Wi-Fi and sending fake "phishing" emails that look like they come from your bank, credit card company or payment platform.

The good news is that following these 10 online banking safety tips will go a long way toward helping you keep your account, and your money, secure.

1. Set up alerts to tip you off to unusual account activity

Banks allow you to set up customized text or email alerts that can help you keep a close eye on your account. For example, you may be able to set up an alert for a purchase over a certain dollar amount, or when your balance gets low or goes into the negative. These alerts not only help you to manage your money, but they can tip you off to fraud or other unusual activity right away.

2. Create strong passwords and update them regularly

A strong password that you change every couple of months is like a heavy duty lock that can keep fraudsters out of your bank account and away from your funds. Consider creating long pass phrases or using a reputable password manager that can instantly generate strong passwords for your accounts. A password manager also can store and autofill your passwords to make logging into your bank account a snap for you — but not for scammers.

3. Use multi-factor authentication

Multi-factor authentication is another important way to keep thieves out of your bank account. Also known as MFA, multi-factor authentication requires two or more methods of verification to grant access to an account. A common example: you enter your strong password, then your bank sends you a temporary code by text or email. You then enter the code to finish logging into your account. Log into your bank account to quickly set up multi-factor authentication for an extra layer of security.

4. Log into your account securely

Never do your online banking from a less-than-secure location or device, such as public Wi-Fi at a coffee shop or a shared computer at a library. Instead, make sure both your device and Wi-Fi connection are secure. Protect your computer, tablet or phone by using antivirus software and doing regular software updates, which often close security loopholes hackers can exploit. And take steps to secure your home Wi-Fi network, such as encrypting your network and keeping your router up to date.

5. Send money only to people you know and trust

Keep in mind that sending money with Zelle® is similar to handing someone cash. Why? Money moves fast with Zelle®, directly from one bank account to another within minutes,* and you can't cancel a payment once it's been sent to a recipient who's already enrolled with Zelle®. That means if you pay someone for goods or services and then don't receive the merchandise or have a problem with the service, you may not get your money back. So, send money only to people you know and trust.

6. Watch out for payment scams

Have you ever spotted an offer to buy tickets to a hot concert or sporting event at a price that seems too good to be true? This is an example of a payment scam, where a fraudster advertises tickets or other items they don't actually have, then takes your money and disappears. So, if a seller you don't personally know asks you to use Zelle® to purchase tickets or goods, just say no. Also, keep in mind that no one from City National Bank of Florida will ask you to send them money with Zelle® as a test or for any other reason. If you aren't sure you'll get what you paid for, use a payment method, such as a credit card, that offers purchase protection.

7. Shop online only with secure websites

Choose retailers you know and trust, and look for a lock symbol on the left side of the browser bar to verify that the site uses secure sockets layer (SSL) encryption, which creates a secure link between the shopper and the site. Use a credit card rather than a debit card when shopping online, and don't "save" your credit card information on the site. It's worth taking a few minutes to re-enter your card number next time you shop to lower the chances that your personal information will fall into the wrong hands in case of a data breach.

8. Use social media safely

Tempted to "check in" at your favorite restaurant or let the world know you're soaking up the sun on an island vacation? Social media allows you to let your friends know where you are and what you're up to, but it can also tip off criminals looking for easy targets. Be cautious about what you share on social media — for example, avoid sharing personal information like your date of birth and wait to post your vacation photos until after you get safely back home.

9. Don't fall for phishing emails or texts

Be skeptical of any emails or texts asking you to give up personal information, log into an account or send money. If you get a message that claims to be from your financial institution and asks you to provide credentials or click on a link, don't. If you're in doubt about whether a message is real, contact your financial institution directly. And learn how to spot phishing messages, which commonly claim there is a problem with your account, offer a bogus coupon or ask you to pay a fake invoice.

10. Report stolen or lost bank cards right away

If you notice that your credit or debit card is missing, contact your bank immediately so they can cancel the card to prevent or minimize fraud. It's smart to keep a list of your cards and the corresponding bank phone numbers in a safe place at home to make this process easy if your purse or wallet gets stolen.

If you think you're a victim of fraud, here are some steps you can take:

• Notify your bank of the problem right away.
• File and get a copy of a police report with your local police detailing the crime.
• Contact the U.S. Federal Trade Commission, either online or by phone, to report the scam or fraud.
• Monitor your bank and card accounts closely to look for unusual activity.
• Consider placing a fraud alert or credit freeze with the major credit bureaus to make it harder for ID thieves to get credit in your name.

Scammers are always on the lookout for ways to cash in. That's why it's so important to learn how to spot common tricks and shore up your accounts to keep yourself and your money safe while you enjoy the convenience of online banking.

At City National Bank of Florida, your online safety and security is our top priority. Please visit our Security Center for more information.

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Sources:

Cisa.gov

Csrc.nist.gov

Consumer.ftc.gov

Kaspersky.com

Usa.gov