Banking online has become common practice all over the UK.
But, with phishing and other forms of online fraud growing at an alarming rate, you need to take a few precautions to create a safe environment whenever you access your bank account online.
But how do you do that?
There are many factors that affect your online security. From the internet connection you use to your device’s operating system, you have to understand how criminals exploit each weakness.
This will allow you to strengthen potential access points and help prepare you against different types of attacks.
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Online Fraud in the UK: By the Number
It’s estimated that push payment fraud alone cost UK victims more than 580 million pounds in 2021. In total, there were around 195,996 incidents, which represents a 27% increase from 2020.
Last year, account takeover scams were the most common type of online financial fraud in the UK. That said, eCommerce fraud, identity scams, and click fraud were also relatively popular. The trend continues this year as well.
Each one of these types of fraud uses a unique approach. So, it’s important to learn about the different scams that cyber criminals use and implement best practices to protect your bank details.
8 Tips to Safeguard Your UK Online Bank Account
Using websites and mobile apps to do the bulk of your banking is now the norm. But, you need to take precautions to ensure that your sensitive information is safe whenever you decide to access your digital account.
Here are 8 tips to help you protect your online bank account.
1. Keep an Eye Out for Phishing Attempts
The goal of a phishing attack is to convince the victim to provide sensitive information. This can be a bank account number, the answer to a security question, or online login credentials.
It requires practice, but it’s possible to learn how to identify phishing emails and messages. Some of the steps you can take to identify these include:
- Check that the sender’s email is spelled properly;
- Review the request (legitimate sources never ask you to share sensitive data via email);
- Ensure that there are no suspicious-looking links or attachments.
2. Use a VPN Whenever You Go Online
A virtual private network or VPN is a tool that encrypts your connection. In other words, it codifies your online data and ensures that no one can intercept the bank information you send or receive from your devices.
There are many providers, so choosing a VPN for the UK is not always easy. Make sure to compare the leading providers, evaluate their security features, and pick a VPN that has servers in different UK cities.
3. Choose a Secure Password and Keep Your Credentials Safe
Your password is the main key to your banking app. So, you need to choose a secure passcode and keep these credentials safe.
Avoid using publicly-available details in your password, like the city you were born in. You shouldn’t keep a physical copy of the password either because it could be seen by someone else.
Having a password creator and manager is a great idea. This type of software can generate safe passwords automatically whenever you need them and store them digitally for you.
4. Leverage the Security Features at Your Disposal
Banks in the UK have to implement a safe infrastructure, but many providers also offer additional safety tools.
Review the resources available through your bank and activate security features that may help protect your account. For example, two-factor authentication.
5. Keep Your Device Software Updated
It doesn’t matter if you have an iPhone or Android smartphone, keeping your operating system updated will help safeguard your bank details.
Operating system developers include security updates that protect against new types of attacks. So, make sure to update your phone’s OS whenever you get prompted.
6. Monitor Your Balance and Transaction History
Monitoring your balance and transaction history is an effective way to ensure that no unauthorized individual has access to your account.
Fortunately, reviewing your balance and transaction history is easy, thanks to online banking. If you find a charge you don’t recognize, you’ll also be able to request help directly through the app or website.
7. Be Extra Careful When Shopping Online
Shopping online is an excellent way to find great deals. But you need to ensure that you’re buying from a reliable retailer to stay safe. Since you’re entering your bank account details, it’s important to double-check the legitimacy of the selling platform.
Whenever you shop online, remember to:
- Verify that the brand is well-known;
- Create an account on the platform and verify that you receive a confirmation email;
- Ensure that the URL of the page is spelled properly (if it’s not, abandon the page right away);
- Avoid inputting card details and pay with platforms like PayPal whenever possible;
- Don’t save your card details on the website as they may be exposed later on.
8. Always Log Out of Your Banking Session
This may not be as cutting-edge as some of our other tips, but it’s just as valuable. You should make sure that you log out of your banking sessions every time you finish using them.
Logging off is especially important if you’re not the only person that uses this device. So, make sure that you hit the sign-out button and that your mobile app is locked with a strong passcode.
Useful Cybersecurity Resources
Cybercriminals spend countless hours crafting phishing campaigns. This is the reason why many of these attacks are effective and can result in billions of pounds in losses.
There are many resources available to help you stay safe while banking online in the UK. These materials come from several reliable sources like non-profit entities including the UK government and many NGOs.
Here are some quick links to the most prominent resources and entities: