Banking technology has always been something of a double-edged sword. While providing consumers with all sorts of new ways to manage their finances – through services as diverse as online banking applications, PayID# and mobile digital wallets ^ – new technology also presents issues of safety and privacy. This is because of the various risks associated with managing money online, but there’s no reason at all why modern banking can’t be incredibly secure.
In fact, by following these few simple tips, you can help keep your banking safe from malicious activity.
1. Use complex passwords.
As the first safeguard to your accounts, it’s worth spending a bit of time reviewing your passwords.
The risk here is that if you use the same password for every website or digital service and it becomes compromised, you’ll be vulnerable to a far greater variety of threats. Instead, spend a bit of time working out individual passwords for every account or log-in portal, and be sure to quickly change any password that you believe may have been compromised.
2. Use secure networks.
These days, we’re all used to having secure WiFi networks in our home. This makes accessing platforms such as online banking  quick, easy and generally safe, but what about when we’re out of the house?
It might seem tempting to log into a free WiFi service at a cafe or airport and use that to quickly check your account balances. However, these services are often not secured. This means that anybody else who’s using the same WiFi service could potentially access your activity, and subsequently your banking details. To stay on the safe side, always make sure you’re using a secure connection to the internet before checking your accounts.
3. Update your software.
Finally, it’s also important for consumers to understand that there are always new defence mechanisms being developed by banks and other financial institutions. These measures are designed to make financial technology safer and more secure but aren’t very helpful if you don’t update to the latest software versions.
To ensure you’re making use of the very latest in banking security, it’s essential to regularly update your mobile apps and make sure that your accounts utilise the latest technology. This could mean moving to a new type of account, but the effort is worth it for the peace of mind that knowing you’re protected provides.
Of course, even when taking precautions, security breaches can still happen. Sometimes this is through no fault of your own, such as a company that you have an account with being targeted by cybercriminals. If this happens, your passwords with that company may be accessed, underlining just how vital it is to use a variety of passwords for different types of online activity.
If you’re worried about the possibilities of criminal activity on your accounts or believe your financial information may have been compromised, your first step should always be to get in touch with your bank directly. Here at Beyond Bank, we’re always available to chat about your banking safety, and you can get in touch today  to find out more.
#PayID is an alternative way to address payments. You can use this instead of remembering or sharing your BSB and account number. A PayID can be a mobile number or email address, and for businesses can also be an ABN or Organisation ID.
^Mobile digital wallets include Apple, Google and Samsung Pay.