Though it may seem like a chore sometimes, securing your online banking activities isn’t something you should do just once and forget. In today’s digital world, this should be an ongoing process, and it’s one that should be informed by the latest threats and protective measures.
Now more than ever, it’s important to stay informed and to adopt good digital habits, all so that you can enjoy the benefits of online banking while protecting yourself from cybercriminals. Here are some important insights to help you stay safe while using digital banking services:
1) Check Financial Services Providers for BSP Accreditation
When choosing a digital banking or e-wallet provider, one of the first things you should check is whether the company is supervised by the Bangko Sentral ng Pilipinas (BSP). The BSP is the central bank of the Philippines, and it plays a key role in keeping the country’s financial system stable, secure, and trustworthy.
A BSP-accredited financial institution (BSFI) is one that meets strict requirements for security, transparency, and consumer protection. A BSP digital bank like Maya, for instance, is regularly monitored to ensure that it handles your money responsibly and that there are safeguards in place to protect you from fraud, mismanagement, or data breaches.
Working with a BSP-supervised provider also means you have access to proper channels for filing complaints and getting support if something goes wrong. It’s your assurance that you’re dealing with a legitimate, accountable financial institution.
2) Avoid Using Public Wi-Fi for Transactions
Public Wi-Fi may be a convenient way to access your digital banking platform, but it’s not secure. Using it for online banking is risky because it can have vulnerabilities that hackers can use to intercept your data, including login credentials and personal information.
That’s why it’s best to avoid logging into your banking apps or making transactions when connected to open networks. If you need to check your bank account while out and about, use your mobile data instead. It’s more secure and gives you better control over your connection.
3) Enable Two-Factor Authentication (2FA)
Two-factor authentication adds an extra step to your login process, such as a one-time password sent to your phone or email. This measure of protection may seem like a small detail, but it provides a big security boost.
If 2FA is activated, even if someone manages to get your password, they still won’t be able to log in without that second layer of verification. The good news is that most digital banks and financial apps offer 2FA; if yours does, activate it right away.
4) Beware of Phishing Scams
Scammers are constantly finding new ways to trick people into giving away their personal information. Some of the most common strategies they use are phishing emails and text messages. These may look like they come from your bank, but they often contain fake links that lead to malicious sites. The goal here is to trick you into inputting your credentials so that scammers can use the details to access your accounts.
Knowing this, always check the sender’s email address or phone number, and never click suspicious links or download attachments. When in doubt, go directly to your bank’s official website or app to check your account.
5) Keep Your Device Software Up to Date
Your phone or computer’s operating system and apps are constantly being updated to fix bugs and patch security vulnerabilities. If you ignore these updates, you may be leaving your device open to attacks. As such, make it a habit to install updates as soon as they become available. This simple practice helps keep your device secure and less vulnerable to new types of malware or hacking attempts.
6) Use Strong, Unique Passwords
A strong password is your first line of defense. It should be long, include a mix of letters, numbers, and special characters, and avoid using easily guessed information like your name or birthday. Don’t reuse the same password across multiple accounts. If one site gets compromised, your other accounts could be at risk, too.
7) Log Out After Every Session
When you’re finished using your banking app or online account, always log out, especially if you’re on a shared or public device. Staying logged in can make it easier for someone else to access your account without permission. This step may only take a second, but it can save you from serious trouble if your device ends up in the wrong hands.
8) Monitor Your Account Activity
Regularly checking your transaction history is one of the easiest ways to catch unauthorized activity early. If you spot something you didn’t do, report it to your bank immediately.
Some banks also allow you to enable push notifications for each transaction. This lets you know in real-time when money goes in or out of your account. If yours does, use this feature to your advantage.
9) Know How to Contact Your Bank Quickly
If something ever goes wrong, act quickly to minimize the potential damages and losses from the event. In the unfortunate event that your phone gets stolen or you notice suspicious activity on your account, quickly contact your bank so that they can keep the situation under control. This means saving your bank’s customer service number in your contacts and knowing how to freeze your card or lock your account instantly through the banking app.
10) Stay Informed About New Scams
Scammers don’t stay still, and you can expect them to keep finding new tricks to use on their targets. That’s why you should make it a habit to stay informed. Follow your bank on social media or visit their website regularly to get updates on emerging threats and safety tips.
Technology will continue to evolve, and so will threats. However, as long as you keep up with the times and the changing threats and security measures to combat them, you’ll be better equipped to guard your money and enjoy peace of mind in your financial life.
