Every year, more people are using digital banking. While nothing will ever be 100% safe, there are plenty of benefits of digital banking that you can start using today. This is especially true if you’re using the mobile app of your bank or financial institution.
Understanding what digital banking is and how you can protect your information from cybercriminals is essential before you make the switch from in-person banking. But once you have a better idea of the top digital banking safety tips, you’ll feel more confident and keep your money safe.
Use your bank’s mobile app for extra security
You might be wondering “is digital banking safe?” And we’re here to tell you that, for the most part, it is. Most hacking attempts by cybercriminals are still on traditional PCs, but there are increasing numbers of mobile hacking attempts each year. But just as you would with your desktop devices, staying on top of your mobile device safety is important.
Using apps is generally safer than accessing your accounts from browsers, particularly if you’re using additional security methods like a touch ID. Most banks, even local community banks, now use state-of-the-art technology to make banking from your smartphone or device more convenient and straightforward. West Shore Bank’s Touch app is easy to use and saves you time when completing your financial transactions, wherever you are and around the clock.
When possible, use secure wi-fi
One of the most crucial digital banking safety tips to remember is to always use secure wi-fi when checking financial accounts from your device. Public wi-fi is typically found in places like cafes, coffee shops, airports, or libraries where you can access the internet for free. While this is often helpful, it also means that your private data could be accessed by anyone else on that network and makes you more susceptible to cyber threats.
Try to never use public wi-fi when accessing your bank app or whenever you need to enter the passwords for your financial accounts. If this is unavoidable, enable two-factor authentication and use a virtual private network (VPN) if possible. This will add an additional layer of security for any browsing you do on your mobile device while on the public network.
Keep your device safe
Even when your device is safely in your bag or pocket, there are still steps you can take to keep your information secure. Use built-in security features like a pin code or facial recognition for unlocking both the device itself and your banking app. Always keep your device on you at all times and never access bank information where people can see what you’re doing.
Be aware of phishing scams
People fall victim to fraud attempts and phishing scams every day, so it’s essential that you understand what to look out for should a cybercriminal contact you. West Shore Bank will never reach out to you to ask for details like your account name or password, so if you receive a text message, email, or phone call asking for this information, it’s not genuine.
Some of the most common phishing scams involve hackers sending test messages or email that are designed to appear as though they’re coming from an official source, like a bank.
Example:
This will include links to websites that will trick people into entering their login details, giving criminals access to their accounts.
If you’re ever concerned about a potentially suspicious text or email, play it safe and delete it. Don’t click on links instead open a new browser window and go to the site yourself. You should also keep your mobile device data up to date, add two-factor authentication to your accounts, and change any passwords regularly, particularly if they’ve been compromised.
Benefits of digital banking
Secure online bill pay
Being able to pay your bills online is incredibly convenient and one of the best features of mobile banking. This feature eliminates the need for you to login to multiple sites to pay your bills, instead scheduling recurring and one-off payments directly within your banking app.
Paying your bills online is much safer than sending payments via the mail and gives you a digital record of all the payments you’ve made. Your secure bank accounts are less likely to be compromised, especially when you’re making bill payments from the app, so the whole process is much safer for everyone.
Manage your money
No matter if you’re home or traveling, the WSB mobile app for Apple and Android devices goes with you wherever you are. Allowing you to manage a number of banking activities anytime - at home or on the go including:
- View account balances and history
- Transfer funds between accounts held at West Shore Bank and other financial institution
- Pay people you know and trust with Zelle®
- Pay bills one-time or recurring with ease
- Set Debit and Credit card controls
- Deposit checks anytime, anywhere
- Donate to causes close to your heart
- Track spending
- Set budgets and financial goals
- View accounts at other financial institutions
- View check and deposit images
- Access electronic statements
- Set balance and transaction alerts
- Chat securely with a Customer Care representative
- And more
By having this access you can stay on top of your budget and daily banking, while also providing you with safety and security when you need it most.
Paperless statements
Switching to digital banking also means that you no longer need to receive paper statements in the mail. Not only is this an environmentally-friendly change that you can make, but it also reduces the risk of mail fraud and possible identity theft.
Digital wallet
Using a digital wallet instead of a physical card is one of the newest benefits to making the move to mobile banking. These wallets are a secure way to pay for goods and services via your phone, using encryption to protect your bank account details.
These wallets limit the need for a physical card, which protects you against theft when you’re away from home. The random payment codes that are generated also protect you against card theft while making purchases, as these are one-time auto generated codes between your bank and the merchant, hiding your information but allowing the transaction to proceed.
Make the switch to digital banking
In this new age, adjusting to new security measures and ways of digital banking will take time. At West Shore Bank, we want to make the process easier for you as you make the transition.
Whether you’re looking to add your debit or credit card to a digital wallet track your spending and set financial goals or budgets, we’re here to help you with our range of digital banking services.
Our priority is keeping your hard-earned money safe. That’s why we’ve implemented industry-standard security features to keep you protected, so it’s one less thing for you to worry about as you move over to digital banking.
Contact us today to talk to our team and get started with digital banking.
