Online financial safety is a crucial aspect of modern-day banking. With the rise of online transactions, it has become increasingly important to protect oneself from online fraud and scams. According to a report by UK Finance, more than £1.2 billion was lost to fraud in 2020, with a significant portion of it being related to online banking.
One of the most important things to keep in mind while banking online is to never share personal information with anyone. This includes passwords, PINs, and one-time passwords. Reputable financial institutions will never ask for such information, and it is important to be wary of any unsolicited requests for personal information. Additionally, it is important to use strong passwords that are not easily guessable and to change them frequently.
Another important aspect of online financial safety is to use secure networks while banking online. Public Wi-Fi networks are often not secure and can be easily hacked, allowing hackers to gain access to personal information. It is advisable to use a secure network while banking online, such as a home network or a mobile data connection. By following these simple tips, one can ensure that their online banking experience is safe and secure.