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How to keep your bank account secure

When it comes to our hard-earned money, there is no room for compromise on its security. With rising cases of cybercrime and fraud, safeguarding your bank account should be your top priority. In this blog post, we will discuss a few simple steps that you can follow to ensure that your bank account remains secure and protected from unauthorised access.

Create Secure Passwords

The first and foremost step to preventing bank account fraud is to have a strong and secure password. Do not use easily guessable passwords like dates of birth, names, phone numbers or simple dictionary words. Instead, combine upper case letters, lower case letters, numbers and special characters and never use the same password for multiple sites or bank accounts.

Make sure that your password is at least eight characters long and not something that could be easily found with a quick search of your social media profiles. Remember to change your password regularly for your bank or financial institution and do not share it with anyone.

Double Check Bank Transfers

Always double-check the details while making bank transfers through your mobile banking app. Be it online or offline, verifying the recipient's account number, bank name and other necessary information is essential for online banking security.

When making online transfers via mobile banking apps, ensure that the URL starts with "https://" and has a green padlock symbol signifying a secure internet connection. Additionally, never save your online banking credentials or personal details on public devices or browsers, as unauthorised users could gain access.

Cover Your PIN

At ATMs and point of sale (POS) machines, cover the keypad while entering your personal identification number (PIN) to prevent anyone from seeing your credentials, including any hidden cameras that fraudsters might place.

Be vigilant and check the ATM machine for any signs of tampering, especially around the card slot and keypad. If you suspect foul play, report it immediately and avoid using the compromised machine.

Set Up Multi-Factor Authentication

Many banks offer two-factor authentication to ensure the highest level of security. This requires users to verify their identity using a combination of username, password and a unique code sent to their mobile phone or email.

Enabling multi-factor authentication adds an extra layer of protection to your account, making it challenging for unauthorised users to access your account, even if they have your password.

Check Your Account Throughout the Week

Regularly monitoring your bank account activity is essential for the early detection of any suspicious transactions. Stay updated on your debit card account balance and review transaction history frequently to ensure no unauthorised transactions have occurred.

If you find any discrepancies or unauthorised transactions, report them to your bank immediately. Additionally, make sure to review your bank statements regularly to match them with your own records.

Keeping your bank account secure is vital to protecting your financial well-being. By following the steps mentioned above, you can ensure that your money remains safe and shielded from cybercriminals and fraudsters.

Remember, staying vigilant and proactive can save you from potential losses and fraud. Always keep your bank informed about any suspicious activity or potential threats, and never underestimate the importance of safeguarding your financial information.

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For more helpful information about how to manage your money, different financial products or what we do at Polar Credit, take a look at our Info Hub.