Protecting Your Online Bank Account

Online banking and mobile apps have not only made life so much easier, but it’s also made accessing your personal data much faster. It’s important to learn how to keep your bank account safe online so you can use all their features with peace of mind. Remember that cybercriminals and fraudsters are continuously upping their game, so should you.

Keep reading to learn how to protect your bank account from fraudsters and cybercriminals.

Use unique passwords for each of your accounts

The first step to keeping your online bank account safe is by creating different strong passwords per account. If you use the same password with all your accounts, no matter how strong it is, it is still prone to cyberattacks. All the hacker needs to do is gain access to one account and they basically have access to your entire online world, which may include your online bank accounts.

Make it difficult for them to gain access to your accounts by making a strong password for EACH account. That means every account should have a unique password made up of a combination of capital and lowercase letters, numbers, and special characters.

You can create a base password and add unique details to it depending on the account. If handling and memorizing multiple accounts is too cumbersome for you, not to worry. You can invest in a password vault that encrypts your usernames and passwords, so you don’t have to write them down.

Don’t forget to update your passwords on a regular basis. Once or twice a year should be enough.

Use different email addresses

Another way you can secure your bank account is by using different email addresses for your bank account and for your social media accounts, subscriptions, personal correspondence, etc. This way, if the email address you use for your social media or subscriptions is included in a data breach, you don’t have to worry about the information used in your online bank accounts being compromised. While the data breach is still something to worry about, knowing that intruders will not have access to your financial information still gives some comfort.

Play around with security questions

Security questions are there to help you get in in case you forget your password and may include questions like:

• What is your childhood pet’s name?
• Where did you go to elementary school?
• What’s your mother’s maiden name?

To make it difficult for hackers to guess the answers to your security questions, you can throw them off by answering them differently. For instance, for your mother's maiden name, you can answer with your childhood pet and vice versa. You can even answer with a totally different thing, like your favorite place or food, as long as you take note of it.

Avoid using public Wi-Fi

We’ve pretty much gotten accustomed to joining whatever Wi-Fi that’s available – whether that’s in your favorite coffee shop, mall, or airport. But it’s not always safe to hop on to public Wi-Fi networks. If you’re just using the Internet to read the news or kill time on social media, then you’re good to go. The safest way to bank online, however, is through a secure Wi-Fi network. When you use public Wi-Fi, the open connection allows cyber criminals access to your username and password as you log in to your online bank account.

Use a VPN

If you use public Wi-Fi networks a lot or just want to give yourself an added layer of protection, you can download what is called a VPN, or Virtual Private Network. The VPN connects your device to a different server on the Internet somewhere else in the world, masking your actual location from hackers. This makes it more difficult to trace your online history and helps prevent identity theft.

Update your software regularly

Whenever you get a notice on your laptop or smartphone saying there’s a new system software available, instead of clicking “remind me later” (like we’re used to), update it as soon as possible. Delaying it puts yourself and your data at risk. This is because hackers are always on the go to search for any weak spots in software systems or even mobile apps.

Help us #FightFraud

Now that you know the different ways to keep your online bank accounts safe, help us put cybercriminals in their place. If you suspect you’ve been a victim of fraud, call us immediately and report the fraud incident to (02)88-700-700 or 1-800-1888-5775. You can also email us at customercare@metrobank.com.ph using “Report on Possible Fraud” as the subject.

Metrobank takes fraud seriously. You can be part of the fight. Browse through our articles and learn more about how we can fight fraud together.