How to Secure Your Online Bank Account Against Fraud

Your practice's company bank account actually doesn't have the same level of security as your personal bank account when it comes to frauds and breaches.

If you're skeptical about that statement, ask your bank about their policy regarding refunds for money stolen from your account.

Does FDIC protect you from bank insolvency? Yes. But fraud? No.

When someone else manages to access your account and makes a transaction, FDIC does not have jurisdiction against this type of crime.

Current Dangers: Coronavirus and Cybercrime

Due to the COVID-19 pandemic, most of us have stayed at home, meaning a higher number of online bank transactions. Convenient for all users, it has also helped in flattening the curve by minimizing physical bank transactions during this critical period. 

Since business operations are now down to the essentials, cybercriminals' prospects are currently narrowed down to these entities, making online bank accounts one of their hottest targets.

Here are three ways to secure your online bank account against fraud:

Set Up Multifactor Authentication (MFA)

Make it more difficult for cybercriminals to hack your account by adding another layer of security.

That means adding an extra authentication process on top of your regular passwords, such as a fingerprint scan or a one-time code sent to your phone to confirm that you're actually the one doing the transaction.

Why is this important?

MFA is one of the most effective tools to combat cyber fraud because it makes you less susceptible to attacks compared to users who don't optimize this technology.

For example: If a hacker attempts to log into your account, your phone will receive a text with a code. Upon receiving this text, you will instantly know that someone else is trying to access your account, allowing you to report the incident to the bank immediately.

If you're serious about better protecting your account by adding another layer of security, you can contact a certified MFA technology seller and let them assess your needs.

Enable Email Notification for Every Transaction 

Many users enable push notifications for social media accounts, yet some of them are fine with not being prompted for online banking activities.

Whether it's an email or a text message sent to your phone (or even both), it's crucial to have a receipt every time a transaction is made.

If this is too redundant for you, you can set your account to alert you only when large amounts of money are involved.

Why is this important?

An eager hacker who can access your account doesn't need to change account details to drain your savings. Hence, online banking applications have features that warn you about irregular activities.

It also helps your bank track unusual behaviors of bank accounts, which allows them to analyze trends and thwart possible frauds in the future.

As soon as you discover a fraudulent transaction, contact your bank immediately to have a better chance of recovering your money.

Install a Reliable Anti-Malware Program 

You would think that this basic step should already be a no-brainer. However, some users would skip this for different reasons, such as saving storage space.

According to McAfee's Mobile Threat Report for the first quarter of 2020, hidden apps are the most active threats to consumers.

A stealthy Android-based malware called LeifAccess (also known as Shopper) exploits single sign-on (SSO) and installs even more malware to damage your device. 

Why is this important?

Your bank account is likely linked to other accounts.

So if your phone does not have MFA and is riddled with malware like LeifAccess, it's only a matter of time before your banking app is infiltrated, and your funds are compromised.

If you already have an anti-malware program, make sure to update it regularly.

Minimize Risk for All Your Accounts

Avoid using public Wi-Fi for banking transactions. Only use official banking apps. Always use unique and strong passwords. Invest in insurance that covers online bank frauds. 

There's a good chance that you're already anxious about the health and safety of families and friends. By following these tips, you can put yourself at ease when it comes to the security of your practice's hard-earned finances.

MG Hosting Services is a company dedicated to protecting the healthcare industry from the growing threats of cyber attacks and data theft. A practice’s first line of defense against cybercriminals, they are highly trained IT specialists and cloud engineers ready to serve the technical needs of healthcare professionals 24/7. With offsite data storage, military-grade data encryption, and full remote work support, they can prepare practices for anything that comes next. Learn more on their website, and find more posts like this one on their company blog.