Effective ways to protect your accounts while transacting online
Online banking, by computer or phone, is now as common a way to access your accounts as stopping at an Automated Teller Machine, with many bank depositors making it a habit, according to www.nerdwallet.com. But you know who else loves online banking? Hackers. After all, it is easier to steal someone’s money from far away than while standing in line at the teller window. Banks are beefing up their security systems to fight cybercrime: More than 70 per cent of bank executives say they have increased their annual budgets in this area, according to a banker survey. But consumers also have a role to play. Here are five steps to take to protect your accounts so you can bank securely online. Ask for two-factor authentication When you log in to a website, you prove who you are by entering a username and a password. That is one factor. With two-factor authentication, you are asked to enter another piece of identification such as a temporary code. The bank would email or text you the ...