When it comes to online banking, only do so from a device that only you use. All of the above cautions apply, plus you may not have permission to set up a VPN. Worse than banking while logged on to public wi-fi is doing it on a shared computer, such as those found in a library or business center of a hotel. If you have no choice but to use public wi-fi, make sure the site’s URL begins with “https,” a security feature, or consider setting up a virtual private network (VPN) through your mobile device or laptop. You may accidentally use a criminal hotspot and malware may find its way onto your device. Hackers can “eavesdrop” from a nearby table. It may be convenient to deposit a check or transfer money while having a latte at your favorite coffee shop, but it may not be secure. Log out of your bank account when you finish. That’s almost exactly what you are doing if you leave a device logged on to your bank account, especially if you have also failed to password-protect the device. You wouldn’t deposit a check at a traditional bank and then stand around offering to withdraw money for anyone who wants it. Multi-factor, or two-factor, authentication requires the use of two pieces of information-such as a password plus a numerical code you obtain through text or email-when you log in. If your bank or credit union offers multi-factor authentication, use it. Consider using a password manager that creates unique passwords for you and stores them so you don’t have to write everything down. Do not reuse the same password for multiple devices or accounts. The passwords you choose for your device and for online or app access to your bank accounts should be strong (a random mix of eight or more characters) and unique. If it contains access to or information about your bank, ensure it is locked when you are not using it. This includes desktops, laptops, tablets, and mobile phones. Make sure to password-protect any computer or device you use for online banking. Most are easy to implement, providing a solid defense against hackers. Here are 10 ways to protect your personal and financial information when banking online. Ways to protect your online banking information Online banking is becoming more popular daily because you can deposit checks, pay bills, and transfer money from your computer or mobile device. Online banks, such as Discover, use the same security features online shopping sites use and offer almost all of the traditional banks' amenities, except face-to-face customer service. Although your money in an online bank is insured by the Federal Deposit Insurance Corporation (FDIC) and protected as well as your money in a conventional brick-and-mortar bank ($250,000 per depositor, per bank), online banking security remains a concern for many people. Digital banking, either online or by mobile app, is convenient, inexpensive, and typically offers better interest rates on savings than traditional banks.
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