6 Ways to Avoid Online Banking Scams and Phishing Attacks

Everything is online these days. You can pay your rent, order a pizza, and even find a job
application with the click of a button. And while this makes our lives easier, it also means
that hackers have more ways to access our personal information and money. Scammers
know this and are taking advantage of it by creating fake websites and phishing emails that
look like they’re coming from your bank or another trusted source. These online banking
scams can be tricky to spot because many of them are very well-designed. In fact, some of
them are so realistic that even experienced internet users may fall for them. So no matter
how safe you think your bank is, here are seven ways to avoid online banking phishing
attacks and scams…here are the 6 Ways to Avoid Online Banking Scams and Phishing Attacks.

6 Steps to Avoid Online Banking Scams,6 Ways to Avoid Online Banking Scams and Phishing Attacks

Change Your Password Regularly

This may sound like an obvious one, but it’s surprising how few people actually do it. And
yet, it’s one of the easiest ways to protect yourself against scammers. Many online banking
scams involve tricking you into giving hackers your login information. And since most
people use the same password for every account, hackers can then access all of your
accounts with one simple hack. When it comes to changing your passwords, there’s no hard
and fast rule, but experts recommend doing so at least every three months. If you’re on an
account that is particularly sensitive, like your online banking account, it’s a good idea to
change your password once a month.

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Don’t Click on Suspicious Links

Another easy way for scammers to attack your online banking account is by tricking you
into clicking on a link that takes you to a fake version of your bank’s website. These links
can look extremely convincing. A common tactic is to create a website that looks almost
identical to your bank’s but simply uses a different domain name. If you’re ever unsure if a
link is real or not, don’t click on it. Instead, open a new tab in your browser and type in your
bank’s website address directly. You can also hover your cursor over the link to see what
website it’s leading to. These days, most online banking websites use an “https://” prefix in
the URL. This means that your browser will show a green “secure” or “encrypted” bar above
the website address. And if you’re logging into your bank account on a public computer or
using a public WiFi network, be extra careful about suspicious links. Scammers can hack
into public computers and add malicious links to websites like Google, where you may click
on them without realizing it.

Don’t Respond to Emails Disguised as Bank Messages

As we said, many online banking scams involve fake emails from banks. These emails look
like they’re coming from your bank but are actually fake. To make them even more
convincing, scammers will often use your bank’s name in their email address to make it look
like it’s coming from them. “Your account has been suspended due to suspicious activity” is
one of the most common fake email scams. Another common type of email scam is one that
tells you that your account has been compromised and that you need to reset your
password. If you ever get an email from your bank that looks suspicious, don’t click on any
links or type in any of your personal information. Instead, call your bank and ask them if the
email is real. You can also forward the email to your bank and ask them if it’s legitimate.

Watch Out for Incorrect Spelling and Grammar

Any legitimate email from a bank will have its name and logo at the top. And while
spelling and grammar aren’t foolproof ways to spot a fake email, they can give you an idea
about the quality of the message. If you ever get an email from a bank and notice that the
grammar is incorrect or that the message is poorly written, it could be a scam. Some
scammers will use poor grammar on purpose so their emails don’t stand out.

Don’t Accept Software Downloads From Unknown Sources

When you log into your online banking account, you’ll likely be prompted to install some
type of security software. This software is designed to protect you from hackers and other
cyber threats. But while these security tools are essential to keeping you safe, scammers
also use them to trick you into downloading malicious software. Most security software will
show a pop-up telling you that you need to install the software before you can log into your
account. So if you see a pop-up that doesn’t say “website name” or “security name,” don’t
click on it. In fact, security experts recommend that you only download security software
from the original source. For example, if your bank asks you to download a certain type of
software, you can click on the pop-up on your computer and download it directly from the
bank’s website.

Only Use Trusted Apps and Websites

Banking apps are incredibly convenient. You can deposit checks, transfer money, and log
into your account from anywhere. But just like apps for social media and other online
services, there are plenty of fake banking apps out there. Unfortunately, spotting a fake app
is a lot harder than spotting a fake email. There’s no way to tell if an app is real or not
simply by looking at it. However, there are a few ways to protect yourself against fake
banking apps. First, make sure you’re downloading your bank’s official app. You can usually
find it in the “app store” on your phone. Second, use anti-malware software to scan the app
before you download it. Third, only log into your bank account from the app.

What Can Banks Do?

Customers aren’t the only ones who fall prey to scams and phishing attacks. Banks have to
face a lot of fraud every day. This is why banks and other digital financial service providers
have set up strict regulations.
These regulations help in preventing online fraud, ID theft, account takeover fraud, money
laundering, and much more. In 2020, global losses during money laundering reached
between US$800 billion to US$2 trillion.
To prevent fraud, banks, and financial institutions need to rely on technology. Online utility
bill verification, online bank account verification, and other solutions can prevent the flow
of money laundering. Stricter customer onboarding practices will prevent the risk of money
laundering in banking.

Conclusion

6 Ways to Avoid Online Banking Scams and Phishing Attacks, Banking online has become more and more popular in recent years, and for good reason.
With online banking, you can do everything from depositing your paycheck to paying your
bills. It’s a convenient and easy way to manage your finances, but it also comes with the risk
of being scammed. Although you can never fully eliminate the risk of being scammed, there
are many ways to reduce your risk of falling victim to online banking scams. These include
changing your password regularly, avoiding suspicious links, not responding to emails
disguised as bank messages, watching out for incorrect spelling and grammar, and only
using trusted apps and websites.