Avoid Costly Mistakes: How to Bulletproof Your Banking Security.
I wanted to share a story that highlights a common issue many people face. Recently, someone paid their builder’s invoice, but the payment ended up in the wrong account. This happened because either the builder’s or the customer’s email was intercepted. It’s a scary thought, but there are steps you can take to protect yourself, especially when using online banking.
Common Problem: Online Banking Security
Online banking offers great convenience, but it also comes with risks like phishing scams, malware, and unauthorised access. By taking a few precautions, you can significantly reduce these risks.
Tips to Protect Yourself
- Use Strong Passwords: Create strong, unique passwords for your online banking accounts. Avoid using easily guessable information like birthdays or simple sequences.
- Enable Two-Factor Authentication (2FA): Add an extra layer of security by enabling 2FA. This requires a second form of verification, such as a code sent to your phone, in addition to your password.
- Beware of Phishing Scams: Be cautious of emails or messages asking for your banking details. Banks will never ask for sensitive information via email. Always verify the sender before clicking on any links.
- Keep Your Software Updated: Regularly update your computer, smartphone, and banking apps to protect against the latest security threats.
- Separate Accounts: Have a dedicated bank account or credit card for online purchases. Keep a minimal amount in this account for these expenses rather than having your savings sitting there.
- Verify Payment Details: Always double-check the payment details with the recipient before making a transfer, especially when receiving an invoice via email. A quick phone call can save you a lot of trouble.
- Monitor Your Accounts: Frequently check your bank statements and account activity for any unauthorised transactions. Report any suspicious activity to your bank immediately.
- Use Secure Networks: Avoid using public Wi-Fi for online banking. Instead, use a secure, private network to access your accounts.
Our Approach to Security
We take security seriously and invest heavily in tools to protect us and our clients:
- Our online client Wealth Portal uses advanced security features to protect your information.
- We manage your investments with extra security measures, including Practice Protect, a security software hub that manages access and enhances security with features like geo-locking (only Australian based users can log in) and single sign-on.
- Our emails are also protected with additional layers of cyber security.
- Plus, we conduct monthly security audits to ensure our systems are always up to date.
If you have any questions or want further details on our security measures, contact us with “security”.
Stay safe and enjoy the convenience of online banking!
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We hope you enjoyed reading this blog post and found it useful. If you have any questions, comments, or feedback, we would love to hear from you.
7Wealth Pty Ltd ABN 44609210246 is a Corporate Authorised Representatives and is authorised through Cobalt Advisers Pty Ltd ABN 64 628 654 099 who is an Australian Financial Services Licensee 512550. 7Wealth Pty Ltd is a Credit Representative of Australian Finance Group Ltd ABN 11 066 385 822 (AFG) Australian Credit Licence 389087.
This blog contains information that is general in nature. It does not constitute financial or taxation advice. The information does not take into account your objectives, needs and circumstances. We recommend that you obtain investment and taxation advice specific to your investment objectives, financial situation and particular needs before making any investment decision or acting on any of the information contained in this document. Subject to law, Cobalt Advisers Pty Ltd nor their directors, employees or authorised representatives, do not give any representation or warranty as to the reliability, accuracy or completeness of the information; or accepts any responsibility for any person acting, or refraining from acting, on the basis of the information contained in this document.
