Online Banking Safety Tips for Leeds & Bradford Small Business Owners

by | Mar 15, 2023 | Cybersecurity

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Secure Your Business Finances in Leeds & Bradford: Online Banking Safty Tips You Can’t Ignore!

The internet has revolutionised many aspects of our lives, including how we bank and access our accounts. Gone are the days of visiting local bank branches in Leeds and Bradford to deposit and withdraw funds. Now, you can simply snap a photo of a cheque and deposit it from your smartphone.

Around 73% of people worldwide use some form of online banking at least once a month, enjoying unprecedented convenience. However, this convenience comes with risks. In 2021, account takeover fraud increased by 90%, and new account fraud skyrocketed by 109%. As online banking becomes more accessible, banking-related cybercrime also rises.

Breaching a social media account is annoying, but a hacked bank account can be disastrous, causing significant losses that your financial institution may not cover. This article explores common mistakes that leave bank accounts vulnerable and offers tips for better protection.

Mistakes That Put Your Account at Risk:

  1. Not Enabling Two-Factor Authentication (2FA): 2FA is a simple yet powerful process that adds an extra layer of security. Many users leave this disabled, making it easier for hackers to breach their accounts.
  2. Falling for Phishing Scams: Cybercriminals use phishing emails that mimic your bank’s communications to obtain your login details, making it vital to learn how to spot and avoid such scams.
  3. Using Weak Passwords: Using easy-to-guess passwords is a common mistake. Ensure your password is strong by including numbers, symbols, and upper-case letters.
  4. Downloading Unsafe Mobile Apps: Banking trojans can be hidden in malicious mobile apps, so be cautious when downloading new applications on your device.
  5. Logging Into Online Banking on Public Wi-Fi: Public Wi-Fi networks are a hotbed for hackers. Avoid entering sensitive information or passwords while connected to these networks.

Tips for Improving Online Banking Security:

  1. Enable Two-Factor Authentication: According to Microsoft, 2FA can block 99.9% of fraudulent login attempts.
  2. Set Up Banking Alerts: Timely notifications can help you act quickly in case of a breach, minimising its impact.
  3. Install Antivirus & DNS Filtering: Use reliable antivirus software and DNS filters on your PC and mobile devices for added security.
  4. Take Phishing Training Classes: Learn how to identify phishing attempts through online classes or personalised training options.

Small business owners in Leeds and Bradford can benefit from increased online security measures. Contact us today to discuss digital solutions that protect your family and business from online threats.

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