Top Tips for Protecting Your Bank Account from Theft and Fraud

Imagine waking up one morning to discover that a thief has wiped out all the money you saved in your bank account. This is a reality that many Nigerians face every day. According to a report by the Nigeria Inter-Bank Settlement System (NIBSS), fraud attempts on mobile increased by 330% between January and September 2020.

This alarming trend shows that securing your bank account from theft should be a top priority. With the increase in digital banking and online transactions, thieves are finding new ways to steal from unsuspecting victims. It is, therefore, essential to take proactive measures to protect your bank account.

In this blog post, we will provide you with practical tips on how to secure your bank account from theft. Let’s get started!

1. Keep your personal information safe

The first step in securing your bank account is keeping your personal information safe. It means you should never share your login credentials, such as your password or PIN, with anyone. Also, be careful when entering your login details on public computers or Wi-Fi networks, as these can be vulnerable to hacking. For example, a hacker could use software to record your keystrokes and steal your password.

2. Delete bank alerts and protect your SIM cards

Deleting bank alerts is another way to secure your bank account from theft. While bank alerts are a great way to stay informed about your account activity, they can also be risky if your phone falls into the wrong hands. If thieves gain access to your phone, they can easily see your account balance and make unauthorized transactions. So, consider deleting bank alerts or switching to more secure options like mobile banking apps with biometric authentication. The SIM card with which you receive bank alerts is very delicate to you, unauthorized access to the SIM can lead to money theft. Secure that critical SIM card with a strong password. This is different from your phone or device password. In the case of phone theft, you can be sure that sensitive SIM card is secured before having the opportunity to block it.

3. Regularly monitor your account

It’s vital to regularly check your bank account to make sure there are no unauthorized transactions. You can catch any suspicious activity early and report it to your bank.

4. Be careful with phishing scams

Phishing scams are a common way that hackers try to steal your personal information, like your login details. They may send you an email or a text message that looks like it’s from your bank, asking you to click on a link and enter your login details. But this link may take you to a fake website that looks like your bank’s website but is controlled by the hacker.

To avoid falling for these scams, always check the URL of the website you’re on and make sure it matches your bank’s website. For instance, if your bank’s website is www.mybank.com, make sure the URL in your browser is also www.mybank.com.

5. Use a strong password

Also, use a strong and unique password for your bank app. Use a combination of letters, numbers, and symbols, and avoid common words or phrases. Also, ensure you don’t use the same password for multiple accounts, as this can make it easier for a hacker to access your accounts if they get one of your passwords. Consider using a password manager app to generate and store strong passwords for your accounts.

6. Report or block your missing or stolen card

If you lose your ATM or debit card, someone else could use it to access your account and withdraw your money. So, as soon as you realize your card is missing, contact your bank to block the card or report it as stolen. This way, you can prevent unauthorized access and protect your money. As much as possible, avoid saving your ATM card information on third party apps.

7. Hide your bank app by freezing/locking it after use

It’s easy for an insider to access your phone and see your account information if your banking app is open. So, when you’re done using your bank app, freeze and lock it to prevent unauthorized access. So, even if your phone is lost or stolen, your account details remain safe. Stay one step ahead of cybercriminals by taking this simple yet effective step.

8. Stay updated on the latest trends and awareness

Cybercriminals are constantly developing new tactics to steal personal information and commit fraud. To protect yourself, keep up with the latest security tips and best practices. Follow Presence Secure on Linkedin, Twitter, Instagram or Facebook for more cybersecurity awareness tips and your bank’s social media handles.

9. Internet banking

Logging out of your account after using internet banking is a smart way of securing your bank account from theft. If you stay logged in, someone else can easily access your account information and carry out unauthorized transactions. So, always remember to log out of your internet banking session immediately after use. Ensure you don’t save your internet banking login on your web browser. Having a bank token is a safe way to do internet banking!

Conclusion

Securing your bank account from theft is crucial, especially in Nigeria’s and the world’s current economic climate. You work hard for your money, and the last thing you want is for it to be stolen by cybercriminals.

By being proactive and securing your account, you can significantly reduce the risk of falling victim to cybercriminals. Remember, prevention is always better than cure, so don’t wait until it’s too late to safeguard your hard-earned money.

Stay vigilant, be smart with your online transactions, and always keep your bank account protected.