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In the digital age, banking has become as simple as snapping a photo with your phone. Gone are the days of standing in long lines at the bank. With online banking you can sit on your couch and do all of your banking. However, with 78% of American adults banking online as of 2022, it’s vital to ensure your online banking is secure.

Did you know that account takeover fraud soared by 90% from 2020 to 2021, costing about $11.4 billion annually? A compromised social media account is one thing, but a breached bank account can be catastrophic.

Let’s dive into some common slip-ups that could put your online banking at risk and how to fix them.

Common Online Banking Mistakes:

1. Not Using Two-factor Authentication (2FA):
   2FA adds an extra layer of security, typically a one-time passcode sent via text. It might seem like a hassle but think of it as a critical shield protecting your money.

2. Falling for Phishing Scams:
   Cybercriminals are crafty, sending emails that mimic your bank’s communication. They lure you with urgent messages or too-good-to-be-true offers, leading to fake websites where they steal your login info. Stay alert!

3. Using Predictable Passwords:
   A strong password is your first line of defense. Make sure it’s at least 10 characters long, includes numbers, symbols, and both upper- and lower-case letters, and avoid obvious choices like birthdates.

4. Downloading Suspicious Apps:
   Some apps may hide banking trojans, spying on your banking activities. Be cautious about what you download!

5. Logging in on Public Wi-Fi:
   Public Wi-Fi networks are a hacker’s playground. Avoid accessing your bank account on these networks as your sensitive information can be easily intercepted.

How to Boost Your Online Banking Security:

1. Enable Two-Factor Authentication:
   This simple step can block up to 99.9% of unauthorized access attempts, according to Microsoft.

2. Set Up Banking Alerts:
   Immediate alerts for unusual activities like low balances or new logins can help you catch fraudsters in the act.

3. Install Antivirus & DNS Filtering:
   Protect your devices with antivirus software and DNS filters. These tools block malicious sites and keep your devices safe from online threats.

4. Take Phishing Training Classes:
   Knowledge is power. Learn to recognize phishing attempts through free online courses. This knowledge is crucial in safeguarding your information against sophisticated scams.

Remember, in the world of online banking, your vigilance is your strongest asset. Stay informed, stay alert, and enjoy the convenience of digital banking with peace of mind!

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