Savings Accounts and Digital Privacy: Keeping Your Money Safe Online

In today's digital age, online banking has revolutionised how we manage our money. With just a few taps on our smartphones, we can check balances, transfer funds, and pay bills. But while Digital Savings Accounts offer unparalleled convenience, they also come with privacy risks, 

Primarily because of the significant rise in online and phishing scams. This blog post aims to provide you with valuable information on how to keep your money safe online

4 Ways to Keep Your Savings Account Safe Online

1. Create a Strong Password 

Your online banking password is the first line of defence against unauthorised access. Avoid using obvious words, personal information, or short passwords. Instead: 

• Use a mix of uppercase and lowercase letters, numbers, and symbols. 
• Make it at least 10 characters long. 
• Avoid personal details like birthdays or names. 
• Use a unique password for each account. 
• Change it every 3-6 months. 

2. Enable Two-Factor Authentication 

Two-factor authentication (2FA) adds an extra layer of security. With 2FA enabled, you'll need to provide a second form of verification, such as: 

• A code sent via SMS to your phone 
• Biometric data like a fingerprint scan 
• A physical security key 

Here's how it works: Let's say a hacker manages to crack your password. The bank will ask for the 2FA code when they try to log in. They'll be locked out unless the hacker can access your phone or security key. 

3. Be Wary of Public Wi-Fi 

While public Wi-Fi networks are convenient, they pose significant risks to your online security. Hackers can intercept sensitive information transmitted over unencrypted networks or set up malicious hotspots to capture your data.

To protect yourself: 

• Avoid using online or mobile banking services when connected to public Wi-Fi. 
• Disable public file sharing on your devices. 
• Stick to secure websites (look for "https" in the URL) and use a virtual private network (VPN) for added protection. 

4. Set Up Banking Alerts 

Banking alerts are an essential tool in detecting and preventing fraudulent activities on your savings account. By signing up for alerts, you'll receive instant notifications of suspicious or unauthorised transactions. 

You can opt for alerts such as: 

• Low or high balance notifications
• New credit or debit transactions
• Password changes
• Personal information updates 

5. Be Cautious of Phishing Scams

Phishing scams trick users into revealing personal information. Be wary of emails, messages, calls that request sensitive information or redirect you to unfamiliar websites. Always verify the authenticity of the communication by contacting your bank directly through official channels.

6. Keep Your Devices Secure

Ensure that the devices you use to access your Digital Savings Account are secure. Install reliable antivirus software and keep it updated. Avoid using public Wi-Fi networks for financial transactions as these can be less secure and more vulnerable to interception.

What is Two-Factor Authentication (2FA)?

Two-factor authentication (2FA) requires an additional verification step beyond your password, such as a code sent to your phone or generated by an app. This added layer of security makes it more difficult for unauthorised users to access your account.