7 Tips for Safe Online Banking for Seniors

Estimated Read Time: ~9 minutes

Summary:

• Online banking is safe when you take the right precautions.
• Using two-factor authentication, secure networks and strong passwords goes a long way in helping to keep your account protected.
• Regularly updating your software and keeping an eye on your transactions helps you detect unusual activity early.
• By avoiding phishing scams and keeping your contact details up to date, you can make online banking both convenient and secure.

If you’ve ever waited in line to deposit your checks in person, you know how time-consuming traditional banking can be. Making the switch to online banking is convenient and time-saving.

But is online banking safe? Yes, it can be secure if you follow a few simple steps.

Online banking safety tips

Although you use online banking, you can still go to a bank branch or ATM for any necessary services. However, you can also take care of everything from the comfort of your own home.

Some banks also offer mobile banking apps that you can download. Once your account is set up, you can monitor your activity 24/7, transfer money between accounts or set up automatic payments for your bills, all without setting foot in your bank.

Online banking is convenient. But placing your personal details online can be scary. What if your information gets into the wrong hands? Or what if your bank has a data breach? Luckily, there are things you can do to help protect yourself when you’re banking online.

1. Use two-factor authentication

Two-factor authentication (2FA) adds an extra verification step beyond your password. After entering your login credentials, you confirm your identity using a code sent via text, email or an authentication app. Some banks also allow biometric options such as fingerprint or face recognition.

Even if someone obtains your password, 2FA prevents them from accessing your account. Most banks offer 2FA by default, but if yours doesn’t, you can enable it in account settings or by contacting customer support. Setting this up can take a few minutes, but it adds a strong layer of protection that is well worth the effort.

You can also review the type of 2FA your bank uses. Some methods, such as authenticator apps, are generally more secure than SMS codes, which can be intercepted.

Understanding the options gives you more control over your account security.

2. Avoid public Wi-Fi for transactions

Don’t do your banking from any place with public Wi-Fi. For the safest online banking experience, always use your secure home network when accessing your bank account from a computer. If you’re out running errands, your phone (with public Wi-Fi turned off) is a safe way to access your bank accounts.

Public Wi-Fi can be vulnerable to hackers intercepting your connection. Even networks that require a password may not be secure. Avoid entering sensitive information on shared computers or devices you don’t own and always log out of your accounts afterward and clear your browsing history.

These steps ensure that your login credentials are not left accessible to the next person who uses the device.

Small precautions can prevent your account information from being exposed. Even checking account balances over public Wi-Fi can be risky if your device is compromised.

3. Update software and banking apps regularly

Keeping your devices and apps up to date is a key part of safe online banking. Updates often fix vulnerabilities that cybercriminals could otherwise exploit. Skipping updates leaves gaps that hackers can target, sometimes without your knowledge.

Enable automatic updates for your banking apps, browser and operating system. This ensures that security improvements are applied promptly without requiring manual intervention. Also, keep antivirus and anti-malware software up to date to strengthen your overall digital security.

Older devices can sometimes pose a higher risk because they no longer receive updates. If your phone or computer is several years old, consider upgrading to a supported device to maintain optimal security.

4. Monitor accounts and statements regularly

When you set up your online banking, make sure you opt for account monitoring. This can be done in two easy steps:

1. Make sure the mobile banking app is configured to allow for updates and alerts on your smartphone.
2. Ask your bank if you can opt in for fraud monitoring.

Banks can give you real-time notifications when changes are made to your account, or if the fraud department flags strange activity.

Large purchases or withdrawals? There’s a notification for that. Have an upcoming payment? You’ll get an alert. Changes to your online banking login information? The bank should send you a text, email or even give you a call to make sure it’s you who’s changing your account details.

These alerts make it easier to detect unusual activity quickly. Reviewing your statements regularly, even if alerts are enabled, adds another layer of security. Acting promptly on irregularities can prevent larger problems.

You can also set thresholds for notifications. For example, you might ask to be alerted for any transaction over a certain amount, which lets you stay informed without being overwhelmed by constant updates.

5. Recognize and avoid phishing attempts

Don’t believe the emails that say you’ll get $1,000,000 if you respond with your bank logins or social security number. You should never share your personal information via email or text.

Your bank won’t ask for such information. These scams, called phishing, are a way for cybercriminals to try to gain access to your accounts.

Phishing emails often contain files that could harm your computer. Deleting such emails helps make sure you don’t accidentally click on something that could damage your computer or put your information at risk.

Phishing schemes have grown more sophisticated, using realistic branding, familiar logos and slightly altered email addresses. Always navigate to your bank’s website manually instead of following links in messages.

A link from another source could be a scam designed to look like your bank’s website. Some links you see aren’t scams, but it’s better to be safe than sorry by going directly to the site.

One way to tell you are on a safe site is by looking in the left corner of the search bar at the top of the webpage you are viewing. Secure sites often have a green lock with the bank name or the word “secure” next to it.

Be especially cautious of unexpected messages asking you to verify passwords, account numbers or other personal information. Legitimate banks will never ask for sensitive information in unsolicited emails or texts. Reporting phishing emails to your bank can also help prevent others from falling victim.

6. Always log out after banking sessions

It’s easy to close the browser or app after online banking, but that’s not the same as properly logging out. Leaving a session open could make your account vulnerable, especially if someone else uses your device.

Always log out properly before closing the page or app, even when using your personal computer or phone.

If you share your device or use a public computer, clear your browser cache and saved passwords afterward. Taking that extra minute helps keep your information private.

Logging out fully ensures your session ends securely and reduces the risk of unauthorized access. Even on personal devices, malware or spyware could attempt to hijack open sessions, so properly ending your session minimizes this risk.

7. Keep contact and recovery information updated

When you set up your account and create security questions, be as specific as possible.

Make sure the answers to your security questions can’t be easily found. If a question is, “What’s the name of your pet?” and you have 40 pictures of your dog, Sadie, on Facebook, it may not be as secure as you think.

Keeping your contact information current allows your bank to alert you to suspicious activity and helps you recover access if needed. Regularly check your phone number, email and backup recovery methods.

Select security questions that only you can answer, avoiding information that could be guessed or found online. Some banks also allow backup methods such as trusted contacts or secondary email verification, which can provide extra security.

Reviewing and updating this information periodically ensures your account remains protected and that recovery is straightforward if you ever forget your credentials.

You don’t need to change your password as often as you pay your end-of-the-month bills. But it shouldn’t be set up and then forgotten about. A good rule of thumb is to update your password every 60 days.

Changing your password regularly can be tricky to remember, but it significantly boosts your account security. It’s always worth keeping up to date on online safety tips, not just for banking, to keep all your online activities as secure as possible.

Make safe online banking part of your routine

Many banks offer helpful, convenient online options. And spending less time dropping off deposits or requesting balances gives you more time to do the things you enjoy, whether that’s traveling in retirement or exercising to stay active and healthy.

You can guard against fraud or theft when you bank online in the same way you’d protect your car or home—by putting the right tools or alarms in place to keep you alert and safe. If you take the right precautions, online banking can become a positive, time-saving part of your life.

Embracing online banking: A convenient and eco-friendly choice

Switching to online banking can be more environmentally friendly by reducing the need for paper statements and branch visits, thereby lowering both paper waste and carbon emissions.

By going digital, you can complement other eco-friendly habits you might already be practicing, like composting, reducing plastic use or adding more plant-based food to your diet.

Explore Mutual of Omaha’s tools, resources and advice to help you make informed financial decisions.

 

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Frequently asked questions (FAQs)

What devices can I use for online banking?

You can use any computer, smartphone or tablet to carry out online banking transactions. Just make sure your device is up to date and has basic security in place. Bank apps are usually designed to make things easy and safe when you’re on the go.

Are online banks safe?

If you’re new to online banking, you might wonder if online banks are safe. Most are just as safe as traditional banks. They use encryption and monitoring tools, and deposits are usually insured. The key is staying alert by using strong passwords, secure networks and keeping an eye on your accounts.

How do I think of a secure password?

It’s best to avoid using common phrases or personal information in your passwords. Most secure sites require a combination of uppercase, lowercase, numeric and special characters. If you’re struggling to create a new password, consider making your old one more unique. For example, instead of “September 2018,” you could modify it to something like “S3pt3mb3r#18” by adding different characters.

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