5 Online Banking Security Tips for E-Commerce Merchants

Being a business owner today is a dream that can be easier to achieve, thanks to the internet. You can manage and run your own business by operating an online shop and being active on various social media sites to promote and sell your products.

If you chose to be an online merchant, you don’t have to spend a lot of money and go through the long process of opening and managing a brick-and-mortar shop. You can also receive payments, make business-related purchases, and carry out other transactions online as long as you have a corporate bank account that comes with a wide range of Internet banking services and features.

Using Online Banking Safely and Securely

Internet banking offers several advantages to business owners, especially e-commerce merchants. However, you also need to follow certain good practices and tips to make sure that every transaction you make via the internet is safe and secure to avoid falling victim to online banking scams.

Here are some tips for using online banking safely:

       1. Always use a strong and long password, and don’t forget to change it regularly

Passwords that are long and ranked as strong are difficult for hackers to crack. You can also ensure safer and more secure financial transactions through online banking by creating and maintaining different passwords for login and for transactions. Make sure you change your passwords regularly as well to keep your account safe.

Also, remember never to share your bank details with anyone. Keep in mind that banks never ask for confidential information through phone calls, messages or email. If you get such requests, get in touch with a staff or representative of your bank immediately.

        2. Take the time to check your account regularly

To avoid being the victim of theft or a bank scam, always check your account on a regular basis. Most banks have a “last logged in” or “login history” tab on their app or websites, so you can do this easily. You can also view a list of transactions made during a particular period.

Be on the lookout for irregularities, such as cash transfers you never made. If you see any such irregularities, change your password and contact your bank right away.

       3. Avoid using public Wi-Fi when making online banking transactions

Being an online business owner means you can work anywhere, but be wary of using free, public Wi-Fi or connection provided in cafes and restaurants when making bank transactions. This is because an open Wi-Fi network can allow a hacker to sit in between the end user and the hotspot and trace all the data without any difficulty.

Hackers also use unsecured connections as opportunities to introduce malware into your device. As such, using public Wi-Fi hotspots for internet or mobile banking should always be avoided.

In case you have no choice but to use public Wi-Fi, make sure you have VPN software installed on your device. This type of software creates a secure connection between your device and the internet and prevents hackers from intercepting the traffic.

      4. Subscribe to mobile notifications

When you subscribe to your bank’s mobile notification service, you will immediately receive an alert if the bank suspects a suspicious transaction has been made. You will also receive a text message or email informing you of any unsuccessful login attempts to your online banking account.

       5. Never sign in to your online bank account via suspicious emails

Lastly, it is always safer to type the bank URL yourself than be redirected to it via a promotional mail or a third party website. Some fraudulent emails can look like real, official ones sent by your bank. However, you will be redirected to another site, and when you enter your personal details, there’s a huge risk of your login credentials being stolen. As such, if you receive an email from a bank asking for login details, do not trust it or follow the instructions immediately.

You can tell if a web page is secure if your bank’s web page starts with https:// and not just http://. With https://, you can be certain that all communications between your browser and the website are encrypted. Look for the padlock icon before the https:// as well since this guarantees that you have a secure connection.

The best bank for business banking should have numerous layers of effective security to protect your money and your sensitive, critical data. If you are still in the process of opening your business bank account, select a bank that is security-conscious in terms of their online banking services and features.

5 Online Banking Security Tips for E-Commerce Merchants. Please, like and share and don’t forget to leave your comment below!

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