Security Sweep: Enhance Your Bank Account Safety

Table of Contents

1. Steps for Strengthening Your Bank Account Security

a. Conduct a Password Review
b. Update Your Software and Contact Details
c. Enable Two-Factor Authentication (2FA)
d. Update Your Mobile Wallet
e. Add Biometric Authentication Measures
f. Set Up Alerts

With everything online, keeping your bank account secure is more important than ever. Unfortunately, unauthorized transactions can occur due to a number of security weaknesses. For example, your mobile device is likely used for online banking, making it a prime target for cybercriminals. That said, it's essential to regularly review your account security to protect your personal and banking details.

In this blog post, we'll guide you through key action steps for reviewing your account security and adding additional safety measures where necessary. By staying security-aware and prioritizing bank account safety, you can confidently keep yourself safe from common threats.

Steps for Strengthening Your Bank Account Security

Even if you set up security measures initially, it’s important to review and enhance them regularly. Protecting yourself starts with a few simple steps to shield yourself from risks. Let’s look at some easy things you can do today.

Conduct a Password Review

To start your security sweep, consider all the passwords you have for important accounts. A strong password is vital for keeping your information safe. Be sure to use a mix of uppercase and lowercase letters, numbers, and special characters, and avoid any details that could be guessed, like your birthday.

There's differing advice out there on how often you should be updating your password. Some experts find that there's no need to regularly change them, as long as they're strong. Of course, you should change them immediately if they've been compromised in any way.

Finally, consider where you'll keep these details organized. A good password manager can keep your passwords safe and easy to access for all your accounts. These password tips are key for lowering the chance of someone getting into your financial information without permission.

Update Your Software and Contact Details

Regularly updating your mobile and online banking apps is crucial for security strength. Updates usually include fixes for security and improvements to help your account stay safe from new threats. Plus, you'll want to make sure your mobile device's operating system is up to date. Whether you use the App Store (iOS) or Google Play (Android), be sure to either check for banking updates and install them quickly or turn on automatic updates.

It's also essential to go into your accounts and keep your contact information, like your mobile number and email address, updated with your bank or credit union. This ensures you'll receive important security alerts and notifications on time.

Enable Two-Factor Authentication (2FA)

If it's not already set up, consider turning on a second form of authentication for your accounts. With 2FA, accessing your accounts or making financial decisions requires entering a code sent to your mobile device or email. This extra step ensures that even if someone has your password, they can't access your account without the second factor.

Many financial institutions support this feature, making it a valuable tool in preventing unauthorized transactions. It's an effective way to add an extra layer of security, giving you peace of mind when managing your finances digitally. To set up 2FA, check your financial institution's website or app for instructions.

Update Your Mobile Wallet

The use of mobile wallets has been on the rise, with options like Apple Pay and Google Pay adding  both convenience and security for users. These wallets keep your debit card and credit card account information safe, so it's a good idea to add the cards you frequently use for purchases. Regularly updating your mobile wallet ensures that you have the most current and relevant payment options at your fingertips.

Check your wallet periodically to remove any expired or unused cards. This not only streamlines your payment process but also reduces the risk of unauthorized transactions by keeping your financial information up to date.

Add Biometric Authentication Measures

Adding biometric authentication measures to your mobile banking apps can provide an extra layer of security. Features like fingerprint or facial recognition help ensure that only you can access your account, adding another level of protection against unauthorized access. It's not only convenient but also significantly enhances security.

Biometric data, unlike passwords that can be forgotten or stolen, is unique to you, making it much harder for fraudsters to access your account. This technology can be used alongside traditional security measures, creating a robust defense against unauthorized access.

Incorporating biometric authentication can also complement your mobile wallet use, as it requires this form of verification before you can complete a purchase online or in stores, ensuring that transactions are only authorized by you. To set up biometric authentication in real-time, head to your financial institution's mobile app. Look for security settings and follow the instructions to enable fingerprint or facial recognition. 

Set Up Alerts

Setting up account alerts is crucial for monitoring your account activity in real time. It allows you to keep a close eye on your finances and quickly identify any unusual transactions in a moment's notice. Here’s how you can make the most of these alerts:

• Transaction Alerts: Opt for text message or email notifications for deposits, withdrawals, or purchases that exceed a certain amount. This feature helps you stay informed about unexpected changes in your account, so you can respond quickly if something seems off.
• Balance Alerts: Activate notifications for low balances or when your available balance drops below a specific threshold. This is especially useful for avoiding overdraft fees, as it gives you a heads-up to transfer funds or adjust your spending.
• Security Alerts: Enable alerts for events like password changes, account updates, or suspicious logins from unknown devices. These are vital for protecting your account from unauthorized access and ensuring your personal information remains secure.

This proactive approach not only helps you detect and address unauthorized or fraudulent actions immediately, but also provides peace of mind knowing that you’re in control of your financial security. Regularly reviewing and updating your alert settings helps them align with your current financial habits and security needs.

Addition Financial Prioritizes Your Safety

As you're conducting your security sweep this spring, it's important to check your financial institution's security policy and use the resources provided to learn about new security threats. These simple steps can greatly reduce risks and keep your money out of the wrong hands. Addition Financial is proud to offer secure money management tools and resources to help you protect yourself from fraud. Take control of your account security – visit our Security Center today.