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Online banking security

Using online banking makes managing your finances easy. It's important to follow some simple security steps to make your online banking safer.

Digital banking makes managing your finances easy. You can pay bills, transfer money and access your accounts anytime anywhere.

Good Things Foundation Australia and Bendigo Bank collaborated to share a few tips to help you stay safer and secure when using online banking.

Choose strong and unique passwords

Your password is the first gateway to hacker activity. Make sure your passwords are unique, complex, and free from easy-to-guess personal information like birthdays, street names or children’s names. Avoid common words like ‘password’ and common sequences like ‘qwerty’ or ‘1234’ and consider using more complex ‘passphrases’ instead of words.

Top tip: Remember to update your important passwords every 3-6 months or following any suspicious activity.

Multi Factor authentication

Multi factor authentication (MFA) is an additional layer of security verification when logging in to your online account. This can be via facial or fingerprint recognition or by sending a request to your smart device. This makes it substantially harder for hackers to access your apps or accounts, even if they have your password.

Top tip: Bendigo Bank is enhancing e-banking security by replacing traditional security tokens with MFA technology to ensure the highest level of security.

Be aware of public Wi-Fi

Public Wi-Fi networks may be convenient, but they can pose significant security risks. Hackers can electronically ‘eavesdrop’ on your banking and online activity, and data can be easily intercepted and read by anyone with access to the network.

Top tip: To be safe, avoid using online banking when connected to public Wi-Fi.

Check notifications

Security notifications alert you instantly of logins to or payments from your online banking account. These notifications require you to approve or reject the specific activity. If you get a security notification and suspect fraudulent or suspicious activity, change your banking password, and contact your bank immediately.

Top tip: Go to your account settings and turn on your bank notifications and security alerts.

Phishing scams

Phishing is one of the most common scams identity thieves use to gain access to personal and financial information. These scams can take different forms, but they’re often email or text scams impersonating your bank or financial institution.

They’ll often convey a sense of urgency and prompt you to click a link to update your information. Clicking these links allows hackers to capture your login information via a malicious dummy site or download tracking malware to your device. This software then tracks your keystrokes on your device to capture your passwords.

Top tip: Visit scamwatch.gov.au for useful information on how to recognise and stay safe from scams.

Online banking helps you stay in control of your finances wherever you are. You can mitigate the risks by being proactive and protecting your online banking information. The more diligent you are, the less chance there is that your information will end up in the wrong hands.

Things to remember

Bendigo Bank, and any bank, will never request personal information such as a pin or password, or ask you to log in to online services or e-banking from a link in an email or SMS text message. Also, they will never request remote access to your PC or device. Never provide your 6-digit e-banking security code to anyone over the phone or online.

Keep learning

The Be Connected and Good Things Learning websites have tips about staying safer online. Visit beconnected.esafety.gov.au and Learn digital skills to get started.

Our thanks to our Financial Inclusion Partner Bendigo Bank for their collaboration on these tips.

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