Keep your money safe with these online banking safety tips

There's a saying that goes “Money doesn't grow on trees,” so losing some of what you've worked so hard to earn can be a frustrating and devastating experience.

Phishing scams are very rampant today and a lot of people have already fallen victim to bogus emails and texts resulting to their bank accounts being compromised. Here are some online baking safety tips you can put into practice to avoid getting scammed.

1. Change your password every three months.

It's something that our computer regularly prompts us to do and yet most of the time we ignore it. But changing your password regularly makes it harder for possible infiltrators to access your account and do some damage.

Don't just use “password123” either. Experts suggest that aside from numbers, use different capitalizations as well as replacing some letters with symbols instead.

2. Don't make online banking transactions on public Wi-Fi

It's tempting to use public Wi-Fi to connect to the internet, especially when you're trying to save on load credits, but it isn't always the best option when you're using it for banking transactions. If you're using a Wi-Fi connection that doesn't require a password, chances are that hackers can easily tap into that connection and access your information as well. Be sure that the Wi-Fi you're using has a password or if you've got the data for it, just use your own connection instead.

3. Enable two-factor authentication

It's an added process that some may find inconvenient, but that's exactly the point. Having to pass another security test like inputting a code or identifying an image makes it more inconvenient for hackers to pick apart your own account.

4. Don't just click on emails or messages that claim to be from your bank

Always be wary of emails or text messages coming from unknown sources, even if they aren't asking for your bank details. It's a phishing tactic that makes it easy for hackers to get your login information and credit card details, opening yourself up to abuse and theft. Don't just click on any link or email attachment either. Definitely think before you click.

5. Think twice before sharing anything on social media or participating in any trend

A lot of the information banks use to certify that it is you accessing your account is information that we thoughtlessly share on social media. Remember the trends where you share your birthday or your mother's name and end up with a funny moniker or title? Those are also the authenticating questions banks ask. Don't just take part in trends just because everybody is doing it.

6. Check your bank statement regularly

As evidenced by what has been happening, banks can miss some questionable transactions even with the safeguards they have in place. Be sure to scrutinize your bank statements and check for any suspicious transactions. It doesn't have to be an amount as big as the ones involved now; remember that small suspicious transactions can build up to a sizable amount in the long run.

This particular tip isn't just applicable to online banking either. Do the same for your credit card statements as well so you can catch any suspicious transactions before they become something bigger.