Online Banking Mistakes that can Compromise your Bank Account


In this post, I will be discussing some popular online banking mistakes that can compromise your bank account. These mistakes are very common and look very convenient.

Have you lost money from your Bank account and you were wondering how it happened? Well, most of the times, you opened the door unknowingly to hackers through your activities on the internet.

How is a Bank Account Hacked?

To hack your Bank account, the hacker needs some sensitive information from you. To get these information the hacker will trick you to provide these information.

Through Phishing, the hacker can clone your Bank website and send you an email or call you, pretending to be a Customer Care Agent from your Bank and blow a relevant lie that will make you enter sensitive details on the fake bank website.

Using the information obtained from you, the hacker can proceed and carry out fraudulent transactions.

Here are some simple online activities that can compromise your Bank account.

Using A Weak Password.

This is the first mistake many people make in online Banking. Using a weak password is dangerous. You are advised to use a very strong password for your online banking account.

Most times some people use the same password for all their accounts because it is more convenient to do so. But in reality it is more dangerous. If a hacker knows one of your password, he or she can use Open Source Intelligence Tools to check other accounts.

We recommend you create your password with a Password Manager and manage all your passwords. It is more convenient and secured

Using a Free or Public Wifi

Using a free or Public wifi to access your online banking account can compromise your bank account. If a hacker is using the same free or public wifi with you, he or she can monitor your online activities and steal your online banking credentials.

A safer practice is to use ONLY your home network or mobile hotspot to connect to your online banking website. Avoid using free or public wifi at the airport, hotel, Restaurant etc, where ever there is a free wifi, please avoid it

Clicking on links in your email

If you always click on links in your emails, you have to stop today. Malicious links can be disguised as legit links and when you click on them, they take you to a malicious website the hacker has created to compromise your online banking details.

The solution is to inspect every link you see in your email. You can do this by copying (not clicking) the link and visit and scan the link. If the link is malicious, you will be alerted.

Also, having an up-to-date antivirus software in your device can play a great role in detecting malicious links in your email. The antivirus can block access to such malicious link.

Not using Two-Factor Authentication

Not using Two-Factor authentication on your online banking account makes it easy for hackers to continue exploiting you after your login details have been compromised. But if you enable two – factor authentication, you have made the work difficult.

Two-factor authentication means 2 step verification which involves something you know and something you have. 

In other words, you will have to enter another code to access your account after you have entered you normal password. The code is sent to your phone. Doing this will put many steps ahead and more secured

Not Protecting the Device you use to access your online banking account

If all the attempt by the hacker to compromise your online banking credentials fail, your device becomes the next target. Therefore if you fail to secure the device you use to access your online banking account, the hacker can gain access into your device and install malware that can steal your online banking credentials.

You are required to run an up-to-date antivirus software in your device to protect against malware.

Read also: Best Antivirus Softwares in 2020

Bottom Line

If you avoid making the above mistakes, you have reduced your risk of getting compromised. We recommend you implement the solution offered.

If you find this information helpful please share.

Saint Yome

Saint Yome

Cyber Security Researcher and Consultant. Founder and CEO of Futtress Lab Ltd