Market Overview

Online Banking Security: 4 Ways Banks Protect You

Share:
Online Banking Security: 4 Ways Banks Protect You

Have you ever wondered how online banks are able to keep your money safe from the dangers of online hackers and other criminal activity? In today’s ever-growing technological society, stealing from banks has less to do with robbers breaking safes in ski masks, and more of what goes on behind screens.

While each bank has its own combination of security practices, there are several measures that are standard across most online banks. Keep reading to find out how more companies, like MoneyLion, ensure their customer’s financial information is kept stowed safely through their services.

Installing Programs

Online banks will install several programs to help protect their software used in their financial services. Anti-virus and anti-malware protection such as Intel's (NASDAQ: INTC) McAfee help from dangerous viruses leaking into the system. These programs are constantly updating to keep up with the evolving rate of viruses and malware.

Firewalls are usually also installed, stopping potentially harmful data from sketchier websites and scanning it before authorizing it access to come into the system.

Multi-Factor Authentication Method

Many people are hesitant to go ahead with online banking because of a fear that their smartphones or tablets could be easily hacked. Online banks are always coming up with various ways that multi-factor authentication can be used to further deter hackers from entering your account information.

This includes features such as thumbprint verification, facial recognition passwords or pins being entered several times, or verification codes being sent to your email. Some biometric authentication methods can even go as far as including an ‘eyeprint’ verification, or voice recognition.

This will not only help keep you and your banking service safe from online hackers, but it will do so at a significantly lower cost than paying security fees to a real brick and mortar bank. On top of having you log in several ways, most banks will also automatically log you out of your secure session after a few minutes to keep anyone from seeing your account, or getting into your account if your phone was stolen.

Cookies

Nothing distracts a theft quite like a cookie. By cookie, of course, we mean a piece of text stored on your computer by the web browser. After you log in the first time, the bank will recognize your computer when you log in again and authenticate your device.

Secure Socket Layer Encryption

Secure Socket Layer Encryption, or SSL, creates a secure connection with your browser when you log in, helping to secure the account information.

These are just the most commonplace techniques used by online banking security systems today, there are several other ways that banks work to protect you and your account.

Rest assured that while online banking can seem dangerous, there are layers of protection surrounding your information to keep you safe. Get some peace of mind knowing that hackers are blocked in these methods from your social security number, user log-in, and credit card information.

MoneyLion has entered into a compensation arrangement with Benzinga under which MoneyLion pays a fee for marketing and advertising services. MoneyLion does not have editorial control over the content of this material. MoneyLion does not adopt, endorse, or guarantee the accuracy of content posted by Benzinga, and such content does not represent the views of MoneyLion.

Posted-In: Education Tech General

 

Related Articles (INTC)

View Comments and Join the Discussion!
Lightning Fast
Market News Service
$199 Free 14 Day Trial

FMCSA To Delay Compliance Deadlines For Driver Training Rule

A Look At Benzinga Pro's Most-Searched Tickers For July 18, 2019