# 5 Steps to Strengthening Your Online Financial Security
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-06-23
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Secure Your Finances: Maximise Banking Security Features
Meta Description: Discover the latest bank account security tips and keep your money safe with features like 2FA, device-based security, and more. Take control of your financial
URL: https://financedigest.com/5-steps-to-strengthening-your-online-financial-securityhtml

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In recent years, the advancements in digital banking have made managing money on the move as easy as checking your email. However, with that flexibility comes an increased requirement for security. The days of visiting a branch to manage money are long behind us, and the banking industry remains at the forefront of online security. Nevertheless, there are plenty of steps to take to ensure you are always [ahead of the game when keeping](https://www.financedigest.com/uk-housing-market-keeps-momentum-but-slowdown-ahead-halifax.html "UK housing market keeps momentum but slowdown ahead: Halifax") your money safe, no matter where you keep it and how you choose to manage it.

1. **Take Advantage of All (Free) [Security Features Your Bank](https://www.financedigest.com/what-banks-need-to-do-right-now-to-improve-their-digital-services-without-sacrificing-security.html "What Banks Need to Do Right Now to Improve Their Digital Services Without Sacrificing Security ") Offers**

The [rise of challenger banks](https://www.financedigest.com/the-rise-of-the-specialist-bank.html "The rise of the specialist bank") has seen increased security across bank accounts thanks to new features and options. While [traditional accounts are not always best-positioned to deliver](https://www.financedigest.com/how-can-traditional-banks-deliver-game-changing-innovation-in-the-digital-age.html "How can traditional banks deliver game-changing innovation in the digital age?") these new options, security remains paramount, and new opportunities become available all the time.

This could be as simple as blocking or activating a [card within the mobile app](https://www.financedigest.com/virttrade-to-create-valiant-heroes-collectible-card-game-app.html "VirtTrade to create Valiant Heroes collectible card game app"). Such functionality feels commonplace today but was unheard of even just a few years ago. Some accounts go a step further, [enabling customers](https://www.financedigest.com/token-enables-bank-direct-payments-for-caxton-fx-consumer-and-business-customers.html "Token Enables Bank Direct Payments for Caxton FX Consumer and Business Customers") to block certain transactions automatically. Some require additional verification before making a payment or offer adjustable payment [limits depending on the correct password](https://www.financedigest.com/breaking-down-the-compliance-limitations-of-sms-one-time-passwords.html "Breaking down the compliance limitations of SMS One-Time Passwords") entry. Options for the security-conscious are plentiful, and the chances are if something is not available on your account, a competitor will have everything you require.

2. **Utilize Device-Based Security Options**

For those genuinely interested in the security of their bank account, opportunities extend [beyond the banks](https://www.financedigest.com/four-digitalization-strategies-for-banks-during-the-pandemic-and-beyond.html "Four Digitalization Strategies for Banks During the Pandemic and Beyond"), their website, and apps. Unauthorized account [access is not always down to the bank](https://www.financedigest.com/hair-care-shouldnt-break-the-bank-transplant-surgery-should-be-accessible-and-affordable-for-all-men.html "Hair-Care Shouldn’t Break The Bank – Transplant Surgery Should Be Accessible and Affordable For All Men") itself and can often involve a compromised device. [Cybercrime](https://www.financedigest.com/cybercrime-the-elephant-in-the-room.html) rarely targets individual accounts – bank-level security is often far too robust. Instead, a would-be attacker takes advantage of the fact that consumers prefer quick, easy [access to their accounts](https://www.financedigest.com/assetz-capital-launches-new-90-day-access-account-bonus-cashback-offer.html "Assetz Capital launches new 90-Day Access Account with bonus cashback offer").

If you primarily access your accounts through a web browser, then firewalls and antivirus software are a must. Many mobile devices are even more [secure as standard](https://www.financedigest.com/why-preparation-for-new-swift-cyber-security-standards-needs-to-start-now.html "‘Why preparation for new SWIFT cyber security standards needs to start now’"), requiring fingerprints or facial recognition. These security measures represent a crucial tool in the [financial](https://www.financedigest.com/post-brexit-uk-workers-can-have-financial-security.html "Post Brexit – UK workers CAN have financial security") security arsenal, and it pays to take advantage of added levels of security beyond the banks themselves.

3. **Enable Two-Factor Authentication (2FA)**

[Banks often go above and beyond conventional security](https://www.financedigest.com/password-layering-security-modern-banking.html "More Than a Password: Layering Security in Modern Banking") measures. Whereas many [online services settle for a username and password, logging into an online account usually involves a customer](https://www.financedigest.com/online-marketplaces-embracing-embedded-finance-to-benefit-both-customers-and-vendors.html "Online marketplaces: embracing embedded finance to benefit both customers and vendors     ") number, password, and some personally identifiable information.

For those who choose to do so, there is an additional layer of protection available in two-factor authentication. Some [banks offer this as standard](https://www.financedigest.com/first-abu-dhabi-bank-reiterates-not-eyeing-offer-for-standard-chartered.html "First Abu Dhabi Bank reiterates not eyeing offer for Standard Chartered"), whereby customers will receive an email or SMS with a specific code. Where such a feature is unavailable, it is often possible to utilize a third-party service such as [Authy](https://authy.com/), which adds 2FA over and above standard login procedures.

4. **[Close Accounts](https://www.financedigest.com/utilising-digital-tools-to-close-the-finance-and-accounting-skills-gap.html "Utilising digital tools to close the finance and accounting skills gap") You No Longer Use**

Many people are hesitant to close accounts due to the potential impact on their [credit score](https://www.financedigest.com/12-things-that-dont-hurt-your-credit-score.html "12 Things That Don’t Hurt Your Credit Score"). However, the effect is often minimal, and, in terms of security, shutting them down completely can make the most sense.

The issue with dormant, potentially forgotten accounts is that they contain potentially harmful levels of personally identifiable information. In rare cases, if an unscrupulous operator can [verify ownership of one account](https://www.financedigest.com/twitter-to-introduce-official-label-for-some-verified-accounts.html "Twitter to introduce ‘Official’ label for some verified accounts"), which the customer has forgotten about, they may have an easier time of accessing another.

Empty or unused accounts should be a high priority for closure, as doing so means less to [keep track](https://www.financedigest.com/will-mays-new-minister-percy-keep-the-northern-powerhouse-on-track-post-brexit.html "WILL MAY’S NEW MINISTER PERCY KEEP THE NORTHERN POWERHOUSE ON TRACK POST BREXIT?") of on the part of the customer and fewer potential backdoors to personal information.

5. **Keep an Eye on Your** [Credit Report](https://www.financedigest.com/equiniti-credit-services-investigates-consumer-attitudes-to-lending-in-new-report.html "Equiniti Credit Services investigates consumer attitudes to lending in new report")

[Credit reports are an excellent way to not only assess eligibility for loans](https://www.financedigest.com/4-ways-to-get-a-bad-credit-loan.html "4 Ways to Get a Bad Credit Loan") and mortgages but to keep track of open accounts. Anyone that is lax with their [browsing data](https://vpnoverview.com/privacy/anonymous-browsing/who-can-see-browsing-data/) can be subject to identity theft, enabling others to open accounts in their name. This may not result in a direct [financial loss but can make obtaining credit products more difficult in the future](https://www.financedigest.com/the-future-of-financial-services-tech-evolution-not-revolution.html "The future of financial services: Tech evolution not revolution ").

Anyone in the US is entitled to a [free annual credit report](https://www.annualcreditreport.com/) covering data held by Experian, Equifax, and TransUnion. These reports will reflect all [financial accounts](https://www.financedigest.com/midlands-accountants-say-its-never-too-early-to-get-financial-protection.html "MIDLANDS ACCOUNTANTS SAY IT’S NEVER TOO EARLY TO GET FINANCIAL PROTECTION") in an individual’s name, enabling them to keep an eye on the information held on them and spot any issues.

[Financial institutions sit at the forefront of online](https://www.financedigest.com/50-of-consumers-wont-spend-more-than-20-minutes-applying-for-financial-products-online.html "50% of consumers won’t spend more than 20 minutes applying for financial products online") technology, and some organizations do more than others to ensure that their customers’ money and data remain secure. However, it is essential not to rely solely on their [security protocols when managing](https://www.financedigest.com/managing-the-hidden-security-gap-in-financial-services-the-office-printer.html "MANAGING THE HIDDEN SECURITY GAP IN FINANCIAL SERVICES: THE OFFICE PRINTER") your money as an individual. The additional available steps are quick, easy, and can soon become part of a day-to-day habit. Ultimately, protecting accounts is a team effort between [financial service](https://www.financedigest.com/what-can-we-learn-from-financial-services-security.html "What can we Learn from Financial Services Security?") providers and customers, and the steps above will ensure a vastly reduced likelihood of anything untoward happening.

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