Many banks make it easy for you to move money between different bank accounts. You can use these transfers to move funds between your own savings and checking accounts or send them to others.
But how do you make sure that your transfer is safe? Here are some things to keep in mind.
Use secure networks
Banking via the internet has many advantages, but it can also leave consumers vulnerable to unauthorized transactions. Fortunately, there are steps to take to keep your bank transfers safe, including verifying payment details, using secure networks, and monitoring your account regularly.
Avoid public Wi-Fi when doing your online banking. Instead, use your cellular data plan or a virtual private network (VPN). Using a VPN can make it harder for cybercriminals to intercept your information. Additionally, always ensure that web pages are encrypted. Look for the “s” in https to ensure that your connection is secure.
Finally, ask your bank about text alerts that notify you of significant changes in account activity. This can help you spot unauthorized purchases or suspicious activity and take immediate action before the damage is done.
Enable two-factor authentication
Having two-factor authentication (also known as 2FA) is one of the most effective ways to make your bank transfers safer. It adds an extra layer of security to your account, ensuring that only you can access your money. It’s important to ask your bank whether they offer this feature and how you can enable it.
There are a few different types of 2FA, including something you know, like a password or PIN, something you have, such as a code sent to your phone or an authenticator app, and something you are, such as a fingerprint or retina scan. You can also use a physical security key that plugs into a USB port or uses near-field communication to connect with your device.
Although it might be annoying to have to go through a few extra steps to log in, these procedures are put in place to protect consumers from hackers. So, you should not try to circumvent these measures because doing so will put your accounts at risk of unauthorized access.
Monitor your account regularly
In addition to protecting you against fraud and minimizing banking fees, monitoring your account regularly is an excellent way to stay aware of how your money is moving. You are likely swiping debit cards, depositing cash, and sending funds through automated bills on a regular basis, and checking your account can help you spot suspicious activities such as automated withdrawals or ATM charges that don’t match up with your expected spending habits.
Another common problem with bank transfers is scammers who attempt to trick you into sending money to fraudulent accounts by presenting themselves as legitimate companies or individuals. Checking your bank account on a regular basis will ensure that you are not being charged for something that was not part of your original request and also allow you to report any problems quickly to your bank.
Typically, you can log into your account online or through mobile apps to monitor your activity. Setting reminders to do so on a daily basis is a great way to build the habit and also take advantage of features such as notifications that alert you of new activity on your account.