Summary
- Online banking is now part of everyday life and allows you to manage your banking transactions flexibly and from anywhere.
- Strong passwords, using your own devices and exercising caution when receiving links purporting to be from your bank will increase security.
- If in doubt, be cautious and contact your bank before opening unknown links.
- Never disclose your login details to third parties. Your bank or credit institution will never ask you for this information.
Online banking has become an integral part of modern life. The density of bank branches and credit institutions is steadily decreasing, and online banks are becoming increasingly popular. Managing finances at a bank branch is time-consuming and inconvenient. Online banking, on the other hand, offers the flexibility to carry out all financial transactions online at any time. All you need is an internet browser or a banking app. Whether it’s transfers, checking account balances and transactions, or blocking of the card – everything can be managed on the go via online banking. Unfortunately, cybercrime is also on the rise, with various scams such as phishing emails and text messages becoming more common.
By following basic rules and security tips, you can use online banking safely.
What are the advantages of online banking?
Access your finances anytime, anywhere. With online banking, you can take your bank with you wherever you go.
- Secure: Secure procedures (TAN) protect your access.
- Flexible: You can access your account anytime, anywhere in the world.
- Simple: Payment transactions can be easily processed online.
- Transparent: All account transactions can be viewed at a glance immediately after payment.
- Time savings: Many customers report that online banking reduces the time they need to spend managing their finances.
How banks protect their customers' data
Your online banking is protected from third-party access by various security procedures.
- Modern encryption techniques protect your sensitive data.
- Payment transactions must be authenticated with a second factor. Many banks use TAN procedures to approve your orders.
- Automatic logout: Many banks automatically log you out of online banking after a certain period of time if no entries have been made.
- Regular login: Banks and credit institutions usually request authentication every 90 days, requiring you to verify your identity again with your login details.
What safety precautions can you take?
With the increase in the use of the Internet for banking transactions, cybercrime in this area is also on the rise. The banks’ systems are equipped with the highest security standards. The greatest risk arises when customers accidentally disclose their data to third parties. Therefore, you should keep a few important guidelines in mind:
- Use your own devices: If possible, only use online banking on your own devices. If you use someone else’s PC or smartphone, be sure to log out and exercise caution, especially on publicly accessible computers, and delete the device’s cache for security reasons.
- Choosing your login details: You can help keep your data safe by picking a strong, complex password for your online account. Make sure you keep your login details safe.
- Use encrypted Wi-Fi: Only use a private Wi-Fi network with WPA3 encryption for online banking.
- Set limits for online transactions: Most banks allow you to set individual limits for transactions. By setting a limit, you can protect yourself against scammers withdrawing large sums from your account without your knowledge.
- Check your account transactions regularly: With the increase in card payments, there is a greater risk of losing track of your account transactions. You should therefore check your transactions regularly.
- Check the authenticity of the bank’s website: If you are not using the mobile app of your bank or institution, please make sure that you are actually on the bank’s website. It is best to re-enter your bank’s website address using the keyboard each time you log in. Even small differences in the internet address, such as hyphens or transposed letters, are signs of a fake.
- Beware of phishing emails and text messages: Fake messages and websites are often very professionally designed. Therefore, never open the banking website via a link provided in an email or text message, for example. If in doubt, check the authenticity of the message by contacting your financial service provider and consulting with them. Your bank will never ask you to disclose confidential data such as your PIN, TANs or account numbers.
- Block your access if you notice anything suspicious: Many banks allow you to block your online banking access by telephone or on their website. Alternatively, you can also block your card by calling the free emergency hotline on 116 116.