Digital banking combines traditional banking with the internet. Those who live nomadic lives will be glad to know that there is the possibility to carry their bank with them wherever they go due to the development of digital banks. This can be a lot cheaper for individuals as there are less associated fees when withdrawing money and using the card abroad. However, the risks linked to the digital world are well known and you must keep safe and protect your information.

In the modern era of rapidly advancing technology, digital banks have revolutionised the way we manage our finances. With the convenience of accessing accounts, making transactions, and monitoring funds from the comfort of our devices, the popularity of digital banking continues to grow. However, along with this convenience comes the need to ensure the security of your financial information.

This article will provide you with useful safety tips to follow when using digital banks so that the risk of losing your information is reduced.

Use a Secure Password

It should go without saying that you need to use a secure password whenever using digital banks. Cybercriminals are getting increasingly more sophisticated and getting your financial information can be easy if your passwords are easy to get. Considering that so many people expose their lives on social media, it is not difficult for them to guess what your password is if you base it on simple words such as the name of your pet and the year you were born.

For this reason, make sure that your password does not contain any information that is easy to guess by anyone with basic knowledge of your life.

Make Use of Security Software for Your Device

Passwords are not the only way to secure your financial information. Using digital banks means that you will need to have a smart device to access your account. Failure to have the appropriate protection in place can make you vulnerable to loss of your details or someone else accessing these with no authorisation.

Whether you use a phone or a laptop, make sure that these are appropriately secure and do not give access to anyone other than yourself.

Make Use of Mobile Pay Apps

Digital banks also give you a credit card, as any other traditional bank would. Although digital nomad credit cards are a great option for those living the nomadic lifestyle and working remotely through the internet, for example, this does not mean that you have to be traditional and use your cards all the time. Nowadays, technology has advanced so much that it is possible to make payments with your smartphone as long as you have appropriate mobile pay apps.

This can help you stay safe as your mobile app would be protected by biometric verification, contrary to bank cards.

Do Not Share Your Personal Details

Even though this sounds like an obvious tip, many people still fail to do this, even sometimes accidentally. You must never share your details as a way to protect them. This does not necessarily mean sharing your exact account number and password, but personal details that may give others a clue of what you may use for a password.

This is why one must be highly cautious whenever sharing a post on social media – you may think sharing a photo of your new home or you and your pet is innocent but this may just give hackers just what they need to get into your online banking.

Be Aware of Potential Scams

There are a number of scams and thousands of people continue to fall for them. You may think that it is easy to recognise a scam but some are highly sophisticated and make it difficult to recognise, particularly if they play with the receiver’s emotions. For example, you may get a message from ‘your bank’ stating that someone has tried to use your account and calling you to warn you; before you know it, you are sending them money thinking you are protecting yourself when really and truly you are losing money to a scam.

Always contact your bank directly whenever you are in doubt.

Do Not Use Public Devices or Network

Scammers have ways to obtain your information whilst you are using public devices or networks. Even if you are careful, your information may be stored on these platforms and it will make it easier for cybercriminals to access this. This is why you must only use your own devices and network with appropriate security measures and software.

If for any reason, you need to use a public device, make sure to always clear your history completely and browse the web in incognito mode.

Look Out For Suspicious Activity

It can be easy to go about your life and completely forget about your finances and the majority of people forget to do this. Neglecting your finances can mean that you are not aware of any suspicious activity or discrepancies and transactions. You may be losing money without even realising it. For this reason, you must always stay on top of your finances, know how much money is coming in and what money is going out so that you can report any suspicions to your digital bank.

If you are thinking of switching to a digital bank, you must understand the potential risks associated with the online world and how to keep yourself safe. Following the tips above will ensure that the risk to yourself and your account reduces significantly.

Conclusion

In conclusion, the convenience of digital banking is undeniable, but it’s essential to prioritise the security of your financial information. By following these safety tips, you can enjoy the benefits of digital banking while minimising the risks associated with online transactions. Protecting your digital assets requires vigilance, caution, and a proactive approach to cybersecurity.