5 Minute Financial Fitness Check - Online Banking Security & You

Category Day to day gdpr, data protection, online security

If you work hard to keep your spending in check and build up those savings, the last thing you need is to lose your hard-earned cash to financial fraud. Today we’re talking about some of the ways B keeps your accounts secure, and some of the things you can do to help prevent fraud and keep your money safe.

Our new current account and instant savings account work beautifully together within one super-smart, app, powered by Clydesdale Bank & Yorkshire Bank. With B, there’s no monthly account fee. Compatible devices require to access all of B’s features. T&Cs apply. Subject to status & eligibility.

Why online banking security is so important

According to Unisys, 85% of UK consumers are seriously concerned about financial security, while Financial Fraud Action UK (opens in a new window) found that a massive £768.8 million was lost to financial fraud in 2016 – and it’s growing each year.

Here at B we try to make banking more fun, but when it comes to your online banking security, we couldn’t be more serious – because the last thing we want to see is customers losing their hard-earned money to fraud!

How we keep your data safe

Keeping your data safe and secure prevents it from getting into the hands of fraudsters. Our switch to GDPR, alongside the rest of the UK, will help keep your data even more secure. These new regulations are replacing the 1998 Data Protection Act to update the rules in line with all the new tech we’ve seen in the past few decades. It also tightens restrictions about what data a company can hold about you, how they process it, who they share it with and how they protect it.

If you haven’t read our blog post about GDPR then check it out to find out how these new regulations affect you!

We also make sure that the B app has all the latest security features, like data encryption and fingerprint ID, so that only you can access your accounts.

Common ways people fall victim to fraud

One of the most common ways people lose money to fraud is by accidentally giving out personal details and account details (like your PIN or password) to fraudsters. Here are just a few of the ways someone might try to get access to your bank account.

Phishing

Phishing scams are when someone tries to get hold of your personal details by posing as a company you know and trust in an email. They could pretend to be your bank to tell you there’s been a problem with your account, or they may pose as a retailer like Amazon.

They’ll usually provide a link to log into your account, which will take you (unknowingly) to a fake login page set up by scammers. When you try to log in, the fraudsters can use the details you provide to access your real account.

“Around 86% of passwords are known to hackers”

Source : Troy Hunt - 86% of sample of 2.2million people were found to be using compromised passwords

Sometimes, fraudsters will call you instead of emailing you to try and get personal details from you. They may pose as your bank to tell you that there’s been fraudulent activity on your account, and then ask you to move your money into a secure account that they’ve set up for you. They may also ask for your PIN or login details to confirm your identity.

Baiting

This is when a USB stick, memory card or other data device containing malware is left lying around an office or public space, in the hope that someone picks it up and inserts it into their laptop. Again, this could corrupt your files or give someone remote access to your computer.

How to create (and remember) strong, unique passwords

If you re-use passwords and one of your accounts is breached, this could give fraudsters access to other accounts that use the same password. And if one of these accounts is your email, they may be able to use it to reset passwords for other accounts.

Having unique passwords for each of your accounts is one of the best defences. Our B safe tool lets you test your password habits and get a personal action plan to improve your password security. You can even check if your passwords are known to hackers. B safe from the B Store is ready to use in your B app.

Check out B safe in the B store.

Tips for avoiding fraud

Fraudsters are often pretty good at what they do, and will try everything possible to get you to give up your data. They might try and confuse or panic you, by telling you to act quickly to protect your data, or may provide some basic details about you – like your name or date of birth – to convince you that they are who they say they are. However, there are some important steps you can take to protect yourself:

  • Never give out personal data like your PIN, password or bank details over the phone or in an email
  • Don’t click on links in a suspicious email – if you want to check your account, go to the website directly through the browser and log in there
  • If you’re not sure about a link, hover your mouse over it to reveal where the link goes
  • Don’t give a cold caller remote access to your laptop or computer, even if they say you have a virus
  • Never move your money into an account that someone else has set up – even if they claim to be from your bank
  • If you’re not sure a phone call is legitimate, hang up and call the company back on a number you trust (such as on the company’s website or on the back of your bank card) and use a different phone if you can
  • Don’t panic – scammers may try to create a sense of urgency to get you to give out your details without thinking.

Remember, No one from B will ever ask you for your PIN or password over the phone, and will never provide a direct link to a login page via an email.

Take the test

This handy test from Take 5 helps give you more information about the types of scams out there and what to do in each situation. Can you score 100%?

Other ways to keep your banking data safe

Stay safe on public Wi-Fi

If you like doing your banking on the train to work or while sipping a coffee in your local Starbucks, be wary of using public Wi-Fi. These networks are not secure, and other people using the same Wi-Fi may be able to access the information you’re sharing.

If you can, use your mobile data for online banking, or wait till you get home where you can use private Wi-Fi.

Check that websites are secure

Whether you’re buying a new pair of shoes or signing up for a new service, always make sure you’re on a secure website. If it’s not secure, the bank details you provide could end up in the wrong hands.

Look out for a small padlock sign next to the URL bar at the top, and check that the web address starts with https:// rather than http:// as this indicates a secure connection.

Keep your computer safe

Viruses and malware picked up from dodgy websites or scam emails can corrupt your files, steal your information, and some fraudsters might even demand money to restore your data! Make sure your laptop or computer is protected by anti-virus software to keep you safe from viruses and malware.

Our friends at Clydesdale Bank have partnered with IBM to provide you with free software helps keep your online banking safe.

More about IBM Trusteer Rapport.

Our promise to you

Even if something goes wrong we’re here to help. We promise that if money is taken from your account by fraudsters, we’ll refund it, as long as:

  • You’ve taken reasonable care to protect your online information, including:
    - Making sure you properly log off internet banking or mobile banking when you’re finished,
    - Making sure others can’t see your security information when logging into internet banking.
  • You haven’t disclosed your security details, including:
    - passwords, passcodes, security answers and token responses.
  • You haven’t acted fraudulently.

If there’s anything you’re worried about, or if you’ve received a call or email from us that you’re not sure about, get in touch via live chat or drop us a line on 0800 121 7365.

This blog is a bit of fun and not intended to influence your decisions in any way. The content of the blog is reliable at the time of publishing, but we can’t guarantee that it is neither error nor omission free, beyond our knowledge. The links are there for you to explore if you wish, but we don’t have any connection with the third party sites, nor responsibility for them or their content.