How To Safeguard Your Bank Account and Details From Scammers

I am not saying that the information provided here would 100% guarantee your financial safety in the vault between the walls of the bank. I am simply putting that these supposed information will enlighten you on the Pros and Cons of internet banking and guide you towards financial security.

The reasons while people keep monies in Banks is starting to be the pure opposite. There's a lot of vulnerabilities when using modern banking technologies, but what can one do to make things far safer and better?

It's now to possible in every way to transfer money without having to go the bank and queuing all day to send out money. There are now financial solutions to all that hassle one might face while going to the bank. This wasn't possible decades before and it wasn't also possible  for a hacker to chunk out a persons savings via POS, OTPs and cards (they were very slim chances)

The move to make modern banking easier and more mobile has created devastating loop holes in return. Bank customers are now robbed/hacked of their savings every now and then, and efforts to tackle such situations are proving abortive. Especially on the African scene. In this case, I'll be dwelling on the Nigerian banking sector.

There have been numerous reports of scamps, fraudulent SMS, ATM card thieves and hackers who have wrecked people's money from the coffers of the Bank.

Well enough of the episodes of ranting because i could go on all day discussing some Nigerian Bank's vulnerabilities.

Here's a Quick Tip

1.  If you already have an account where you opted for internet and mobile banking kindly open another account.

The new account shouldn't have a card or access to internet banking. It should strictly be offline and only accessible via physical transactions or just mere USSD banking. This way you're 50% certain that someone somewhere won't make you a victim of Cyber theft.

2.  Don't Put All Your Eggs In One Basket:

This means that you shouldn't rely on one account for all your savings. You should different account for spendings and savings.
The spending accounts should have internet banking capabilities so you could shop & pay for items you use on regular basis.
The savings should be totally offline, only accessible via one-to-one meeting with the Bank staff.

3. Be Financially Secretive:

Use your upper. Don't trust people with your financial information.

Don't give out your bank/card details to people.

Don't write down your bank/card details in diaries or books. Derive a method that's quite hard to guess or access.

If possible don't use your personal mobile number for bank businesses. Get a new SIM  solely for banking.

• Avoid using easy passwords like DOBs and the serial 1234 passwords.

• Avoid carrying your cards all the time. Pay in cash regularly (this might seem old school but hey new school might mean loosing money)

• Don't trust all websites to check out your card information to shop or buy items. Be sure it's safe before making transactions

• Don't give out your bank details via text or calls from individuals claiming to be bank staffs.