Business What are the dangers of an online checking account?

What are the dangers of an online checking account?

Covid and its enclosure have pushed digital services a great deal. Among these are online financial services such as checking account and stock market trading. Opening a bank account on the web has become an increasingly popular practice. But what dangers do you run with an online checking account?

What are the dangers of an online checking account?

Before explaining the possible dangers faced by opening an account on the web, it is necessary to specify which are the online checking accounts. Today a saver can turn to two types of banks to open an account. Traditional ones, which have branches in the area and banks on the web that do not have branches and operate only on the internet. Traditional banks can offer traditional accounts, or they can have accounts that open online. Not only that, they can make available to the customer what is called online banking, or the management of the traditional account via the web. While online banks only have accounts that open on the web.

The security features of traditional or online checking accounts are exactly the same. Both are covered up to 100,000 euros from Interbank Fund in the event of bank failure. The risk of an online account is not in its nature, but in its management.

Be careful when working online

Operating online means entering a series of important data such as PIN, credit card number, IBAN credentials into the network. Data that could be intercepted and used by hackers to access your account. This is why banks are evolving to make increasingly advanced security systems available to their customers. As for example the temporary password generator, or the sending of notifications on the smartphone when movements are made on the account. It also increases security by downloading the bank application and managing the account from the app.

The danger of online scams

Having a secure account means managing your account securely online. Therefore respecting all the safety indications suggested by the bank and, above all, being very careful in sharing your sensitive data online.

Scams, especially via email, are always around the corner. The most common is phishing. Fake e-mails that ask for credit card numbers, online bank access codes, etc. Never give this data to strangers. And even if you receive an email from the bank requesting it, never give this data, it is definitely a scam mail. The bank will never request account access codes via email.

to know more

Want to know how the phishing scam works? Read who.


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