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5 ways to protect yourself and your money online

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The way we bank has drastically changed in the last 10 years. Technology has simplified banking. It's also made banking surprisingly more approachable. It's opened the doors for companies like us to offer banking solutions that are accessible, cost-effective, convenient and all around less stuffy.

According to this 2018 Canadian Bankers Association survey How Canadians Bank, our love of online and mobile banking is only growing stronger:

  • 91% said technology has made banking a lot more convenient

  • 88% think that Financial Institutions (FIs) have improved their service through technology

  • 88% say they've used online banking in the past year

  • 76% of Canadians use digital channels to conduct most of their banking transactions.

It's pretty safe to say Canadians trust their financial institutions to provide secure digital banking services, but it's still important to know how you can help keep your personal information, privacy and hard-earned money, safe. Here are five tips to protect yourself when banking online or on your mobile device.

  1. Use strong passwords - a phrase like 'MyCatL1kesChip$' that uses a combination of letters, numbers and symbols strengthens your password and make it harder for someone else to guess.

  2. Watch what you share - this one may seem obvious but information like account numbers, PINs, passwords or personal security questions should never be shared with anyone.

  3. Keep your eyes on your account - by reviewing your accounts regularly, you may spot a transaction that you didn't make or approve. Be sure to report it right away.

  4. Connect securely - it's not a good idea to use public WiFi or public computers for online banking. It might be tempting to transfer money using your favourite shop's free WiFi but it's best to wait till you're on a private WiFi or on a secure cellular network.

  5. Avoid suspicious emails - never respond to suspicious email messages or click on an attachment or link from unknown sources, they are often phishing emails that can load malware on your computer. Remember your financial institution will never ask you for account details or personal information in this way.

We take safety and security very seriously. It's why our online and mobile banking technology platforms have been built to the highest level of security while making sure they remain fast, convenient and super easy to use. Check our Online Policy page if you want to know more about what Saven is doing to protect our members' privacy and accounts.

Stay ahead with SavenSmarts!