Tips to keep data secure when using digital banking

Digital banking makes it convenient to bank anywhere and at any time. The Fifth Third Mobile App, for example, lets you deposit checks, pay bills, manage finances and send money with Zelle^{® 1}, even after banking hours have ended. But digital banking also comes with risks. Cybercriminals are constantly looking for ways to exploit vulnerabilities and cash in on your convenience.  

Fifth Third takes security seriously. Every Fifth Third account includes access to the SmartShield^®2 Security dashboard in the mobile app, which helps you respond to potential threats. From the dashboard, you can report suspicious emails, pause your credit cards or sign up for Fifth Third Identity Alert^®3. You’re an important first line of defense to keeping your data secure. Making these simple tips part of your money management routine can help keep your personal and financial information secure when banking online.

Key takeaways:

• Online banking can be convenient, but it comes with security risks. Keeping your data safe should be a joint effort between you and your bank.
• Strategies that can keep your data safe include avoiding public Wi-Fi connections, updating software regularly and creating strong, unique passwords.
• Be vigilant about emails and texts that claim to be from your bank. They could be attempts at phishing, where fraudsters trick you into clicking a malicious link or disclosing personal information. Avoid clicking links or providing personal information unless you initiate a phone call to your bank using a verified phone number. Fifth Third banking customers can report phishing attempts using the mobile app’s Report Phishing feature in the SmartShield^® dashboard.

Avoid using a public Wi-Fi connection

While widespread use of encryption has made public Wi-Fi networks safer than in the past, your data may still be at risk if you log on in public places such as coffee shops, airports, stores or restaurants. A website with a lock symbol or “https” in the address bar uses encryption, which makes it more safe. However, hackers can still do damage by creating fake Wi-Fi networks, injecting malware through public connections and using other tactics. To keep your information secure, wait to access your mobile or online bank account until you can log in using a secure, private and password-protected Wi-Fi connection.

Regularly update your phone and computer software

When you receive notifications about software updates on your phone, tablet or computer, install them right away. These updates often fix security vulnerabilities that have been detected.

Make sure apps address security

Before using a mobile banking app or payment app, make sure it has security protocols in place. For example, the Fifth Third Mobile App  requires you to create a complex password to log in and a one-time passcode for certain transactions. 

Always check the URL before logging in to your account

Transport Layer Security, or TLS, is a protocol that creates a secure connection between your browser and your bank’s website. To confirm the connection is secure, check for “https://” at the beginning of your bank’s website address before logging in, or log in to your account through the mobile app instead.

Use strong passwords

Most online accounts require passwords that include a combination of letters, numbers, cases and punctuation. These requirements make passwords harder for people to guess and more difficult for automated hacking software to crack. While some websites have less stringent password requirements than others, the National Cybersecurity Alliance says a strong password should have at least 16 characters and include a combination of characters, cases and symbols.

Assign different passwords for every account

Using the same password across multiple sites can increase your risk. If a cybercriminal gains access to one account they may be able to use that password to access others. Krebs on Security says it’s important to use different passwords for all your accounts — especially email and e-commerce sites. The reason? Data from these sites is frequently compromised, and you often have limited control over how securely it’s stored. While you can't control whether a website is hacked, you can protect yourself by using unique passwords for each account. If you struggle to remember different passwords, consider using a password manager such as Keeper Security Password Manager or LastPass. Both are popular, low-cost options that help you create and manage unique and strong passwords for every online account you establish.

Use aggregator sites with caution

Some third-party personal finance sites compile your financial information from multiple accounts (with your permission) so you can get one clear view of your finances. However, FINRA (the Financial Industry Regulatory Authority) warns that some aggregators aren’t subject to the same data privacy and security regulations as financial institutions. Instead, consider using personal finance and budgeting tools offered by your bank so you know exactly who has access to your data and why.

Take advantage of two-factor authentication

If you’ve ever tried to change your password for your bank account and received a code via email, text message or phone call to verify your identity, you’ve used two-factor identification. This extra step helps your bank protect your sensitive information. Take advantage of this additional layer of security whenever you're given the option.

Be vigilant when receiving texts and emails

Sometimes cybercriminals send texts or emails that falsely appear to be from your bank or another trusted institution. This is known as phishing, and its goal is to trick you into giving fraudsters sensitive information. Avoid clicking links in text messages and never provide information through text unless you initiated the communication by calling a verified Fifth Third phone number. If you receive a suspicious email or text, you can help Fifth Third keep your data safe by using the Report Phishing feature in the SmartShield^® dashboard.

At the end of the day, it’s important to do your due diligence, research banks before you open an account, and understand what security measures the bank takes to keep your data safe. If you’re looking for additional safety measures, Fifth Third Identity Alert^® provides comprehensive identity theft protection. This service is available at a discount for customers who already have a free  Fifth Third Momentum^® Checking Account.

Fraud protection FAQs:

1.    What is an example of online bank fraud?

When another person gains access to your bank account without your permission and makes an unauthorized payment or withdrawal, that is considered fraud.

2.    What types of information pose a risk if stolen?

Fraudsters mainly target two types of information: personal identifiable information (PII) and sensitive personal identifiable information (SPII). PII includes details such as your name or address, which can be used to identify you. SPII includes information that could cause harm if compromised, such as your Social Security number, passport number or driver’s license number.

3.    How do I come up with a strong password?

Use a different long, complex password (a mix of uppercase and lowercase letters, numbers and symbols) for every online account. That way, if one account is compromised, scammers won’t have access to other accounts. You can also use a password manager, which will automatically generate strong passwords for every account and store them safely.

Three things to do next:

• Learn how to protect yourself from phishing.
• Read about the latest AI scams.
• Discover how to avoid mobile payment fraud.

*Subject to Digital Services User Agreement.