Secure online banking: how can you protect your finances?

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Logging into your current account and making payments online, checking your share portfolio or viewing your savings account, etc. Internet banking makes it very easy for us to keep a close eye on our finances at any time of the day. But how safe is online banking today given that cyber criminals are more active than ever? And how do we at Keytrade Bank provide the necessary guarantees of security?

Is online banking safe? 2x “if”

Asking the question means we are answering it. Banks in this country do take strict measures to prevent online fraud, such as the use of secure HTTPS connections, identity checking and the deployment of advanced fraud detection systems. If your bank has applied these security measures, then online fraudsters already face a huge challenge when trying to get anywhere near your bank details. Even so, an additional security check by you, the customer, is indispensable. Cyber criminals use a wide variety of methods to try and gain access to your bank account. Some ways are more creative than others. Consider this: • Fraudsters sending you fake emails with links to counterfeit websites. They then ask for your personal bank code, which gives them access to your bank account. Please note: these websites are sometimes virtually identical to the original bank website, making it very difficult to tell them apart from each other • People attempting to obtain personal and financial information over the phone by impersonating trusted parties • Fraudsters who approach individuals or companies and ask them to change payment details for future invoices, but it is actually the fraudsters who control the new account • Fake lotteries where they claim you have won a cash prize, but you first need to supply your personal details to claim your prize. This allows criminals to steal your identity and commit financial fraud. If you remain fully alert to this with every email or text message, you can build your own additional security wall. Check the sender’s phone number or email address. If you are uncertain, contact your banker immediately using the publicly published contact details. It is worth being extra vigilant, especially during the end-of-year holiday season.

What can you do yourself to play things safe?

As well as keeping a critical eye open, it helps to take a few extra digital security measures. Make sure that: • You keep your smartphone/PC/laptop operating systems up to date and install the necessary security updates every time • You use strong, unique passwords and preferably two-step authentication (multi-factor authentication) to access your online bank account • You only use secure internet connections when you do your banking. For example, do not do any banking when you are connected to a public Wi-Fi network. But perhaps the most important rule of safe online banking is the following: use your common sense. Did you find it odd that you were asked by text message or email to give access to your banking environment or to make a deposit? Don't do it and report it to your bank immediately. Did you find it odd that you were asked by text message or e-mail to grant access to your banking environment or to make a deposit? Don't do it and report it to your bank immediately.

What if the dreaded scenario actually happens?

If online fraudsters do somehow manage to break through your digital barrier, it is important to react quickly: • Call Card Stop ( or 078 170 170) if you have shared your card details, and get your card(s) blocked immediately • Contact your bank and report the breach • Change any other codes • Report it to the police immediately

How does Keytrade Bank guarantee you a secure online banking environment?

Do you have an online account with Keytrade Bank or plan to open one? In addition to the security measures listed above, we offer all our customers two additional encrypted access routes to their Keypack.

Use the softkey on your digital device

The Keytrade softkey is a fully online authentication method. You can use your smartphone to scan a QR code on your desktop or tablet. Once you have entered your personal security code, you can access your Keypack accounts securely.

Using the Hardkey

An alternative to the softkey is the Keytrade hardkey. This small device allows you to generate a one-time security code to access your online banking environment. It is just as safe, but you should always keep the hardkey close to you.

Perhaps the biggest benefit of an online bank like Keytrade Bank?

At Keytrade Bank, we offer our financial services exclusively online. This means that secure online banking is in-built from the ground up. We know the potential cyber threats better than anyone, so we know exactly what we need to pay attention to in order to ensure our customers' safety and that of their financial assets. Do you have any questions about our Keypack accounts or our security initiatives? Be sure to take a look at the FAQs for our customers or discover all the benefits of an online Keypack account directly.

Discover Keytrade Bank’s Keypack

This article does not contain any investment advice or recommendation, nor a financial analysis. Nothing in this article may be construed as information with a contractual value of any sort whatsoever. This article is intended for information only and does not constitute in any way a commercialization of financial products. Keytrade Bank cannot be held liable for any decision made based on the information contained in this article, nor for its use by third parties. Every investment entails risks such as a possible loss of capital. Before investing in financial instruments, please inform yourself properly and read carefully the document "Overview of the principal characteristics and risks of financial instruments" that you can find in the Document centre.

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