Securing Online Financial Accounts

Online banking and banking apps are an easy way to keep up to date with payments, check your balance, make online purchases, set up or cancel direct debits and to manage finances without having to visit a branch. You can bank online through your smartphone, tablet, or computer, and it is usually free to do so.

If you are unsure how to set up online banking and want support, speak to your bank or visit a branch.

Online financial accounts store your bank details and make it easier and quicker to make payments online and in person. Accounts like Google Pay, Apple Pay, online shopping accounts like Amazon, media accounts like Netflix, travel accounts like Uber and even food delivery accounts like Deliveroo all store your personal and banking details.

This is why it’s so important to make sure that these accounts are secure, and that nobody else can access them.

As with any other online accounts, it’s important that you are in control of them and have a good understanding of how to secure them. 

• Purchase history is saved and viewable to anyone who has access to the account.
• Location data is almost always saved and viewable to anyone who has access to the account.
• Online shopping, media, travel and food delivery accounts and apps often do not have the same high levels of security that come with online banking apps and payment apps. 
• The user’s location data is often saved, including any address history that hasn’t been deleted, which could allow an abuser to find out where you live.
• Contact details are saved, which can become a security risk if an abuser wants to gain access to your telephone number or email address.

To ensure strong account security, there are several simple measures that can be taken:

• Use strong memorable passwords and PIN numbers that nobody else would be able to guess.
• Set up text or email alerts for when payments are made.
• Use two factor authentication, such as a pass code as well as a fingerprint
• Ensure the account recovery information is up to date and in your control.
• If possible, don’t save your card details online/check out as a guest, and always remember to log out.
• If there are additional security features on accounts, like Google Pay/Apple Pay, such as setting your account so that a payment can only be made when the device is unlocked, or if it has optional PIN security, ensure these are enabled. 
• You could consider reducing your contactless spending limit to the lowest amount that is convenient for you.

• Always log out of any accounts after you have finished using them.

These are three different ways to access your banking information and they may all have different log in processes. It’s important that you consider the passwords and pin numbers used for all three types of banking when you are securing your accounts. 

• Banking apps (also known as mobile banking) may use a passcode/pin numbers to log in, and sometimes offer biometric log in, for example use of your fingerprint.
• Online Banking may be more likely to use passwords and normally have an option to set up 2-factor authentication.
• Telephone banking is when you call the bank, and they ask you for a password and often ask a security question. It important that this information could not be guessed by anyone that knows you well. Some banks offer Voice ID for telephone banking. 

If you are concerned that access to your bank account has been compromised, or are worried that someone may have gained access, contact the bank as soon as possible online, via the customer services helpline, or in branch, and explain that someone else has access to and control of your account. The bank can help you secure your accounts quickly.

If you believe that someone has accessed your online financial accounts, or someone has opened an online financial account using your details, it is important to check your bank statements for any unknown purchases and check your credit report for unknown financial accounts. Your credit report won’t always tell you what online accounts have been opened; however, it can help you to determine whether anyone has used your details to create debt in your name. See our guidance on Credit Reports.