When hackers are asked why they hack, they list three primary reasons: 1) for the challenge, 2) for fun and 3) for the money. While there isn’t much you can do to make hacking less fun for these criminals, you can make stealing your money far more challenging and less financially rewarding. Securing your bank accounts must be a top priority for you, and here are some things you must do to lockdown those accounts.

Create Strong Passwords

Secure all bank accounts with a long, strong password. A strong password is random and made up of a mix of uppercase letters, lowercase letters, numbers and special characters. Your password must be at least 12 characters long but longer is better. Do not use any common words or names within your password. Most important, ensure your bank account password is dedicated for your online banking website. Do not reuse a password that you used on other websites for your online banking account.

Create a Dedicated Email Account for Banking 

Create a dedicated email account for your financial accounts then lock it down with Multi-Factor Authentication. After you create this secure email for banking, never distribute the email to anyone other than your financial institutions. Do not share your secret email account with friends or family or use it for everyday email correspondence. Use this secret email account for bank related activities only like for receiving email alerts, email correspondence from the bank and authentication codes for login. Additionally, do not use this email address to register to websites other than bank websites. The goal is to keep this email account safe and restrict its usage so that it is less likely to be exposed in a data breach. Hackers often break into people’s email accounts so they can access the victim’s financial information and reset their banking passwords. 

Turn On Multi-Factor Authentication

Turn on Multi-Factor Authentication using a method other than SMS text messages. Every day, innocent people have their phone numbers hijacked and stolen by hackers. Once a hacker hijacks your SIM card and phone number, they can receive your authentication codes that are sent via SMS text messages from your bank. After a hacker gains access to these text messages, they can reset your password or log into your bank account. 

It is better to set up Multi-Factor Authentication using an Authenticator app like Microsoft Authenticator, Google Authenticator or Symantec VIP. Even better, if your bank supports the use of security keys also called hard tokens, you can register a security key then use it for MFA. It is extremely difficult for a hacker to steal your authentication code from an authenticator app or rob you of a physical security key. 

Set up Security Alerts

Install your bank’s mobile app on your phone then setup security alerts. Turn on any alert that will notify you of suspicious transactions, account changes or new logins. Also make sure you can receive security alerts for your email account that is tied to your bank accounts. You want to know if anyone is trying to guess your email account password, log into your email or compromise your email account. 

Defend Yourself from Social Engineering

Get smart about identifying scams. If someone calls you and explains that they are from your bank, hang up the phone then call the bank back directly. Hackers and fraudsters know how to spoof their phone numbers and fake out your Caller ID. Just because Caller ID says it’s your bank, it doesn’t mean it is your bank calling. Even if someone calls saying they are from the Fraud Department, hang up the phone and call the bank’s Fraud Number that appears on the back of your bank card or on the bank’s website. 

Do not share your bank information over the phone if you receive an unsolicited call requesting bank information or a payment. Make phone payments only if you called the company directly and can authenticate the person’s or business’s identity. Never share your bank login credentials or authentication codes that the bank sends via text message or email with anyone — even with bank employees.

Make Online Payments Safely

If you must make payments online, use the most secure payment type that the website supports. Typically, Digital Wallet payments like Apple Pay are most secure. The next most secure payment type are payment service providers like PayPal. After that, credit cards are most secure, followed by debit cards. ACH payments in most cases are the least secure payment type. Avoid sharing your full bank account number on websites whenever possible.