How to protect your banking data and online wallet data?

Smartphones and access to the internet changed the way we live our lives. Nowadays, digital banking and online wallets are popular because of their convenience. There’s no need to visit your branch or an ATM to know how much money you have. You can already check your balance using your laptop or your phone. Plus, you also don’t need to carry actual cash to buy products.

How to protect your banking data and online wallet data?

According to statistics, around 65.3% of Americans are now using digital banking. On the other hand, there are 3.4 billion digital wallets in 2022. And by 2026, it is expected that more than 60% of the world’s population will start using digital wallets.

Unfortunately, it also comes with a few drawbacks. Data protection is a big concern among users and data security experts. While banks invest a lot of money in security features for their apps and websites, hackers are becoming more and more creative when it comes to stealing a user's information. So how do you protect your data?

Choose an online wallet/bank that uses standard security measures

The first thing that you have to consider is the security measures used by the bank or the online wallet. Be sure that you are going with a bank that uses industry-standard security measures.

Two-factor authentication, better known as 2FA, is a good way to stop hackers from having access to your account.

It means that you will be notified on your phone if someone tries to log in to your account. You can even sign up to get an alert via email if there's suspicious activity on your account.

Create a strong password

The next basic precaution to protect your data is by having a strong password. Using your pet’s name, birthday and anniversary is a common mistake that people make when making a password.

Aside from the password itself, also make sure that the security questions are tough. It means that even if you forget your password and you have to reset everything, you are the only one who can answer these questions.

This happened to Alaska Governor Sarah Palin. The hacker revealed that he changed Palin’s email password by using her birthday, ZIP code, and the place where Palin met her husband.

So what makes a strong password? One, the longer the password, the harder it is for hackers to crack your password. You also want to mix both upper and lowercase letters. Plus, you can also use special characters.

Change your password regularly

A lot of people are guilty of using the same password for all their accounts. Now, just imagine if one account gets hacked. This compromises all your accounts. Changing your password every few months adds a layer of protection to your data. Even if someone saw your old password somewhere, this will no longer be useful.

So when should you change your password? Aside from changing passwords every three months, a good time to change your password is when you discover malware. Also, it might be a good idea to change your password if you used a public network.

Don’t use public WiFi

But as a rule of thumb, you should never use public WiFi, especially if you’re going to access your bank account or your online wallet. An encryption-free connection puts you at risk since a tech-savvy criminal can monitor all the files being shared as well as the traffic.

If you’re using an unsecured network regularly, it is ideal to invest in a good VPN. You can check out reputable VPNs such as ExpressVPN. If you’ll read the ExpressVPN review by Ari Denial, you’ll discover that this VPN has been independently audited, avoids storing personal data, and offers unlimited bandwidth.

The only problem with VPNs in general is that it tends to slow your internet connection down. However, with VPNs like ExpressVPN, you'd barely notice the difference.

Understand How Phishing Scams Work

Phishing scams are common these days. The reason why it is common is that a lot of people are not aware of how these things work. It could be an email that could lead you to a website that looks exactly like your bank’s website, or it could be a text message asking you to log in with your information. Either way, this strategy is designed for users to give away their login details without even realizing it.


Banks and online wallets use different strategies to mitigate the risks of data breaches among their users. Unfortunately, users need to do their part and be aware of how hackers operate. By following these tips, you get to minimize the odds that someone will gain access to your data or even steal your funds.

Check the comment section below for additional information, share what you know, or ask a question about this article by leaving a comment below. And, to quickly find answers to your questions, use our search Search engine.

Note: Some of the information in samples on this website may have been impersonated or spoofed.

Bookmark articleSave

Was this article helpful?

Comments, Questions, Answers, or Reviews

There are no comments as yet, please leave one below or revisit.

To protect your privacy, please remove sensitive or identifiable information from your comments, questions, or reviews. We will use your IP address to display your approximate location to other users when you make a post. That location is not enough to find you.

Your post will be set as anonymous because you are not signed in. An anonymous post cannot be edited or deleted, therefore, review it carefully before posting. Sign-in.

Write Your Comment, Question, Answer, or Review

Online Threat Alerts Security Tips

Pay the safest way

Credit cards are the safest way to pay for online purchases because you can dispute the charges if you never get the goods or services or if the offer was misrepresented. Federal law limits your liability to $50 if someone makes unauthorized charges to your account, and most credit card issuers will remove them completely if you report the problem promptly.

Guard your personal information

In any transaction you conduct, make sure to check with your state or local consumer protection agency and the Better Business Bureau (BBB) to see if the seller, charity, company, or organization is credible. Be especially wary if the entity is unfamiliar to you. Always call the number found on a website’s contact information to make sure the number legitimately belongs to the entity you are dealing with.

Be careful of the information you share

Never give out your codes, passwords or personal information, unless you are sure of who you're dealing with

Know who you’re dealing with

Crooks pretending to be from companies you do business with may call or send an email, claiming they need to verify your personal information. Don’t provide your credit card or bank account number unless you are actually paying for something and know who you are sending payment to. Your social security number should not be necessary unless you are applying for credit. Be especially suspicious if someone claiming to be from a company with whom you have an account asks for information that the business already has.

Check your accounts

Regularly check your account transactions and report any suspicious or unauthorised transactions.

Don’t believe promises of easy money

If someone claims that you can earn money with little or no work, get a loan or credit card even if you have bad credit, or make money on an investment with little or no risk, it’s probably a scam. Oftentimes, offers that seem too good to be true, actually are too good to be true.

Do not open email from people you don’t know

If you are unsure whether an email you received is legitimate, try contacting the sender directly via other means. Do not click on any links in an email unless you are sure it is safe.

Think before you click

If an email or text message looks suspicious, don’t open any attachments or click on the links.

Verify urgent requests or unsolicited emails, messages or phone calls before you respond

If you receive a message or a phone call asking for immediate action and don't know the sender, it could be a phishing message.

Be careful with links and new website addresses

Malicious website addresses may appear almost identical to legitimate sites. Scammers often use a slight variation in spelling or logo to lure you. Malicious links can also come from friends whose email has unknowingly been compromised, so be careful.

Secure your personal information

Before providing any personal information, such as your date of birth, Social Security number, account numbers, and passwords, be sure the website is secure.

Stay informed on the latest cyber threats

Keep yourself up to date on current scams by visiting this website daily.

Use Strong Passwords

Strong passwords are critical to online security.

Keep your software up to date and maintain preventative software programs

Keep all of your software applications up to date on your computers and mobile devices. Install software that provides antivirus, firewall, and email filter services.

Update the operating systems on your electronic devices

Make sure your operating systems (OSs) and applications are up to date on all of your electronic devices. Older and unpatched versions of OSs and software are the target of many hacks. Read the CISA security tip on Understanding Patches and Software Updates for more information.

What if You Got Scammed?

Stop Contact With The Scammer

Hang up the phone. Do not reply to emails, messages, or letters that the scammer sends. Do not make any more payments to the scammer. Beware of additional scammers who may contact you claiming they can help you get your lost money back.

Secure Your Finances

  • Report potentially compromised bank account, credit or debit card information to your financial institution(s) immediately. They may be able to cancel or reverse fraudulent transactions.
  • Notify the three major credit bureaus. They can add a fraud alert to warn potential credit grantors that you may be a victim of identity theft. You may also want to consider placing a free security freeze on your credit report. Doing so prevents lenders and others from accessing your credit report entirely, which will prevent them from extending credit:

Check Your Computer

If your computer was accessed or otherwise affected by a scam, check to make sure that your anti-virus is up-to-date and running and that your system is free of malware and keylogging software. You may also need to seek the help of a computer repair company. Consider utilizing the Better Business Bureau’s website to find a reputable company.

Change Your Account Passwords

Update your bank, credit card, social media, and email account passwords to try to limit further unauthorized access. Make sure to choose strong passwords when changing account passwords.

Report The Scam

Reporting helps protect others. While agencies can’t always track down perpetrators of crimes against scammers, they can utilize the information gathered to record patterns of abuse which may lead to action being taken against a company or industry.

Report your issue to the following agencies based on the nature of the scam:

  • Local Law Enforcement: Consumers are encouraged to report scams to their local police department or sheriff’s office, especially if you lost money or property or had your identity compromised.
  • Federal Trade Commission: Contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or use the Online Complaint Assistant to report various types of fraud, including counterfeit checks, lottery or sweepstakes scams, and more.
  • If someone is using your personal information, like your Social Security, credit card, or bank account number, to open new accounts, make purchases, or get a tax refund, report it at This federal government site will also help you create your Identity Theft Report and a personal recovery plan based on your situation. Questions can be directed to 877-ID THEFT.

How To Recognize a Phishing Scam

Scammers use email or text messages to try to steal your passwords, account numbers, or Social Security numbers. If they get that information, they could get access to your email, bank, or other accounts. Or they could sell your information to other scammers. Scammers launch thousands of phishing attacks like these every day — and they’re often successful.

Scammers often update their tactics to keep up with the latest news or trends, but here are some common tactics used in phishing emails or text messages:

Phishing emails and text messages often tell a story to trick you into clicking on a link or opening an attachment. You might get an unexpected email or text message that looks like it’s from a company you know or trust, like a bank or a credit card or utility company. Or maybe it’s from an online payment website or app. The message could be from a scammer, who might

  • say they’ve noticed some suspicious activity or log-in attempts — they haven’t
  • claim there’s a problem with your account or your payment information — there isn’t
  • say you need to confirm some personal or financial information — you don’t
  • include an invoice you don’t recognize — it’s fake
  • want you to click on a link to make a payment — but the link has malware
  • say you’re eligible to register for a government refund — it’s a scam
  • offer a coupon for free stuff — it’s not real

About Online Threat Alerts (OTA)

Online Threat Alerts or OTA is an anti-cybercrime community that started in 2012. OTA alerts the public to cyber crimes and other web threats.

By alerting the public, we have prevented a lot of online users from getting scammed or becoming victims of cybercrimes.

With the ever-increasing number of people going online, it important to have a community like OTA that continuously alerts or protects those same people from cyber-criminals, scammers and hackers, who are every day finding new ways of carrying out their malicious activities.

Online users can help by reporting suspicious or malicious messages or websites to OTA. And, if they want to determine if a message or website is a threat or scam, they can use OTA's search engine to search for the website or parts of the message for information.

Help maintain Online Threat Alerts (OTA).

How to protect your banking data and online wallet data?