AARP Foundation. For a future without senior poverty.

Lesson 4: Bank Online Safely

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Online Banking Safety

Your bank will never ask you for account information in unsolicited communications. Your account information is on file, and if they have any questions, you need to make sure they are who they say they are before you answer.

One of the best ways to ensure you are communicating with your bank — and not a scammer — is to know how your bank usually communicates:

  • Do they send you emails or snail mail?
  • What do the bank’s emails look like?
  • Do their emails come from a person or a particular department?

If you suspect a scam, initiate the communication yourself by calling a number you know is your bank’s phone number.

Set up security alerts

These days, you can receive notifications of any activity in your bank account automatically. It’s a good idea to set up notifications for:

  • Withdrawals
  • Deposits
  • When your balance goes under a certain amount
  • Failed login attempts on your account

Having these security alerts can help you determine if someone is trying to hack into your account. Failed login attempts you don’t recognize, for example, could be a hacker. If that happens, you’ll want to reset your password.

If you’re not sure how to set up security alerts, you can ask the bank to do it for you.

Why you should bank online

One of the advantages of online banking is that it lowers the risk for fraud. Why? Because it is in the bank’s best interest to make sure your money and your personal information are safe and protected. Banks are under strict governmental regulations and they need to abide by them. Banks also have security features in place that make performing transactions secure and easy.

In addition, banking online is convenient — you can access, monitor, and manage your money any time you like without having to visit a branch. You can transfer money between accounts, deposit checks, and pay your bills online. You can bank on your laptop, tablet, or smartphone. Most banks have an app you can download so you can bank wherever you go.

Online Banking Quiz

What are the advantages of banking online?
True/False, you can access your banking information on your desktop or through a mobile app.
How can you be prepared to receive communication from your bank?

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