Digital banking adoption has been on the rise since the beginning of 2020. With people across the country and here in Texas trying to stay home and social distance to slow the spread of Covid-19, online and mobile banking offers a way to complete a variety of banking tasks from home (or anywhere). At Moody Bank, we pride ourselves on being small enough to know you, yet big enough to serve you. To help you get the most out of your online banking experience, this article will walk you through all the things you can do from your mobile banking app or desktop computer. We’ll also offer security tips to help you protect your account and login credentials. If you have any questions about online banking, contact us for help!
What is online banking?
Banks have been offering online banking services since the mid-to-late 90’s, when the personal computer with its dial-up Internet access first began to appear in American homes. Mobile banking apps arrived on the scene after the 2007 introduction of the smartphone. Sometimes referred to under the umbrella term of “digital banking,” both online and mobile banking services allow personal and business customers to perform many routine transactions at home, in the office, or on the go. Instead of visiting a branch, all you need is a mobile or desktop device, an Internet connection, and an existing checking and/or savings account.
What can I do with digital banking?
Whether you are a business or personal banking customer, here are all the things you can do without visiting a physical bank location:
- Check your current account balances.
- Transfer money between accounts.
- Issue a stop payment on a check.
- View up-to-the-minute account and loan information.
- Pay bills online.
- Temporarily disable your debit card.
- Report your debit card lost or stolen.
- Reorder a debit card.
- Set up transaction and spending alerts.
- Balance a business account with Quickbooks.
- Reorder checks.
- Link all your accounts (including non-Moody Bank accounts).
- Find your nearest banking center or ATM.
Mobile Check Deposit
Use our free mobile app to deposit checks within minutes, from the convenience of wherever you are. All you have to do is take a picture of the front and back of the check.
The World Health Organization (WHO) has advised hand washing after handling banknotes and coins due to the possibility of spreading COVID-19 through physical money. Between those concerns and the current coin shortage, many consumers and businesses are turning to cashless payments. If you are a business, you can use Merchant Services to collect contactless payments from your customers. For individuals, you can link your Moody Bank checking account and debit card to a variety of contactless payment methods, from Person to Person apps to digital wallets on your smartphone.
Security Tips for Online and Mobile Banking
Worried about the safety of digital banking? Wondering how you can make your account more secure? At Moody Bank, we use industry-accepted standards to secure your online banking interactions. In this section we’ll offer best practices for protecting your account and sensitive personal information while banking digitally.
Use multi-factor authentication
Also known as two-step verification, this is another layer of security for your online and mobile banking login. How it works is you enter your login credentials, then choose to receive a one-time code via text or email. Enter the unique code before it expires and you’re all set. While you can check the “trust this device” box to turn off multi-factor authentication for that particular device, we recommend keeping it on for added protection.
Beware of mobile banking scams
According to a June 2020 PSA from the FBI, there are two primary methods of exploiting mobile banking customers:
Cyber actors target banking information using banking trojans, which are malicious programs that disguise themselves as other apps, such as games or tools. When the user launches a legitimate banking app, it triggers the previously downloaded trojan that has been lying dormant on their device. The trojan creates a false version of the bank's login page and overlays it on top of the legitimate app. Once the user enters their credentials into the false login page, the trojan passes the user to the real banking app login page so they do not realize they have been compromised.
Actors also create fraudulent apps designed to impersonate the real apps of major financial institutions, with the intent of tricking users into entering their login credentials. These apps provide an error message after the attempted login and will use smartphone permission requests to obtain and bypass security codes texted to users.
Avoid public Wifi
While public wifi is great for general Internet browsing, it’s not a good idea to login to mobile or online banking when using an unsecured network. Cyber criminals may be able to “spy” on your activity and record your login credentials for later fraudulent use. Try to wait until you’re on a private network or get a Virtual Private Network (VPN) to use with open WiFi networks.
Use a strong, unique password
Believe it or not, one tactic scammers use is simply guessing different password combinations in an attempt to access your account. So, you want your online banking password to be as unique as possible and only used for this one account. Here are the best password security tips:
- Use a combination of lowercase and uppercase letters as well as numbers and symbols.
- Use a “passphrase” or acronym instead of a word.
- Stay away from common phrases and number sequences, as well as personal information about you that could be publicly available, such as your birthday or the name of your spouse.
- Try to use 15+ characters in your password.
- Set a calendar reminder to change your online banking password every three-four months.
Enroll in MyCardRules from Moody Bank to establish spending limits on your debit card and receive instant transaction alerts on your smartphone. This can help you monitor your account activity and spot any fraudulent transactions right away.
Moody Bank is here to help!
Enroll in online banking and download our mobile banking app for iOS or Android. Have questions about our online and mobile banking services? Give your nearest banking center a call; our bankers are available to answer any questions. A full list of banking centers, including direct phone lines, can be found at www.moodybank.com/about-us under locations or you can call our customer service line at 855-259-8075.