As financial technology advances, so do the accompanying risks. The rise of smartphone malware scams, phishing attempts, and online payment fraud has become increasingly prevalent, not only in the region but also in Brunei Darussalam.
In response, financial institutions are intensifying efforts to fortify their banking systems, safeguard customer data, and thwart cyber threats.
Simultaneously, consumers, such as yourself, play a major role in safeguarding personal data and securing devices. By fostering collaboration between financial institutions and consumers, we can establish robust defences against information theft, financial loss, and maintain online safety.
The Brunei Darussalam Central Bank (BDCB) shares some tips and advice on how to increase protection against digital fraud by being a responsible financial consumer online.
This article focuses on the importance of monitoring your accounts. BDCB also shares some tips on how to build a strong password.
MONITOR YOUR ACCOUNTS’ ACTIVITIES
It’s essential to monitor your financial and online accounts regularly to ensure all activities and transactions are legitimate and authorised. This proactive approach helps in detecting and mitigating potential risks associated with cyber threats and financial fraud.
Ensure you promptly review any notifications from your bank accounts and cards. Regularly checking your bank statements and transaction history is crucial to identifying any unauthorised transactions or unusual activities.
Setting up alerts for significant transactions or international purchases adds an extra layer of security, alerting you immediately to any suspicious activity.
When accessing online banking or making transactions, always ensure you are on the official website or a legitimate application. Verify the website’s authenticity by checking the URL and look for secure indicators such as HTTPS and a padlock symbol in the address bar.
If you notice any suspicious transactions or activities, contact your bank or card issuer immediately using the official telephone number provided on the back of your card. This prompt action can help prevent further unauthorised access or financial loss.
Avoid storing credit or debit card details on websites or mobile applications to reduce the risk of them being compromised in case of a security breach.
This precautionary measure minimises the likelihood of your financial information falling into the wrong hands and being used for fraudulent purposes.
To maintain online safety, creating strong passwords is crucial. Weak passwords can expose your data to risks such as identity theft, financial loss, and damage to your reputation.
KEEP YOUR PASSWORDS SAFE AND SECURE
Establishing robust passwords helps ensure the security of your online accounts.
It’s recommended to use a passphrase that includes a mix of random uppercase and lowercase letters, numbers, and special characters. This approach generates unique passwords that are challenging for others to guess.
Regularly changing your passwords reduces the risk of brute-force attacks or unintended exposure.
For added security, enable multi-factor authentication (MFA) across all your online accounts.
This extra layer of protection enhances the security of your accounts by requiring verification from a secondary device or method.
Avoid sharing your password with anyone and refrain from using the same password across different accounts, especially for sensitive ones like online financial or social media accounts.
Steer clear of using personal information such as your full name, birth dates, or phone numbers as passwords or PINs.
Additionally, avoid saving passwords in applications, as this could compromise security if your mobile device is accessed by unauthorised individuals.
These practices are designed to empower you with effective tools to safeguard your financial information and transactions online. – Brunei Darussalam Central Bank
