Shopping & Paying Safely Online

MoneyHelper

Online banking, also known as internet banking, has become increasingly popular over the past decade. It’s a great way to take control of your finances and an easy way to make sure you’re keeping up to date with payments. But how does it work and is it safe?

What is online banking?

Banking online means accessing your bank account and carrying out financial transactions through the internet on your smartphone, tablet or computer.

It’s quick, usually free and allows you to do tasks, such as paying bills and transferring money, without having to visit or call your bank.

Many banks also have free apps which let you use these services from your smartphone or tablet.

Most banks let you use your online account to:

  • check your bank balance at any time
  • pay your bills and transfer money to other accounts
  • check any linked mortgages, loans, savings accounts or ISAs
  • check your bank statements and go paperless (stop getting paper bills sent to you)
  • set up or cancel Direct Debits and standing orders
  • check on any investments you might have that are linked to your account.

How secure is online banking?

Keeping your online account safe

Banks take lots of precautions to make sure your online account is safe. These include encrypted websites, timed log outs and many authentication processes. You can ask your bank for more details.

Accessing your bank account online is generally safe. This is as long as you make sure you enter in all the right details when making a transaction and follow a few rules:

  • Check your statement often and report any unusual activity to your bank.
  • Don’t reply to emails that claim to be from your bank that ask for personal details or passwords.
  • Always remember to log out of your online banking session.
  • Only use secure wi-fi connections to access your bank account.
  • Public wi-fi connections are often not secure, so it’s important not to use them for banking or to make purchases. If you’re out and about with a mobile or tablet, it’s safer to use your 3G or 4G connection.
  • Keep your operating system and anti-virus software up to date.
  • Choose your password carefully – create it by combining three random words and don’t re-use the same one for different accounts.

Secure mobile banking

Accessing your account through your smartphone, either using a website or a banking app, is becoming more popular.

It’s a fast, convenient way to manage your finances, and banks invest heavily in making mobile banking safe.

Some high-street banks have real-time notifications of transactions, such as Monzo and Starling. This makes it much easier and quicker to spot fraudulent transactions.

Useful resources

Booking on Wiseradviser courses is a two stage process. Complete your details on the...
This Money Management training course is designed to improve individual financial...
We are the leading provider of nationally accredited Advice and Guidance, Legal Advice...
It can be difficult to manage all the different bills and payments in our lives. The...
Mental Health & Money Advice is the first UK-wide online advice service designed to...
Advice NI, in association with The Good Things Foundation, is offering digital skills...
Booking on Wiseradviser courses is a two stage process. Complete your details on the...
No time for a phone call? You can now get in touch with MoneyHelper using Whatsapp. The...
Advice NI, a registered charity founded in 1995, exists to provide leadership and...
Advice NI is the leading provider of nationally accredited Advice and Guidance, Legal...
Use this calculator to see how much a credit card will cost you or how quickly you can...
Use this calculator to see how much a loan will cost you or how quickly you can pay off...
If you’re struggling with debt, it can be hard to know where to turn. But with lots of free advice services available across the UK, you can find help in a way that’s best for you.
The Midlife MOT is a tool to help you assess your current financial situation and plan...