Is Online Banking Safe?

Updated: Oct 7, 2020

The exploitation of the internet for payment procedures is undoubtedly a fast and convenient solution. How handy is paying your bills and buying stuff without stepping your foot into a bank? However, conducting your purchases digitally has probably made you question the safety of online banking. I am sure you have worried about someone hacking your password and stealing the money from your card! Is online banking safe?

The power to secure your online banking mostly rests with you, the online banking user. Of course, your bank may get attacked, but if the bad guys get into the systems of the bank itself, you’re protected by insurance and other mechanisms that mean you will have no real financial hit.

Most often, though, online banking is exposed to one poorly secured account at a time as bad guys get username and password combinations from much weaker targets, like email accounts or online shopping accounts. They then find someone used the same password at their bank, which means the bad guys are able to work their way in from there.

The moral of the story is to use every single security feature your bank gives you. Turn on the bit that sends codes to your phone when you log in. As annoying as it may be, use a completely different username and password for the online banking account — at least a very different password.

At WireWallet, we take your security very seriously. Not only do we have fully encrypted and multi-layer protected servers, we also implement 2-step verification and OTP authorization to ensure your account is never illegally accessed.

Don’t make yourself an easy target. Understand that you are a target for sure — we all are. But also understand that with all those other easy targets out there, just a bit of precaution can make you too annoying for the bad guys to spend time on!

Contact info  Tel: +357 24 828 625 // Email: // Office address: 22 Archbishop Makarios III, Makaria Center, 5th Floor, Office 501, Larnaca, Cyprus, 6017.

Registration and Correspondence address: 124 Archbishop Makarios III, Kiti, Larnaca, Cyprus, 7550.

Itsaga Financial Ltd (operating under trading name “WireWallet”) is an authorised EMI agent working under GlobalNetint, UAB license (Nr.21) and supervised by the Central Bank of Lithuania for the distribution and redemption of electronic money.

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