As per a survey conducted in 2019 by the Financial Consumer Agency of Canada, seniors aged 75 years and older were less likely to use online banking services compared to other age groups. Some key findings from this survey indicated that seniors preferred more traditional forms of banking and preferred face-to-face communication.

There are many benefits of online banking. Let’s take a look at some of the advantages of online banking:

Access all your accounts at any time

No matter what day or time it is, you have the ability to access your online bank accounts and transactions without having the need to step out of your residence. Another way to put it is that it’s very convenient and it certainly beats waiting in a long line up at your bank.

Pay bills online

Don’t have time to step out of your home to go to the bank to pay a bill? With online banking, you can simply log into your account and pay a bill right away.

Transfer money

You can do a rapid money transfer to a client or vendor instead of waiting for a physical cheque to clear. You can also transfer money from one account to another.

Deposit cheques online

Rather than going to an ATM or a bank to deposit a cheque, you may be able to deposit cheques online within minutes. This feature requires you to download an app associated with your bank.

Although online banking is generally safe, there are some risks (which is true for everything online). Here are some tips to practice safe online banking:

Lock your devices

Most people who use online banking typically do so via their smartphone. Make sure your devices are protected with a PIN or password. That way if you lose your device, your banking information will be secure.

Use a strong password

Always ensure your passwords for online banking are not easy to crack. A password such as “ABC123” would not be a strong a password. For tips on how to create a strong password, click here.

Update your software

Always ensure you update the software on your devices to repair security vulnerabilities and issues. Having the latest software on your devices can prevent malicious attacks. It could also help your devices run smoother.

Use the bank’s website or app

When banking online, always use the bank’s website. One way to ensure you are browsing on the bank’s website is look for “https” at the beginning of the web address. The “https” means the website is secure. You can also search for the padlock symbol before the web address as well – this means the website is encrypted which makes it more difficult for hackers to gain unwanted access to accounts.  In addition, you can use your bank’s app as found in the Apple App Store or Google Play. Before downloading the app, verify that the developer (creator of the app) is the actual bank and not a 3rd party entity.

Use a secure wi-fi network

When banking online, it is a best practice to only log in if you’re in a secure wi-fi network. Free wi-fi at stores or cafes are not secure and are prone to hackers gaining unwanted access to your accounts.

Clicking on banking links

Every now and then, your bank will send you e-mails. Before clicking on any links, always confirm the sender’s details. If it looks suspicious, then avoid clicking on the link. You can always contact your bank to verify information.