To common users of banking services, money transfers are money transfers. As in, you don’t consider them complex: just a tool to send and receive funds. But then, you face a plethora of terms like bank transfers, wire transfers, electronic payments, online transfers, and so on. And you start to wonder – “is there a difference between all of these?” and “what should I use?”. Well, let’s figure it out together! In this article, Genome will primarily focus on bank transfers and wire transfers and how they differ and compare wire payments to other transfer options as well. Wire transfer:
Online safety is crucial when it comes to banking. Especially if we are talking about business accounts. In this Genome article, we will give advice on how to stay safe while using internet financial services, how to create a strong password, and where to open a secured account.
What are financial services for business accounts?
First of all, a business account is a financial bank account that provides business owners with needed internet financial services. A business account is quite similar to a personal one: a user can open a digital wallet, make payments, transfer money and receive transfers, withdraw cash, and do other operations. But the main purpose of a business account is to support the company’s functionality, from freelancers to big businesses.
Internet financial services are those specific functions that a business account presents to clients. For instance, account managing with limits set up for better administration, account statements and batch transfers, ability to grow to a merchant account.
Tips for safe online banking
When using internet financial services, safe banking is essential. Simple measures can protect business accounts from banking fraud and theft of money from the account and ensure safe transactions. Here we list the following tips concerning online operations and offline behavior.
- Create a strong password and change it regularly. Below we explain how to make a strong password to prevent banking fraud. But it is as important to have a powerful password and change it frequently. No matter how good your password is, you will do yourself a favor by changing it every 90 days. This simple step can protect you from theft of money from the account.
- Use licensed antivirus and update it frequently. Antivirus protects the whole system from malicious programs and hacks. By being hacked, your device is highly exposed to fraudsters, and it makes it not difficult for them to snap your login credentials and access your account. Updating an antivirus is crucial, as its developers constantly improve protection measures to be up to date with potential attacks.
- Do not write down your password. Yes, we have all been there, it is quite practical to note the login credentials and pin them on the piece of paper to your laptop or save them in the document. But this is just so insecure, you never know when your password can be spied on like this. No matter how strong you’ll make it.
- Never login to your bank on public WiFi. Any public WiFi can be hacked super easily. And if so, when you log in, your banking data will be visible to a hacker. And so, you’ll be exposed to banking fraud in no time. Just remember to use only secured internet connections.
- Mind mobile banking. Just like with any other device access to internet financial services, a smartphone must be protected as well. Remember not to use public WiFi, better choose a mobile internet if you can. Also, protect your phone with a strong password itself.
How to create a strong password?
- Don’t use personal data such as names, date of birth, location, and so on.
- Make a password at least 14 characters long.
- Use numbers, letters with upper and lower case, and symbols.
- Avoid using real words in the password.
- Do not use the same password for multiple accounts.
- Create mnemonic passwords to remember them easily.
A mnemonic password is a code phrase that makes sense to a user but is distorted, so nobody can hack it easily. Let’s see an example. We can say that the phrase “Belgium1994” would be a good password as it makes perfect sense for our users.
But it would be a very poor quality password, as it contains a word, a year, and probably a good story behind it that is easily extractable. If we turn the “Belgium1994” into a mnemonic password, we can add some symbols to replace letters and numbers: “Belgium1994” – “B3l8i>m/9]4” – this is much better.
How and where can you open a secure online business account?
We recommend Genome. It opens accounts in Europe for personal, business, and merchant clients. All accounts have three currencies such as EUR, GBP, and USD. Besides that, Genome is quite secure, and it offers strong banking fraud protection and logging authentication.
What are the key safety guidelines when using internet financial services?
There are actually many, but here are the three most important. Never use public WiFi for online banking. Make your password strong and change it often. Do not write down your password.
What are the ways to ensure safe transactions on the internet?
You have to be well protected from banking fraud. Choose a reliable provider for that. We recommend Genome, as it offers the top security measures for banking in the EU.
Which of the following is advised for safe internet browsing and internet financial services?
First of all, have a licensed antivirus and update it frequently. This will protect your devices from malicious attempts. And then, never use simple passwords that contain names, dates, and other easily identified data.
What is the use and role of the internet in internet financial services?
The internet provides us with simple and accessible banking. But as simple as it is, this can also be dangerous. Remember to apply anti-fraud measures when entering your account.