An increasing number of people now access their online banking through smartphones or the web, a trend that the pandemic has both strengthened and accelerated.

What You Can Do with Online Banking

One of the greatest conveniences of online banking is the significant time savings and the elimination of unnecessary trips to the branch for activities that once required an in-person visit. It provides immediate confirmation of transactions—such as wire transfers—while allowing you to monitor household finances and easily evaluate and manage income and expenses.

Being able to monitor investments independently and with ease has, in some cases, turned a genuine advantage into an obsession.During the pandemic we all spent more time at home, but just as it makes little sense to “check the market value of your home every day,” it is equally unwise to follow market movements too frequently. The volatility of the past 18 months shows that while technology is a valuable ally, it can also encourage irrational, emotionally driven behavior. And that is not the only risk.

The Most Common Frauds

Beyond the anxiety of over-monitoring one’s portfolio, the ability to interact remotely with a bank has opened the door to new dangers. Here are the most frequent scams:

1) Phishing

Fraudsters send deceptive emails that appear to come from the bank, asking customers to confirm their credentials and providing a link that closely resembles the bank’s own website. Once the user enters their details, the information is captured by the scammers. This is the most common—and still effective—fraud. Key reminders to stay safe:

– A legitimate bank will never request login credentials.

– The sender’s email address will differ from the bank’s official domain.

– The linked page lacks the typical features of a real banking website and contains only minimal elements.

2) Sim swap

After obtaining both internet-banking credentials and a mobile number, criminals contact the victim’s mobile carrier to request a new SIM card with the same number. Once activated, they can intercept calls and messages.

If you suspect this attack, you should immediately call your bank’s customer service to temporarily block your account and notify your mobile provider of the scam in order to stop the SIM replacement.

3) Smishing:

This is a variation of phishing that uses text messages (SMS). Initially, smishing involved urgent texts requesting confidential information.

Recently, attackers have become more sophisticated, using modified apps—downloaded from official app stores—to install malicious software capable of simulating legitimate bank messages. These fraudulent messages can appear in the same thread as genuine ones, making them especially convincing.

The best defense remains simple: never provide credentials in response to unsolicited texts.

While mobile apps and online banking are positive trends and increasingly popular, they also create opportunities for behavioral finance biases that lead to emotional investment decisions, and cyber-fraud schemes that exploit human error. Over time, as with any new technology, we will learn to make online banking safer and more tailored to our needs. But whenever you have doubts, it is always best to contact your financial advisor for guidance.