Online banking can actually be safer than paper. You see every transaction the day it happens, instead of a month later on a statement, and there are no checks to steal from the mailbox. It just takes a few good habits.
1. Get the real app, and only the real app
- Download your bank’s app from the App Store (iPhone) or Google Play (Android). Check that the developer name matches your bank exactly.
- On a computer, type your bank’s web address yourself, or save it as a bookmark and always use the bookmark.
- Don’t sign in from a link in an email or text, even if it looks like it came from your bank. Fake bank websites can look identical to the real thing.
2. Turn on two-step verification
Most banks now offer, and often require, a second step when you sign in: a code sent by text, a prompt in the app, or a fingerprint or face scan.
Turn on the strongest option your bank offers. In most bank apps it’s under Settings, Security or Profile. Face ID or a fingerprint is both safer and easier than typing a password on a small screen.
Never share a sign-in code with anyone, including someone who says they’re from your bank. Your bank will not call and ask you to read back a code. That is always a scam.
3. Set up alerts
Alerts are your early-warning system. In your bank app, look for Alerts or Notifications and turn on texts or emails for:
- Any purchase or withdrawal over a set amount, say $100
- Any online or card-not-present purchase
- New payees, or changes to your address, phone or email
- Low balance
- Sign-ins from a new device
If something you didn’t do shows up, call the number on the back of your card right away.
4. Treat Zelle and payment apps like cash
Zelle, Venmo, Cash App and similar apps move money instantly, and it’s often very hard to get back. Banks generally don’t refund payments you authorized yourself, even if you were tricked.
Use these apps only to pay people you know and trust in person. Be very wary of:
- Anyone asking you to "send money to yourself" to protect it. Real banks never ask this.
- Buyers or sellers on Facebook Marketplace or Craigslist who insist on Zelle
- "Refunds" where you’re told you were overpaid and need to send the difference back
5. Use your phone’s cellular data or home Wi-Fi
Your home Wi-Fi, protected with a password, and your phone’s cellular data are both fine for banking. Public Wi-Fi at a coffee shop or library is less private. If you need to check your balance away from home, turn off Wi-Fi and use cellular data.
6. Keep your devices updated
Updates fix security holes. Turn on automatic updates for your phone, tablet and computer, and update your bank app when asked. Our guide on updating your iPhone or Android shows where to find these settings.
7. Freeze your credit
A credit freeze stops anyone, including scammers, from opening a new credit card or loan in your name. It’s free, it doesn’t affect your credit score, and you can lift it temporarily when you need to apply for something.
You need to freeze with each of the three credit bureaus:
- Equifax: equifax.com
- Experian: experian.com
- TransUnion: transunion.com
Each takes about ten minutes online. Keep the PINs or account logins somewhere safe. This is one of the most useful things an adult child can help a parent do.
8. Know what your bank will never do
Your bank will never:
- Ask you to move money to a "safe account"
- Ask for your full password or a sign-in code over the phone
- Send someone to your home to pick up your card or cash
- Ask you to buy gift cards or cryptocurrency
If you get a call like this, hang up and call the number on the back of your card. Our guide to Medicare and bank scam calls goes into more detail.
How families can help, without taking over
Many adult children want to keep an eye on a parent’s finances while respecting their independence. A few options:
- Shared alerts. Some banks let a parent add a second phone number or email to alerts.
- Trusted contact. Brokerages and many banks let you name a trusted contact they can call if they notice something unusual. It doesn’t give that person access to the money.
- View-only access. Some banks offer read-only access for a family member. Ask your parent’s bank what they have.
- Sit together. A monthly 15-minute look at recent transactions together catches problems early and keeps the conversation normal.
Anything involving legal authority, like power of attorney, is a conversation for the family and an attorney, not a tech question.
When to get help
If setting up the bank app, alerts or two-step sign-in feels like too many steps, we can do it with you, one step at a time, and leave written notes. We never need to see your passwords or account numbers to do it. We help older adults and families across DC, Maryland and Northern Virginia. Book a free 15-minute call.