Online Safety tips for Internet Banking Security

What is Online Banking?

Remember the days of yore when going to the bank meant taking a day off from your work, standing in the long queue waiting for you turn, until the person on the counter did the required for you. Almost a day was spent before you could get what you wanted.

Online Safety tips on Internet Banking:

Fast forward to today when all your major transactions are just a click away. Almost all your transactions can be done on the internet. No wonder that the traditional brick and mortar banks are steadily being replaced by virtual banks. Online Banking is nothing but the practice of making your banking transaction on the internet, which could include anything from checking your account balance to paying your electricity bills online or even transferring cash from one country to another.

All you have to do is set up an account, use the password or Pin given to you and choose the transactions that you want to perform, that’s it! Convenience is just a click away. The best part is that you can do this from any part of the globe provided you have access to the internet-doesn’t matter if you are vacationing in Hawaii or at home. But is everything as good as it sounds? The answer is no. There are a lot of people who earn their bread and butter conning you on the internet.

Internet Banking Safety Issues :

Security is always an issue. Banks spend through their nose installing high tech firewalls and most of the data is encrypted. Among the common Internet Banking Fraud are phishing and mule recruitment. Phishing is a form of spam where personal information is obtained fraudulently. Fraudsters send out e-mail to random e-mail addresses claiming to be from a particular bank and ask for personal information which is later used to obtain significant information. Normally a link is provided to a fake bank website where a victim is asked to enter his information. If this link is followed the victim ends up downloading a program which captures the keyboard strokes including any typed information. Mule recruitment is an attempt to get an innocent person to receive stolen funds using her bank account and then transfer it to some other country.

Internet Banking Security Tips :

online-banking

Here are some steps to prevent yourself from being cheated.

Never, ever click on a link from any business which asks for your personal information.
Keep your paperwork up to date including minor details. Remember data can speak volumes.
Remember no reputable business firm will ask for your personal information via a link to their site.
If your bank uses a watermark or some other personal image, do not log in unless you see the correct information.
Invest in a good Anti Virus Software. If you are content with free anti-virus software then make sure to check the credentials of the company providing the software.
Never carry out financial transactions unless you are sure that you are using a secure network.
Pay special attention to the login page, beware of any changes. Financial institutions will normally let you know in advance if they are making any changes and will want additional information.
Don’t use the same password for different accounts, and always remember to change the password at least every six months.
Don’t enter personal information on any pop-up that come up even when you are accessing the genuine company website.
Only open e-mail attachments from people you know or you’re expecting them and know what it contains.

The best way is to immediately delete any suspicious mail and inform your financial institution. Remember Prevention is always better that cure.