On Line Banking Security –How To Protect Your Personal Banking Information

While banking on line, you can never be too secure. There’s no such thing as a completely secure system. Even with all the security measures that most banks put in place in order to protect your money and information, hackers are constantly looking for loopholes and cracks in the system.

You don’t have to be a computer security geek to protect your on line banking account from on line thieves. There are simple measures that you can take in order to secure your personal banking information. These simple measures make it harder for thieves to get your information and your money. And in order for these measures to work, you have to be vigilant and you have to constantly educate yourself on ways to improve your information security.

On Line Banking Security Tips

• Install anti-virus and anti-spyware programs on your computer and update them regularly. Hackers often use spyware and viruses to retrieve information from infected computers.

• Be wary when your computer starts to slow down or act strangely. Computers slow down when there is something wrong that needs to be repaired or it’s been infected with viruses and spyware. Either way, get your computer fixed and cleaned before using it for on line banking.

• Be wary of fly-by-night, internet only banks. Sign-up with reputable banks with strong on line banking facilities. Ask if the bank offers mouse-operated password entry and security keys/devices. Banks that offer these security features provide more protection for their clients than most banks.

• Disable the auto-complete features of your internet browser when accessing your accounts on line, especially for laptops. In case someone steals you laptop, they wouldn’t be able to access your on line account. Regularly clear you browsers cache and cookies to avoid leaving password information that anyone could access.

• Have a firewall installed on your computer to protect your on line banking information. Check your computer’s operating system; they usually have options that allow you to set-up a firewall easily.

• Learn how to configure your router’s firewall in your home network. Implement passwords or passphrase in your home wireless network to prevent strangers from accessing you computer wirelessly.

• When signing up for on line banking, use strong passwords. Strong passwords are usually 8 characters or more, uses a combination or letters, numbers and special characters, and alternating upper and lower case. Take note that not all on line banks would allow special characters. Do not use dictionary words, names, and significant personal dates. And as much as possible, use different passwords for different sites and change your passwords regularly.

An example of a strong password is F1nAnc!@l. Note that for this example, the term financial is easy to remember but hard to figure out because of all the possible combinations of letters, numbers and special characters. A password generator programs used by hackers would find it difficult to crack these types of passwords. (Don’t use this sample password for your online banking account. As you are reading this article, lots of people may have already used this password.)

On Line Banking Scams And How To Protect Yourself From Them

On line banking is a convenient way to manage your finances, anytime, anywhere. You can check your accounts, pay bills and purchase products wherever you are as long as you have a computer and an internet connection.

The problem with banking on line is that it is not always secure. There are hundreds of horror stories about people who lost their savings to thieves who managed to hack into their on line accounts. A lot of banks with on line banking services have little or no security measures in place to protect their clients. And identity thieves are becoming more and more adept at stealing your personal information to access your bank accounts.

Thieves usually use scams to get information from you and your bank. You can protect yourself by knowing what kinds of scams these thieves use to steal your information. When you’re familiar with these scams, you’ll be less likely to fall for them and you can install protective measures to avoid them. Here are some of the more common on line banking scams.

Common On Line Banking Scams

• Computer Viruses. Hackers often send out viruses to steal information like usernames and passwords to unsuspecting victims. Once your computer becomes infected, the virus sends your information back to the hacker. The thieves, in turn, use your username and password to access your on line banking account and transfer your money to their account. This method is commonly used because it’s so simple, effective, and cheap.

Fortunately, it’s quite easy to protect yourself from these malicious viruses. You just need to be extra vigilant and have really good antivirus software installed on your computer. Before going on line and using any external storage devices, like flash drives or DVDs, always turn on your antivirus software. Update your software regularly to make sure any old or new viruses out there that could infect your computer are detected.

• Phishing. Phishing is type of scam wherein the hacker “fishes” for information by sending you emails or fake web pages that look like they came from your bank. These emails or web pages would get your information by asking for your username and password. This scam is so effective because it looks legitimate. It’s so believable in fact that even those who work in on line banking can be tricked into giving sensitive banking information through phishing.

The only way you can protect yourself from phishing is by being vigilant. Even with all the security features to protect on line banking, you can never be too sure. Whenever you get an email that looks like it came from your bank, make sure you check the all the details. One way you can tell the difference from a phishing email from a legitimate email from your bank is with their email address. The email address that came from your bank would come from your bank’s official website. It’s the same thing with fake and legitimate websites. Your bank’s website would have a secure URL that starts with https://, then your bank’s name, and a padlock icon in the Internet browser.

Internet Banking And Its Advantages

Internet banking has more to offer than just convenience. Banking on-line has several distinct advantages over traditional banking that makes it a more attractive option. If you’re the type of person who wants to have complete control over your finances, or you want to get the most out of your bank, or you want to be socially responsible; then internet banking is the right fit for you.

Why Internet Banking Is Better

• It’s better for the environment. When you bank online, you’re going paperless. Instead of getting your credit card bills and accounts statements in the mail, you get it through email or you view your records through a secure server. Fewer trees are being cut down and there’s less waste that goes into the landfill.

• They give more perks and fewer fees. When banks go paperless, it saves them a lot of money. That’s because they no longer have to buy paper, ink, and postage. They don’t have to pay couriers to deliver the letters to all their clients every time there’s a new bill or there’s a request for statements or they have announcements for their clients. It’s faster, easier, and cheaper to just send their clients an email. Electronic banking saves a lot of money and they can pass on these savings to you. They do this by giving you higher interest rate for your savings account, reduce or eliminate certain fees, or give you perks like movie tickets or gift certificates for your transactions.

• It saves space. Storing all your paper bank statements consumes a lot of space. Especially if you’re the type of person who likes to keep several years worth of statements. You can easily store electronic copies of your banking statements in your hard drive. And for additional security, you could back-up those statements every year and keep the copies in a safe.

• It’s more secure than a traditional bank. Most identity thieves get their information from the mail you receive. Most credit card bills and accounts statements contain enough information for hackers for them to get into your personal accounts and steal your money. Internet banking is more secure because it’s paperless and online banks usually install strict security measures to keep criminals from getting into the system.

• It makes saving easier. It’s easier to save when it’s automatically taken from your salary and you don’t have to think about it. You just set you internet banking facility to transfer a certain amount of money just one time, and you’ll continue saving for as long as you have those settings. It’s much easier than going through the trouble of running to the bank every payday.

• It helps you manage your money better and keep track of your spending. Internet banking usually has money management tools that allow you to set up multiple accounts. You can budget your money by allocating what you have to different accounts. You can set up a different account for your retirement, a different account for vacation savings, an account for your child’s allowance, so on a so forth. Plus, you’ll be able to keep track of your spending because internet banking regularly updates your transaction history and you can view it or ask for regular email updates.

Internet Banking – Safer Than Traditional Banking?

Internet banking is a convenient and easy way to manage your money and perform banking transactions. But a lot of people are concerned with regard to the security of internet banking. We hear stories on how high-tech thieves can hack into internet banking facilities to steal millions of dollars all in a few keystrokes. We see on TV shows and in the movies how hackers can get into our personal computers to steal our personal banking information all without leaving their couch.

In the real world, stealing your information and your money is not that easy. In fact, banking over the internet is a lot safer than traditional banking. Internet Banking Security Features Internet banking is inherently safer than traditional banking mainly because it’s paperless. Most identity thieves get their information through the mail.

In traditional banking, they usually send you credit card statements, account statements, and other transactional information through the mail. If identity thieves get just one letter containing your name, credit card information, and account numbers; they can do virtually anything. That’s how they’re able to transfer and steal money from a person’s account, from the letters they get from the bank. With internet banking, you can opt to have your statements sent through email or access them through a secure server. Internet banking statements sent through email are usually encrypted. These encrypted emails usually require a password or PIN for you to be able to read your statement.

Internet banking statements can also be viewed online through a secure server. In order to ensure that only you and no one else has access to your account; banks usually implement several security features before you can see your statement or perform any transactions. You may be required to sign up and register a username and password. And in addition to that, they’ll provide you with a PIN or a security key that you’ll have to use every time you access your account.

Because internet banking is more convenient than traditional banking, you’re more likely to check your accounts more often. With traditional banking, you have to wait for your statements or you have to visit your bank or an ATM to see your accounts. When you check your statements more often, you can spot any irregularities or inconsistencies sooner. Your internet banking facility may even have settings that allow you to receive your statements regularly through email. You could even set email alerts whenever there are withdrawals, deposits, or cash transfers in your account.

With internet banking, you have more control over your accounts than ever before. The increased security and convenience of online banking has made it all the more essential in our modern lives.