Of course online banking has made life more convenient since it’s easier to conduct a transaction in the comfort of our homes / office than go to a local branch. But having said that, it is also imperative to keep safety issues in mind. It could be very easy for thieves to acquire your username and password and clean the account completely. But the good news is that most online banking services are legitimate and help in saving a lot of time and money. While completing financial transactions, just ensure that all security measures have been followed to protect your assets.

We offer some tips that can be useful:

1. Confirm that you are dealing with a legitimate banking organization. Read the “about us” section in their website to know well about the institution.
2. Read the privacy policies to find out exactly who has access to your personal information.
3. Look for the FDIC symbol. All legitimate banks are insured by the Federal Deposit Insurance Corporation.
4. Keep your computer and access to it secure.
5. Look for the secure padlock in the bottom right hand of your browser to make sure your information is encrypted.
6. Never send any account details or pin numbers through email.
7. Reject any emails that ask you for your financial information especially account, PIN and Social Security numbers. Legitimate financial institutions will never ask you for that information via email or by phone.
8. Thieves can be experts at copying names, URLs and web pages of legitimate institutions. So beware of fraudulent and sites that imitate others.
9. Make sure you log out of your accounts each time you leave them, especially when you are using public computers.
10. Cancel any credit cards that have been used deceptively.
11. Never use the “remember my password” option on shopping and banking websites.
12. Change your password regularly and consider using password management software.
13. Keep your antivirus scanner current.
14. Good idea to also use a firewall.

Tips to Protect Passwords

It is imperative to protect financial data while conducting online transactions. Coming up with hard-to-crack passwords is very essential. Some tips you must make use of right now!

1.    Choose passwords that would be difficult for someone to guess / hack

2.    Include symbols like pound or dollar signs or numbers in the middle of the letters

3.    Use keyboard combinations

4.    Never use personal information numbers for passwords. No license numbers, social security, birth dates, etc.

5.    Never use words that can be found in the dictionary

6.    Good to change passwords occasionally for better security

7.    Do not repeat passwords for different accounts. The same password must never be used for every file, website, server and system you log into.

8.    Keep a record of important passwords that watch your financial data.

9.    Do not share your passwords with anyone. However, let a trusted family member or a legal representative (lawyer) know how to find your personal finance passwords if in case you are injured or die. 

10.  Keep a record of important passwords that guard your financial data.

Also important to note

·         All bank transactions be encrypted is of prime importance. Watch out for the lock symbol on your web browser – even web addresses that begin with "https://" where the "s" means they are "secured."

·         If you notice strange transactions or money missing from your account, notify your bank as soon as possible. While there are laws that protect consumers from fraud, you must discover it within 60 days and report it within two business days. This is very crucial or you may end up losing your money.

·         Emails which look like they have come from your bank are also common. The main purpose of such Emails is to seek Confidential Information. Typically, this activity is called Phishing. Through such messages, you may be led to websites which appear to be genuine and will ask you to enter your Confidential Details – Simply Discard/Delete Such Emails. As genuine websites will never ask your for such information.

·         Several phishing fraudsters are based overseas. They require a Money Mule which helps them to route the money into their country. This is completely illegal but very easy money for them. Such requests may come to you through Emails, Advertisements, Instant Messaging /SMS, even in NEWS Paper Advertisements and on Social Networking Sites like Facebook etc. Just IGNORE them!

By following these simple guidelines, you can make the most of online banking devoid of hassles or bad experiences.

By Nargis Namazi