The Internet has made life simpler and convenient by providing the facility of online banking, any day, anytime and anywhere. Visits to the bank are now redundant, with the same services offered at the punch of the keyboard or the click of a mouse. All that you now need is an Internet connection to access your bank account and perform all the transactions easily and conveniently through Internet banking or online banking.
However, while online banking is a boon, being safe while conducting online banking is very important. Unsafe online banking may lead to financial losses or even scams! Relax! Online banking can be totally safe if certain safeguards are followed and your computer is secure. Consider the following tips to ensure a safe environment while banking online:
All recognized banks generally have an effective system in place for making Internet banking secure. As an additional precaution, read the ‘about us’ section in the bank’s website to familiarize yourself with the bank. Also, read the privacy policies to find out exactly who has access to your personal information, when you feed it into the site.
Ensure that you only log onto the genuine website of the bank and not to any bogus site or fraudulent website. The links to these sites are usually sent through decoy mails. These copycat websites deliberately use a name or web address very similar to a real financial institution, so that users are easily fooled. There are hundreds of phishing schemes afloat on the Internet and a typical one is to send an e-mail that says your bank needs some of your account information updated. When you click on the enclosed link, you arrive at what looks like the official page of the bank, but it's really a website put up by the crooks. As a result, any information you enter, like your password, log-in name, and PIN will then be used by the crooks to manipulate your account and even empty it. This may lead to further identity theft crimes like obtaining credit cards in your name. Remember that banks and credit card companies usually will never e-mail you to confirm or update information. If you ever do get such an e-mail, call them or go in person to verify. NEVER click on any such kind of email link.
Keep your computer virus free. Most bank websites have safeguards in place to keep their websites clean of virus and Trojan attacks, but you must make it a habit to regularly review the security certificates of these websites. Also, do contact your hardware and software suppliers or Internet service provider to provide you with the latest security updates. There are Trojans that install key-logging software on your computer when you click on a link or open an e-mail or visit a rogue website. A key-logger can be used to capture user names and passwords!
Check the security of the banking website or the site where you plan to transact. Encryption is a security process that scrambles private information to prevent unauthorized access. The security of a website can be verified by looking for a padlock icon, usually located near the right bottom corner of the computer screen. If the padlock is closed, the website is secure. If the padlock is open, STOP! Do not proceed any further on the website as your transmission or input was not encrypted. Make it a practice to avoid sending sensitive information, such as account numbers, through unsecured e-mail.
Keep changing your passwords and PINs frequently. Most bank websites remind you to change them after the expiry of a certain number of days. But why wait? Also, the passwords should not be so simple that they can be easily guessed. Avoid using your birthday, your name, your pet name as passwords. Try to use a unique combination of alphabets and numerals. And never, ever share your passwords and PINs with anyone, even if he or she is a representative of your bank.
If you have to access your bank online from a public network, like a cyber café or wi-fi hotspot, which is not DEFINITELY NOT recommended, try to make sure that your browser history is clear. Never click on ‘remember passwords’ or ‘user name’ while dealing with any web-based accounts in such a public network. Make sure you log out of your accounts each time you leave them, especially when you are using public computers. Ignore the ‘remember my password’ options on shopping and banking websites.
Whenever you access your bank account online or are purchase anything online or even enter some private information, always make sure that "https" precedes the URL in the address bar. And always look for the lock or key icon! These ensure security.
With these safeguards in place, your online banking experience is certain to be a secure one!
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Chillibreeze's disclaimer: This is a contributed article and was published on Chillibreeze in June, 2011. The views and opinions expressed in this article are those of the author(s) and do not reflect the views of Chillibreeze as a company. Chillibreeze has a strict anti-plagiarism policy. Please contact us to report any copyright issues related to this article. The relevance of the facts and figures cited (if any) could change after a period of time.
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—About our writer:
Renuka, an MBA, is an ex-banking professional, who has been writing for the past 10 years. She is interested in writing for children. A winner of prizes in Children's Book Trust's 'All India Competition For Writer's Of Children's Books' four times, she has also written articles and short stories for "Femina", "Times of India", "Wedding Affairs", 'Savvy', "Woman's Era', "4D Women" among others.
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