How safe is your online banking transaction?
Today, the consumer has more and more ways to conduct financial transactions whether it's online banking or credit cards. These are great products allowing you to handle your finances at the click of a button from the comfort of your home.
They not only save the customers the time and hassle of visiting branches but also help banks reduce their costs without lowering the quality of service.
The downside is that these services also increase the ways in which crooks can illicitly access your banking account and rob you of your money. You need to be aware of the dangers and observe certain precautions to reduce your risks. Following are some tips to make your banking experience more secure.
Monitor your bank account/s regularly
If any financial fraud does occur it is important to report it as quickly as possible in order to minimise the loss. To do this you need to monitor your accounts frequently.
Fortunately many banks have online banking tools, which enable you to do this at your convenience. When you log in to your bank account check the last login that might alert you to possible fraudulent activity.
Some banks have also started mobile alert services, which send you an SMS whenever there is a major transaction on your account.
Be wary of phishing
Phishing is the attempt by crooks to obtain your banking details usually through a fraudulent e-mail.
Typically you receive an e-mail that claims to be from your bank asking for your banking details or asking you to click on a link where you have to enter such details. Such e-mails may look very convincing in terms of the formatting, design and language. The best rule is to never reply to any e-mail asking you for banking details.
Avoid clicking on links or opening attachments in such e-mails. Preferably you should delete suspicious e-mails without opening them. When you access your banking website, either type the URL or use the bookmarks in your browser.
Keep your ATM/Credit cards secure
Treat these cards like money and make sure they are always physically secure. Sign on the signature panel of the cards as soon as you receive them. If there is an option to put your photo on the card make sure you use it.
Make sure your PIN (personal identification number) isn?t visible when you enter it at an ATM machine. It is best to restrict card use to reputed merchant outlets and websites.
When you receive your monthly statements, check them carefully for any fraudulent activity on your cards.
Keep your password and PIN safe
Choose a password which is complex and difficult to guess; use a combination of letters, numbers and symbols and don?t use an obvious password like your name or phone number.
Memorise your password and PIN; never reveal them to anyone including bank employees. Don?t use the same password that you use for other services like your e-mail account.
If possible create separate passwords for login and transactions in your online banking account.
Keep your computer secure
It's also important to keep your personal computer as secure as possible and also to avoid conducting online transactions from shared computers at cyber-cafes or libraries.
Make sure your computer has good anti-virus software installed and regularly updated; there are a number of good free options like AVG Free edition.
A good firewall also helps; there is a free one already included in Windows XP. Also install an anti-spyware program and monitor your computer regularly for spyware.
You may also want to change your browser to Opera or Mozilla Firefox (widely considered as secure browsers than Internet Explorer).