Safe and Secured Online Banking Services
When you read the papers and watch the news and you see so many cases of banking frauds taking place out there, it is understandable why this question is raised so frequently. Online banking security is - and should be - the major concern for all consumers. Keeping this in mind, online banks will also focus on this issue too.
What is Online Banking?
Every online bank will have a small portion of their website dedicated to explaining the security measures that they have taken in order to protect and maintain secure transactions. Most of these banking systems utilize the direct-modem connections, which are transactions that are not transmitted over the Internet. But, if you happen to be performing a transaction over the Internet, then it is advisable to make sure that the bank in question is using a high-end encryption. What is encryption? The process, which was first developed by a couple of super genius computer whiz kids, helps scramble the data so that only the receiver who it is intended for will receive it.
For instance, a 128-bit standard encryption is so powerful that presently the US government will not allow it to go for sale overseas. Stealing personal information that is encrypted at such a high level is practically impossible - even though it may seem like a piece of cake when you watch it happening in movies about those whacko unemployed hackers that dwell in basements. Ignore these movies - they aren't the real things.
The question is whether or not these security measures are operating perfectly well when you are performing transactions. These services also feature PIN numbers and passwords that only you can select.
Safely Conducting Online Transactions
- Never use public terminals like Internet cafes when you are making banking transactions online.
- The risk of interception when using a wireless connection is much higher - make sure you are aware of this. Make sure you do your Internet banking through a wireless connection only if you are absolutely certain of the security of the connection.
- Make sure that your spyware and anti-virus programs are updated and it is advisable to perform regular system scans.
- Never access a banking site through a link. Instead, type out the address into the browser bar or you could also save the address as one of your 'favorites'.
- Never open any other sites when you are logged into the website, make sure that there is only one window open.
- Choose your user ID and password carefully - it shouldn't be easy for others to guess (like your name!) and make sure you change them on a regular basis.
- Update your computer software regularly.
- Check for the padlock (that is an indication of a secure website) on the lower right hand side of the browser window.
- Once you are done with your Internet banking, make sure you log out and close the browser window.
- Never give you password on the Internet (through emails) or over the phone to anyone (even if they are identifying themselves as banking authorities).
- Unless the bank in question verifies it, don't ever trust a PDF payment proof, as these types of documents can easily be manipulated by frauds.
While there will always be concerns about the safety of online banking, you be rest assured that these online banks themselves have set a very high stake for themselves when it comes to making you, the customer, feel comfortable about the security levels being used. While it is indeed true that nothing is one hundred percent safe in the world, this technique is indeed as close to offline banking when it comes to providing safety for your financial transactions.
