Internet Banking Safety
The internet has made it dramatically easier to bank online in order to manage your finances. Above all, internet banking saves you time, and it's usually a much cheaper way of conducting transactions than doing them in your bank's branch.
Although it's relatively safe and secure, internet banking security is still an issue, because transacting online means that you risk exposing your banking and personal information to criminals. For this reason, you should always take sensible precautions when logging onto your account online. Below, we list several ways to ensure your internet banking security, so that you can protect yourself, your identity and your finances while you're online.
Safe Bank Websites
Make sure your bank’s internet banking security is up to scratch. Do they have the latest privacy software installed and can you update it regularly on your computer? When logging onto your bank's website, can you see a small padlock where your URL is? This means the site is secure and you can safely enter your information. Find out from your bank what you should do if your bank account is accessed illegally.
Password Safety
Your password allows you access to your bank account online and keep your information safe. For this reason, it's important that you not only keep it private, but that it is also difficult to guess so that no one can easily break it and gain access to your account. Some guidelines when creating your password for extra internet banking security are:
- Don't make it too personal (your name, surname, birthday, address) but a rather choose a complex combination of random impersonal letters, numbers and symbols
- Change your password regularly
- Never write down your password or store it on a computer that others can access
- Never provide your password or banking details to websites besides your bank and trusted online retailers
Anti-virus and firewall protection
Anti-virus and firewall protection is essential for internet banking security in order to keep your computer and your online banking details safe. Make sure that you update your anti-virus software regularly to get the best protection. Most banks will offer you free anti-virus and firewall protection that you can download from their website to make this easier to do.
Phishing scams
Phishing is one of the biggest threats to internet banking security. Usually, the scam is carried out by people pretending to be a representative from your bank who then send you an email claiming that there are various problems with your online banking account, or requesting that you update your details. They will provide you with a link that you then have to click on and that they claim will link to your online banking account. However, these links are to fraudulent websites designed to get your online banking details so that they can gain access to your account. To increase your internet banking security and avoid being a victim of phishing:
- Never click on a link in a suspicious email where you're asked to provide your banking details
- A reputable bank will never send you an email asking you to update your details or to report an error on your online banking
- Always report suspicious emails to your bank
Online shopping
Make sure that you only give out you banking details or credit card details to merchants that are reputable and that you can trust. Also, only make purchases from online retailers who request your three digit CSV code on your credit card, as this will provide extra security.
Public computers
If you have to access your bank account from a public place such as an internet café or work, never leave the computer unattended when logging onto your bank account. Also, don’t forget to log off the website when you are finished with your session.
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