Internet or online banking, like any other business arena, is susceptible to fraud. Phonies abound in every sort of business, and this is no different.
Internet banking corporations are working hard to make their servers as secure as possible. They work with professionals in the field of security. They hire computer-hacking consultants to show them the vulnerabilities of their systems.
However, there are many ways to protect your account and personal information from fraudsters.
One kind of fraud is done on bogus bank sites. These are duplicate sites that imitate your online banking website. They from time to time pop up when you type in a slight misspelling of your bank’s website address.
If you are not paying attention, you can type in your username and password before you realize you are not connected to your own bank at all.
You should at all time type in the bank’s web address cautiously to prevent this from happening. Most banks have names that are simple to remember, so this should not take too much effort.
Another type of fraud is “phishing.” This is the use of emails to trap you onto a fake bank website to steal your data. You might open the email and find a request for information from “your bank.” A link will be provided to you.
If you click on the link and go to the fake bank site, you might give up all kinds of valuable information if you do not pay attention to what is happening.
You could be asked not only your specific internet banking information. You could also be asked for other private data like your social security number, or your driver’s license number.
One thing to remember is that a legitimate internet banking operation will never ask you for the password for your account. This is your private information and you should not give it to anyone, even if they claim to be from the bank.
Your bank will also never ask for personal information through an email link. Anytime you deal with the bank online, type in the bank’s name yourself. Then look to be sure the closed lock symbol appears on the upper right corner of your screen. You will never go to your internet banking website without being able to see that locked padlock symbol.
At times, no matter what you do, a fraudster will find a way into your bank account. The best defence is to watch your account cautiously. If you always know what money is going into and out of your account, you will notice if something unexpected is happening.
If you see withdrawals on your account that you did not make, be sure to report it to your bank right away. Internet banking frauds are often hard to find. If you do not act quickly, you make it nearly impossible.
Once you have reported it, you can make arrangements to put your money in a new secure account. This way, the crooks will be able to steal less money from your account and you will not be vulnerable to further attacks.
It is always important to log off when you finish with your online banking transactions. If you use a public computer, it is even more important. However, doing internet banking on a public computer, such as one in a library, is not the most secure course.
An industrious internet crook can get your information off a public computer without too much trouble. However, some internet banking companies offer a special service that prevents your banking transactions from going into a computer’s cache memory. If you use this feature, it makes banking at a public computer much safer.
It is also essential that, if you do use your computer in public, you make sure that no one can see the screen when you are doing internet banking transactions. You should not let anyone see you use your keyboard either. While many people feel comfortable setting their laptops up and doing their business anywhere, it is not always wise.
The bank has many procedures to safeguard the security of your online banking. However, you will fare better if you take some steps to protect yourself as well. It only makes sense.
This information is for Learning purposes only. We are indeed not financial/legal mentors. It should not be considered legal or financial advice. You should consult with a financial/legal advisor or other professional to find out what may be the optimum for your individual needs.
Please do your own research.