Tips for Safe Internet Banking

Internet Banking has made our lives easy. Everyday more and more people are using internet banking either through their debit or credit cards or via online banking facilities. One click shopping via internet has eased our lives and we no longer need to wait in long queues to pay our bills and shopping can be done conveniently from the comforts of our home. But Internet banking has also made the lives of burglars easier. Hacking and phishing has simplified their work. Now instead of taking a risk of physically breaking into a house or a bank, all they need to do is hack into someone’s account and transfer the funds to their fake accounts. In this way millions can be siphoned off with relative ease. Yes these e-robbers can be tracked through their IP addresses but more often than not their IP addresses are hard to trace or completely untraceable. Hence it is best to take precautions and safeguard ourselves from these cyber crimes.

Listed below are some smart tips for internet banking:

Ø Change your password regularly

For the first time you login to your internet banking account, you will need to use the password provided by the bank. However, you need to change this password in order to keep your account safe. In addition, keep changing your password at regular intervals. More importantly, keep the password confidential at all times.

Ø Do not use public computers to login

Avoid logging in to your bank account at common computers in cyber cafes or libraries. These are crowded places, and there are more chances of your password being traced or seen by others. If you have to login from such places, make sure you clear the cache and browsing history, and delete all the temporary files from the computer. Also, never allow the browser to remember your ID and password. Nowadays many of the banks payment portals have virtual keyboards. So if at all you need to log in from a public computer use this virtual keyboard to type in the user name and password. This ensures that the Trojans and viruses do not send your log in details to unauthorized users.

Ø Do not share your details with anyone

Crooks may also send you emails asking for your personal information such as a password or pin. As we noted earlier, as time goes by, they get smarter and smarter. They have designed fake bank logos and use them when sending you an email; you may be easily lured to give personal information. You can detect fake emails from these crooks because their emails usually direct you to questionable internet sites. Your bank will never ask for your confidential information via phone or email. So whether you get an apparent phone call from the bank or an email requesting your details, do not give out your login information. Use your login ID and password only on the official login page of the bank, which should be a secure website. Look for 'https://' in the URL when logging in; it means that the website is secure. Check for the lock sign ‘’ before 'https://', by clicking on it you can check the level of encryption (which is usually 128 bit encryption).

Ø Keep checking your savings account regularly

Check your account after making any transaction online. Verify whether the right amount has been deducted from your account. If you see any discrepancies in the amount, inform the bank immediately.

Ø Always use licensed anti-virus software

To protect your computer from new viruses and trojans, ensure that you always use licensed anti-virus software. Pirated versions of anti-virus software may be available for free, but they may fail to protect your computer from new viruses prevalent in the online world. In addition, you will get notifications for updates in the software periodically. Make sure that you keep your anti-virus updated, so that your confidential information is always protected.

Ø Disconnect the internet connection when not in use

Most broadband users do not disconnect the internet connection on their computer when they are not using it. Malicious hackers can access your computer via an internet connection and steal your confidential banking information. To keep your data protected, ensure that you disconnect from the internet when you do not require it. Additionally never let any website or your personal computer save your online banking details so that even if the site or your computer gets hacked your bank account is not compromised.

Ø Type your internet banking URL

It is a safer to type your bank URL in the address bar of the browser than clicking on links given in an email. There are instances of fraudsters sending emails with fraudulent websites links that are designed exactly like the bank’s original website. Once you enter your login details on such a website, they may be used to access your account and steal your money. While logging on, check for 'https://' in the URL and ensure that it is your bank’s authentic website.

Terminology:

Encryption is the process of scrambling private information to prevent unauthorized access. To remind you that your transmission is encrypted, most Internet browsers display a small icon on your screen that looks like a lock or a key, when you conduct secure transactions online. Avoid sending sensitive information, such as account numbers, through unsecured e-mail.

Passwords, or personal identification numbers, should be used when accessing an account online. Your password should be unique to you, and this is extremely important, you should change it regularly. Do not use birth dates or other numbers or words that may be easy for others to guess. Always carefully control to whom you give your password. For example, if you use a financial company that requires your passwords in order to gather your financial data from various sources, make sure that you are aware of the company's privacy and security practices.

General security over your personal computer such as virus protection and physical access controls should be used and updated regularly. Contact your hardware and software suppliers, or Internet service provider, to ensure you have the latest in security updates.