Implementing online banking security measures is no longer an option. Internet banking, like all other financial transactions that take place online are vulnerable to fraud.
In the area of commerce and finance, you will always find scammers and frauds, this is no different.
However, if you take the right steps, you can protect your hard earned money.
One type of fraud is when you are lured into banking on fake sites.
These are imitations of Internet banking sites that mimic the exact look of your bank’s web site. You accidentally access these sites when you click on a small misspelling of your bank’s website name.
If you are not careful, you can use your user name and password before you know it is not to your bank.
You must always write to the bank web address precisely to prevent this. Most banks have names that are easy to remember, this should require too much effort.
What is Phishing?
Phishing, another means of stealing your information is becoming more prominent.
This occurs when you receive an email asking you to visit your bank’s website and provide information or to verify data.
Another tactic used is to inform you that your account has been accessed and you are advised to visit the website, login and investigate the suspicious activity.
You will, of course, have to enter your personal data to access the banks site and that is when your information is stolen.
By clicking on the link and go to the fake bank website, it is possible to dispense with all kinds of useful information if you do not pay attention to what happens.
In addition to your login information, you are also providing access to other private information such as your Social Security number or your driver’s license number.
In this age of speed and automated commerce, internet banking is becoming as much a part of our lives.
Which online banking security measures can you use to minimise the chance of being violated?
First, you absolutely never give your password to anyone online. A legitimate online bank representative will not ask for that information.
The second thing is to look for the locked padlock symbol that should appear in the upper right corner of your screen when you type in the bank’s name. This padlock symbol will always be present.
If it doesn’t, close the web page, clear the cache and cookies in your browser and then go back to the web page to see if it appears.
As hard as you may try, scammers do find ways to hack into accounts. The most effective online banking security measures that you have are the proactive steps that you take to monitor and protect your assets.
These 5 steps, via We Trust, will guard your information and money:
1. Have a written budget
Your budget should detail when you expect money to flow into and out of your account. With a written plan it becomes much easier to recognize suspicious activity before it gets out of hand.
2. Subscribe to a fraud alert system
Many banks have fraud alert systems that will email or even call you if there is suspicious activity on your account.
As stated above, they will never ask for passwords to verify and you should be careful when following links that you receive in emails.
3. Require confirmation on account changes
You may need to change your email address, mailing address or other account information.
Ensure that your bank has a solid confirmation process in place that alerts you if changes to your account profile or other pertinent information take place.
4. Only access your account on your private computer
Remember that the cache, browsing history and cookies for sites that you visit remain on computers.
If you are using someone else’s computer, a work computer or a public one, your information can very well remain available for someone else to access.
5. Secure Your Login Information
In this day and time when we have login and password data for most of our accounts, it is so convenient to keep them in our Blackberry’s or iPhones so that they will always be accessible.
This is a huge mistake, not only because these devices can be stolen or misplaced but now there are also hackers for our phones.
The solution is to memorise the most important login data and keep a written copy secured at home in a place that only you can access.
Clearly, implementing online banking security measures will require an investment of your time, an organised plan to monitor your finances and following basic safety rules, but aren’t your assets worth it?
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