When dealing with online customers, online banks display their transaction policy on a designated section of their website. Since customer data security is of utmost importance, online banks prefer direct-modem connection over the internet which is easily accessible and hence unsafe. However, if internet banking is unavoidable, banks take the services of computer experts to form encryption codes embedded with a string of bits forming an algorithm which prevents data from being hacked. Other than that passwords and your PIN (personal identification number) are to be provided each time an online transaction is made. You should change PIN and password often and also make sure that security settings are working which read “SSL Secured(128 bit)” on internet browser. SSL flag ensures that a high level of security based on an encryption code is maintained for your banking transaction. Finally, you need to keep your eyes open to see the address bar and make sure the bank URL reads (https: ) instead of (http: ); the extra ‘s’ is proof of a secure connection.
There are instances when online banking isn’t so safe. Firstly it can be the attacked of hackers into the main banking computer system. Secondly, it isn’t safe to click on unknown hyperlinks which prompt you to click to be taken to your banking website. Thirdly, you need to be cautious of ‘spyware’ a by-product of software installed online- which collects your information and transfers it for corrupt advertising purpose. Fourthly, employee theft cannot be ignored. There is not much you can do here as you are prone to this risk even when paying your restaurant bills.
The good news if you like to educate yourself and get protection against online transactional risks you can do the following things.
¢ Do not respond to amateurish looking emails, (seemingly) from your bank, prompting you to enter your account details on a website.
¢ Use virus doctors which monitor your spyware or adware if any have crept into your computer.
¢ Banks will always have a fool-proof firewall, but you can also install one to get a very secure internet connection on your side as well.
¢ Installing ant-virus software checks your internet files beforehand and issue warning in case of malware when you are downloading.
¢ Never tick the option of password storage on Windows as this makes access easy to your account on a shared computer.
¢ Try to minimize the use of internet on PC s that are in net caf©s or at a friend’s home.
¢ Don’t use very common words like your name, sir name, or DOB as password.
In any case just be on your toes and keep your eyes open to any news in circulation about online transaction safety. Get the facts about savings accounts by visiting investment bank website.
