Secure online banking

There’s no doubt that online banking is a convenient method of managing your finances and although banks are making the services more secure every year there are still some precautions you need to take to keep your accounts secure.  
Unfortunately, hackers are still targeting banks as a way of accessing people’s identities – not just their cash. Staying secure is simple enough though if you use your common sense.

Passwords and sealed lips
It seems obvious, of course, but never writing down your passwords or revealing them to others is the first step in making online banking more secure. The structure of the password is also important. Including lower case and upper case letters and one or two numbers will make it more difficult for hackers to decode your password. The longer your password is the more secure it is as well, so use more than the minimum number of characters required.
Regularly changing passwords can be inconvenient, but it also makes it more difficult for anyone to steal them and access your identity. Identity theft is no joke. According to the Australian Competition and Consumer Commission, identity theft in Australia costs consumers more than $1billion annually.
One of the most obvious traps to watch for is bogus emails – these are emails asking for confirmation of your bank account details. It’s common for older people to be caught out in this way – the 50 plus age group are victims of this type of theft more often than any other. 

Online banking: there are spies and thieves among us
Although many banks do provide very secure online environments, consumers also have to take precautionary action in order to protect their identities. Bharosa, a global provider of fraud detection and multifactor online authentication solutions, works with many banks around the world. Bharosa use a tracker behind the scenes to verify not only that passwords and user names are correct, but also that the user’s computer, location and online behaviour match up. According to the company, trackers offer strong asset and transaction authentication.
The biggest threat to would-be online banking consumers are phishing and trojans. Phishing is the art of tricking someone into providing their personal information – a bogus email may be enough to do it. Trojans are software programs designed by professional hackers that detect online activity on a PC, allowing the hacker to assume the user’s identity.

Steps to protect your online identity
Installing up-to-date anti-virus software is essential, as well as ensuring that updates are downloaded regularly. Virus programs are constantly being re-written, so anti-virus software also needs to be constantly re-written and updated.
Spyware, is easy to install on any computer. It will regularly scan the computer for trojans and other programs which can potentially steal information, including your online banking passwords. In addition, some programs track key strokes – using a browser such as Firefox or API such as Robo Form that remember your passwords can help you to minimise your key strokes.
Also ensure that your wireless Internet connection is password protected. Your Internet service provider (ISP) can help. It pays to never assume a bank is doing all the work. By regularly changing passwords, keeping your anti-virus and spyware up-to-date, minimizing keystrokes and reporting dubious emails (don’t click on the links!) more people will be able to safely enjoy the convenience of online banking.

Choose a Unique Login

Most online bank accounts allow you to create your own login information, whether it is a password or user ID. When creating your account login, it is important to choose something that is unique and not easy to guess by anyone you know. Also, make sure your online bank account login is different than your other online logins.

Don’t Share Account Information – Be Cautious of Emails

A common method used by hackers to gain access to your online bank account is through deceptive emails disguised to look like it is from your bank. These emails normally contain a link to login to your online bank account. The way the scam works is by redirecting you to a phony web page that resembles your bank when you click the link. To protect your online account, always check the senders address on emails claiming to be from your bank. Most online banks will not ask you for your account number or other information via email or SMS. When in doubt contact your bank directly instead of clicking on an email link.

Keep your Login Private

In addition to creating a unique account login, you should also keep your login private. Your login information is important to the protection of your account; memorize it and avoid writing it down. Keep your login to yourself and don’t share it with anyone. If for any reason you do share your login with another person, understand that you are allowing that person to access your account and by doing do you take on responsibility for anything that person does with your login, including sharing it without your permission.

Surf the Internet Safely

When you are banking online, pay attention to your surroundings and make sure you are protecting your privacy. Never leave your computer unattended when doing your online banking, regardless of what computer you are using. Also, you should always make sure you are completely logged out of your account when you are finished with your online banking.

Check your balance often

You should check the balance of your online bank account on a regular basis. By doing so, you can ensure that your account is safe and protected against unauthorized use. You don’t even need to be logged into your banks website to check your account balance, as most online banks allow you to get your balance through the phone, text messages, or email. Some online banks even offer emails or text message alerts to notify you of certain changes in your account, such as deposits or withdrawals. These alerts can be used as added protection to make sure you are aware of your account activity.