Be Smart About Checking Your Online Bank Account

Do you check your bank account on almost all devices you own? If the answer is yes, you might want to consider changing your ways. ThreatMetrix, a provider of cybercrime prevention solutions, released data from a ThreatMetrix Global Trust Intelligence Network study done from May 1 through July 13, 2013 that showed banking website customers use the most devices to access online accounts, more than all other website categories examined. These included personal and work computers, smartphones, and tablets.
Other industries that the study looked at, like e-commerce, enterprise, social networks, government, and healthcare, have a considerably lower number of singular devices per account. About 68 percent of accounts across all these industries are accessed by one device each month, 19 percent are accessed by two devices, and 7 percent are accessed by three devices. Combined, these industries' accounts are accessed by an average of 1.79 devices per account as opposed to bank accounts.
Surprisingly, on average, people access their online bank account on 2.4 unique devices. As of this past July, the study revealed that 55 percent of bank accounts are accessed by one device, 26 percent are accessed by two devices, 11 percent are accessed by three, and 4 percent are accessed by four.
The data also shows that there are some accounts accessed by as many as twenty devices in a month timespan, which is a serious concern. The more devices you access your bank account on, the more you're putting yourself and your bank at serious risk for fraud and malware threats.
Device Security Screening
It's important for online banks and other businesses to have preventative screening so that they can authenticate returning users and devices and ensure that suspicious account logins require additional screening. Unlike other online services that rely on cookies to determine the number of devices accessing accounts, ThreatMetrix uses a cookieless device identificaton technology they call Smart ID. This allows them to match visitors with devices even if they have wiped their cookies, used private browsing, or changed IP addresses.
Threatmetrix's website consumers are able to see which devices and activity could be suspicious and need further screening by showing a more accurate number of devices that have accessed accounts. More businesses should look into using device identification technology similar to Smart ID in order to provide better protection for their customers.
You can't just rely on your bank to keep your personal data safe; you have take responsibility as well. Limit the number of devices you access your bank account on and only check it when absolutely necessary. Be smart about which device you decide to access sensitive data on.