In the age of the Internet and Mobile devices, everything is getting going digital, whether it is shopping or even Banking. More and more customers do their day to day transactions using a mobile app of their bank, merchant transactions done through Apple Pay or transferring funds with the help of numerous P2P transfer apps like PayPal. Everyday, a new banking appliction is born bragging its uniqueness. The uses are unlimited, the versatilty have no boundaries and many people are sometimes confused whether this technological advancement out their hard earned money at risk!
The question begs, is all this safe?
Yes and No.
Yes, because there are numerous safeguards in place by the banks and other financial organizations to prevent fraud, theft and other mischievous activities online. There are more complicated passwords, multiple levels of confirmation & identification that generally ensure that your financial capital is safe.
No, because even despite of all this, nothing, and I mean nothing in the financial world or any other world for that matter is 100% safe.
Hackers, cyber criminals and other mischievous lot try and steal/fraud their way into people's capital.
Lets asesse all the posibilities, all the issues that are at our in front of us and how do we deal with them. Below are the do's to ensure that this doesn't happen to any of us:
1. Access your bank website only by typing the URL in the address bar of your browser.
2. Choose an account with two factor authentication. Try to get a bank account that offers some form of two factor authentication for online banking. You might have also heard about extended Validation SSL in this regard. Extended Validation SSL Certificates give high-security web browser information to clearly identify a website's organizational identity. For example, if you use Microsoft Internet Explorer 7 to visit a website secured with an SSL Certificate that meets the Extended Validation Standard, IE7 will cause the URL address bar to turn green. A display next to the green bar will toggle between the organization name listed in the certificate and the Certificate Authority (VeriSign, for example). Firefox 3 also supports Extended Validation SSL. Other browsers are expected to offer Extended Validation visibility in upcoming releases. Older browsers will display Extended Validation SSL Certificates with the same security symbols as in the existing SSL Certificates.
3. These days many, but not all, banks offer a small device that can be used to generate a unique code each time you log in. This code is only valid for a very short period of time and is required in addition to your login credentials in order to gain access to your online account.
4.Create a strong password. If your bank requires a user-generated password in order to access online accounts make sure you choose one that is strong. The best way to achieve this is by making it long and a mix of upper and lower case letters, numbers, and special characters. Always avoid using any common words or phrases and never create a password that contain your name, initials, or your date of birth. If your bank allows it, change your password every few months. When setting up online banking, if your bank asks you to provide answers to some standard security questions remember that the answer you give doesn’t have to be the real one. So you don’t have to answer “Thumper” to the name of your first pet – make it something else, as if it was a password. Use a password manager if you are concerned about how to remember everything!
5. Be aware of downloading any malicious application from mobile application stores (Google Playstore, Apple App Store, Blackberry App World, Ovi Store, Windows Marketplace etc) that are offering Online Banking. Check their authenticity before downloading, by contacting your Bank.
6. Secure your computer and keep it up-to-date. Security software is essential these days, regardless of what you use your computer for. As a minimum, make sure you have a firewall turned on and are running antivirus software. This will ensure you are protected from Trojans, keyloggers and other forms of malware that could be used to gain access to your financial data. You’ll also want to keep your operating system and other software up-to-date to ensure that there are no security holes present.
7. Do not click on any links in any e-mail message to access the site. No financial institution worth their salt will send you an email asking you to provide any of your login details. If you receive an email that appears to be from your bank that asks for such details then treat it with suspicion as it may well be a phishing attempt to trick you into handing your credentials over.
8. A bank/financial institution never sends you email/SMS or calls you over phone to get your personal information, password or one time SMS (high security) password. Any such e-mail/SMS or phone call is an attempt to fraudulently withdraw money from your account through Internet Banking. Never respond to such email/SMS or phone call. Please report immediately on report dot phishing at sbi dot co dot in if you receive any such e-mail/SMS or Phone call. Please lock your user access immediately, if you have accidentally revealed your credentials.
9. Do not be lured if you receive an e-mail/SMS/phone call promising reward for providing your personal information or for updating your account details in the bank site.
10. Access your accounts from a secure location. It’s always best practice to connect to your bank using computers and networks you know and trust. But if you need to access your bank online from remote locations you might want to set up a VPN (Virtual Private Network) so that you can establish an encrypted connection to your home or work network and access your bank from there. Look for a small padlock icon somewhere on your browser and check the address bar – the URL of the site you are on should begin with ‘https’. Both act as confirmation that you are accessing your account over an encrypted connection.
11. Always log out when you are done. It is good practice to always log out of your online banking session when you have finished your business. This will lessen the chances of falling prey to session hijacking and cross-site scripting exploits. You may also want to set up the extra precaution of private browsing on your computer or smart phone, and set your browser to clear its cache at the end of each session.
12. Set up account notifications (if available). Some banks offer a facility for customers to set up text or email notifications to alert them to certain activities on their account. For example, if a withdrawal matches or exceeds a specified amount or the account balance dips below a certain point then a message will be sent. Such alerts could give quick notice of suspicious activity on your account.
13. Monitor your accounts regularly.It should go without saying that monitoring the your bank statement each month is good practice as any unauthorised transactions will be sure to appear there. But why wait a whole month to discover a discrepancy? With online banking you have access 24/7 so take advantage of that and check your account on a regular basis. Look at every transaction since you last logged in and, if you spot any anomalies, contact your bank immediately.
The above tips should go a long way to ensuring that you enjoy the advantages offered by online banking without experiencing any of the pitfalls.
Now, lets look at below precautions which will improve your internet security: Newer version of Operating System with latest security patches. Latest version of Browsers (IE 7.0 and above , Mozilla Firefox 3.1 and above, Opera 9.5 and above, Safari 3.5 and above, Google chrome,etc.)
- Firewall is enabled.
- Antivirus signatures applied.
- Scan your computer regularly with Antivirus to ensure that the system is Virus/Trojan free.
- Change your Internet Banking password at periodical intervals.
- Always check the last log-in date and time in the post login page.
- Avoid accessing Internet banking accounts from cyber cafes or shared PCs.
- After you have logged in, you will not be asked to provide your username and login password again. Also, you will not be asked to provide your CREDIT or DEBIT CARD details while using internet banking. If you get a message (such as through a pop-up) asking for such information, please do not provide this information no matter how 'genuine' the page appears to be. Such pop-ups are most likely the result of malwares infecting your computer. Please take immediate steps to disinfect your device.
- When logging into your netbanking, a lock sign appears before the adreess in the address bar. Also, the address must start with https and not http."S" means that the page is secured in general.
Hope we have covered all the points related to internet bank safety and security in general. In case you have got any more information, we welcome you to share your thoughts.
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