Internet banking offers many benefits including convenience, single bill payments, scheduled bill payments, funds transfers between accounts, transaction history, instant access to online banking statements and usually lower fees. If you are simply planning to use online banking for your current bank accounts you probably have a track record with your current bank and are aware of its reputation and history. However, if you are planning to open an online bank account, make sure that the bank is insured by the FDIC.
Do not click on email links to go to your bank’s online services website. Emails purporting to be from legitimate banks are spamming people continually. They do not use your customer name and they often contain information designed to cause you to react in concern and click on a link directly to a fake bank website where you log in. This is known as ‘phishing’ and its sole purpose is to get information that allows access to your accounts. Your bank will always address you personally in an email and will not request any confidential information online.
You cannot trust bank emails. If in doubt, contact your bank and ask if the email is from them. In the same way, do not provide personal information over the phone if contacted by the bank. Hang up, and phone back on a number you have obtained from your statements or a phone book (not from the person who phoned). Find out if the first call was legitimate before offering any personal information.
Your online banking access information should be kept safe and private. Do not give the information to anyone else and do not record it in a place someone else could see it. You may think that everyone in your life is trustworthy but a lot of online account theft actually occurs because a friend or family member has access to the information and uses it. Online transactions can certainly be tracked and an inexperienced person would likely be caught, but you will not be protected for the loss if it is a result of your own carelessness. Check your online banking statements regularly for any abnormalities so they can be dealt with quickly.
To ensure an absolutely secure banking experience, do not have another browser window open while you are conducting online banking transactions. It is also important to properly log off your online accounts; don’t just close the browser. Many high security banking sites have limited allowed sessions and a limited number of daily log-ins allowed to reduce threats to your online security. However, some banks do not provide these defaults so you need to develop safe online banking habits. Keeping your anti-virus software up to date is also an important aspect of your personal online banking security.
If you are sensible, employ safe banking practices and check your online banking statements regularly, you can enjoy the many benefits of internet banking without the risks. You can save time and money and organize your finances to improve the quality of your life. Look at the alternatives available to you and check out the Demos available on many online banking sites. Once you have experienced the enormous advantages of online banking, you won’t look back.