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Is Online Banking Safe?
With the advancement in technology and massive growth of internet service globally, practically every other bank, a moneylender, and brokerage firm are benefitting the technology to communicate and offer their customers to carry out their transactions online.
Other than being a highly convenient, online banking is also cost-effective as well as highly secure if done correctly! So, is online banking safe?
However, there are tons of scenarios where hackers sneak into bank accounts and steal sensitive information. With the increased usage of online banking, it is becoming a highly appealing target for hackers. Over the past few years, many major banks around the globe have been the key targets of these hacking attacks.
You will be astonished to know that over 360,000 bank accounts became the target of hacking in 2011, according to Citigroup. These attacks caused a loss of around $2.7 million. A similar case took place in September 2012 when a group of Iranian hackers targeted Bank of America, JP Morgan Chase, and Citigroup. These attacks had been occurring for a year until they were reported. Another recent hacking incident took place in 2013 when McAfee Labs highlighted that hackers are targeting the major banks in a project known as Project Blitzkrieg.
On top of all, hackers can always use our phones to access our sensitive information and bank account details.
So, after going through all of these highly publicized attacks, what do you think about the security and safety of your banking transactions you make online? Do you still believe that you should pay all those bills online? Do you think it is safe for you to check your balance or any other detail through your bank’s website? Or, do you think you would still want to transfer your funds online?
Well, let us start with the four major types of attacks.
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Phishing
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Key-logging
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Pharming
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Identity Theft
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Identity Theft
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Identity Theft
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To protect yourself from online attacks and enjoy secure online banking, first of all, make sure that you choose only reputable retailers for your online banking. Secondly, you also need to make sure that you are also taking precautionary measures such as:
- Knowing the legitimacy of your online bank. You can do this by carefully going through the information provided by the bank account and them checking that whether it is insured with Federal Deposit Insurance Corporation.
- You also need to very careful with the bogus websites known as copycat websites. The names of bogus websites are always very similar to real sites such as BankkofAmerica.com or Citygrop.com. Thus, make your habit always to type the URL yourself and do not rely on any other information given on the internet.
- It is imperative for you to have adequate information about the security system of your bank, like which method of encryption does it use for your private information. While accessing your bank’s website, make sure to find a small “lock” that is an indication that all your transactions are safe and secure. Moreover, keep in mind that you should never send any of your credentials or personal information to anyone over the email. You should not even send it to your bank under any circumstances.
- Lastly, a hacker might not even try to hack your bank accounts. They can also make things simpler for them and attack your personal computer to steal information such as a username and password. For this purpose, you need to make sure that you are using the best and updates antivirus software to keep your devices protected. On top of all, don’t be lazy when it comes to protecting your hard-earned money. So, never use the “remember your computer” option for your convenience.
Conclusion
While it is true that online banking is not safe and you can fall prey to a hacker out there, many banks these days give their best to provide you the most reliable transmission experience. You should avoid using online retailers with weak security protocols to prevent becoming a victim to such frauds and online thefts. Nowadays, banks and retailers are also using encryption methods their online banking procedures and making it easier and safer for you to pay your bills online.
Remember! You choose your safety! So, let’s be very careful in the online world and make the right choices to promote safe mobile banking.