Banking Online Safely
The arrival of online banking has made conducting our financial affairs much easier and more convenient, letting us carry out our day to day banking from the comfort of our homes and at a time that suits us, rather than having to fit in with the opening times of our local bank branch.
Convenience notwithstanding, there are risks involved with banking online. You've no doubt heard scare stories of people's accounts being accessed and drained of money, but in truth this is extremely rare and in any case all such losses will have to be paid for by the bank, so long as the effected customer has taken reasonable security precautions.
The five simple steps below will ensure that you've done everything you can to make your online banking experience safe, and should the unlikely happen and your account is accessed by an unauthorized person, you'll be able to show that you'd done all you could to prevent it, and so will not lose out financially as a result.
Registration
When you first sign up for online banking, your bank will send you your login details by post. Once you've activated your service, you should make sure that you destroy the letters they've sent you - don't simply throw them away.
Password
If you can choose your own password, make sure that it's not one that could be guessed. Common passwords include names of spouses or children, and this isn't recommended. Instead, use a combination of letters and numbers that is memorable to you but isn't likely to be guessed - for example, pick a city you've visited and combine it with a local bus route number (e.g. paris572).
Phishing
If you get an email asking you to confirm your bank details, ignore it. It will 100% certain be a fake, as no bank will ask for details via email, and could be used to illegally access your account. If you get fooled into handing over your details, you should contact your bank immediately so that your account can be changed before any fraudsters can gain access.
Location
You should only access your accounts from a safe location where no stranger can either watch you or use the same computer. Internet cafes and public libraries are not suitable places to use sensitive information, and even using your work computer isn't advisable. Only do online banking in the security of your own home if at all possible.
Spyware
Finally, make sure that you have spyware and virus protection installed, and that you keep it updated, so that you won't fall foul of malicious programs that attempt to steal your passwords as you type.
By following the above tips, you'll be as safe as it's possible to be, and can fully enjoy the benefits and convenience of this most modern way of banking.
