Online Banking: 8 Important Things You Need To Do To Stay Safe
Online banking is probably one of the most convenient things that the web has to offer. If for any reason you don’t know what online banking is, it’s something that allows you to conduct financial transactions on a secure website operated by the bank, from the comfort of your home computer, and at a time that suits you. Here in Malaysia, most of the major banks already have this facility and will provide them at your request. Among the popular ones that I know of are Maybank2u, CIMB Clicks and PB eBank. To find out more about those services, you should contact the banks themselves.
Is it safe?
While the idea may be noble, it’s very important to note that online banking has its risks. Just like there is no 100% guarantee that a billion-dollar airplane won’t malfunction in the middle of flight, there is also no 100% guarantee that online banking is completely flawless. The good news is, risks can be reduced and controlled, when you know what to do and what not to do when doing banking online. Just like the airplane, there are technologies that are in use by these banks to help keep these services safe.
Well, from my experience in using online banking services, I have compiled a list of 8 important things you need to do to stay safe. These information are freely available on the net, and in my opinion, are the most basic things you should know:
1. Make Sure Your Password Is Secure
You should make sure your password is secure by making it complex enough, to avoid people guessing it. Never use the same password for all your internet accounts because this is very risky. Also, never reveal your passwords to anyone under any circumstances at all, even if it’s your banker asking. For information on passwords, read my post on How To Create Secure And Memorable Passwords.
2. Don’t Use Public Computers To Access Your Accounts
Using public computers (cyber cafes, libraries, etc.) to do online banking is very risky. By doing so, you expose yourself to threats such as trojans, keyloggers and viruses that can track down your transactions and usage, and even steal your login credentials. These computers are publicly available and accessable, and therefore are very vulranable to these types of threats.
3. Beware Of Phishing Websites
Do not login to your account from any other URL or Web Address other than the official address provided by the bank. There are websites out there that poses to be that bank’s website but when you look carefully at the address bar, it’s actually another website that has the same design features. These websites are called phishing sites, and are created to fool you and hijack you login credentials.
4. Make Sure That Your Computer Is Virus, Spyware And Trojan Free
You should have at least an anti-virus and an anti-spyware software installed. Scan your computer regularly, and make sure there are no viruses, trojans or spyware infecting your system. This is a very important step to take for many reasons, not only to make online banking safer.
5. Don’t Login To Your Account From Your Email
Beware of emails messages asking you to confirm your bank details, and asking you to login to your account to complete a transaction. Banks usually don’t do this by email and you should ignore and delete these messages. Even if it looks very legitimate, you should call your bank to ask for advise on that matter.
6. Make Sure That The Transactions Are Encrypted
Web technologies like SSL (Secure Sockets Layer) and https (Secure HTTP) are very basic requirements for online banking facilities. With these, the data that you submit, transmit or receive are encrypted. Enquire with your bank to make sure these encryption technologies are in place.
7. Make Sure A Secondary Security Feature Is In Place
If you’ve been using Maybank2u or CIMB Clicks here in Malaysia, you will know that you will need to key-in a special Transaction Authorization Code (TAC) to do a transaction. With this feature, even after logging in to your account, you will need a TAC to use the services. You can request a TAC through convenient ways, such requesting it by SMS, using your mobile phone that must first be registered with the bank. This feature is probably also offered by other banks, and provides you with that extra layer of security.
8. Make Sure You Log Out Properly
Make sure you log out properly. Always click the log out button when done with your business. Closing your internet browser does not mean that you have logged out of your account. This should be common practice especially with online banking. As an added security measure, clear your browser’s cache after you have logged out of your account, to remove any trace of your visit to the online banking site.
With online banking, you couldn’t be too careful. It’s very important that you also take proactive measures yourself, like contacting your banks to get further information or browsing the web to find out more about this subject.
