Money Matters, Simplified.
Like Banking Online? Get Smarter First
Online banking transactions can be hazardous, and a few small-bore solutions can guard you against these hazards.
Mon, 05/30/2011 - 10:02 by Steve Anderson
The trails of online transactions get exposed when your computer is logged into the internet and is used for email and web browsing. A resourceful hacker can knock into your account, impersonate you, and draw money or pay from your account. Experts say, more often than not, the users themselves are responsible for online banking mishaps. The prime reason is that people often let their guard down when they are online. And that leads to more chances of personal and company’s financial information being exposed.
The following are a few reliable solutions against banking mishaps online.
Use a Stand-Alone PC
The trails of online transactions get exposed when your computer is logged into the internet and is used for email and web browsing. On computers connected to the internet, hijackers can embed malware to create Automated Clearing House (ACH) and wire transfers.
The American Bankers Association recommends a stand-alone PC that is dedicated to online banking transactions. In its recommendation, it says, “commercial banking customers carry out all online banking activities from a stand-alone, hardened and completely locked down computer system from which e-mail and Web browsing are not possible."
Seek Alerts
Asking your bank to send email confirmation of online transactions is a sure way to check what is going on with your account. The alerts will help nail any fishy activity. They will also help you inform your bank about the suspicious goings-on with regard to your account.
Use Strong Passwords
Passwords are the first line of defense in online transactions. Stronger passwords help guard your account in a more robust way.
The Federal Deposit Insurance Corporation (FDIC) chairman, Don Powell, observes: "Identity theft, particularly account hijacking, continues to grow as a problem for the financial services industry and for consumers. Our review illustrates that ID theft is evolving in more complicated ways and that more can and should be done to make online banking more secure."
Beware of Scammers
There are many techniques hijackers use to breach your personal and business’s online security. Personalized scam messages sometimes contain links or messages, which when clicked, install a software that sends personal details to a remote computer.
Mentioning such an attack, the New York Times quotes Steve Kirsch, the chief executive of Abaca, an anti-spam company based in San Jose, Calif., as saying, “I think that it was well done in terms of something people would feel compelled to respond to…(the message) had my name, phone number, company and correct e-mail address on it and looked pretty legitimate. Even the U.R.L. to find out more looked legitimate at first glance.”
As the attacks become more sophisticated, so should the security solutions.
