Security and online banking
Monday January 21, 2008
Using some common sense is a good start when it comes to online banking security. Most people wouldn't leave their keys in their car when they go shopping and not keeping your anti virus computer software up to date can be put in the same basket.
It sounds simple enough but have you downloaded the latest update available for your computer software?
Another obvious and simple step to take when using your computer is to never visit your bank web site via an email.
Always type in the web URL in the address bar or visit the site via your favourites after you have saved it.
Never reply to "bank" email quoting your account numbers and/or passwords.
Your bank will never ask you for passwords in an email.
If you are contacted by your bank in an email then you can call them and discuss the matter over the phone.
One of the things that we do worry about when doing our banking online is that we may fall victim to a fraudster and have our bank account emptied.
This is certainly possible but not always likely to happen.
Firstly, for you to be a victim in this way, you will need to have the ability to transfer funds to other banks attached to your bank account.
Not all regular online banking accounts have this facility. It is something that you need to apply for it is not a function you have just because you have an online banking account.
Business banking accounts are not only more likely to fall victim to an online fraudster but they are also targeted more often.
A business is likely to have more funds to steal and is also more likely to have the facility to transfer funds to other banks.
Just because your account doesn't have the ability to transfer funds doesn't mean that you are untouchable to a fraudster.
Online gaming companies accept Bpay and you may find that you have money transferred into your account or the fraudster can open up an online account in your name, without you knowing it.
If they have access to your personal information it wouldn't be too hard to transfer money into an online poker account via Bpay and then "dump" your money to themselves.
However, with Bpay transactions, you do have some time to notice the transaction on your online banking statement before an account is funded.
But if you don't keep a regular check on your finances then you may not notice any transaction until it's too late.
Using common sense when doing your online banking is a small step in ensuring you don't fall victim to fraud.
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