Security and Online Banking

Online banking was meant to happen as soon as Internet use became common. With the large amount of people who own computers, online banking is more popular then ever today. Vast computer networks are used to automate millions of transactions a day and the customer receives an online statement or may request that it be delivered via email or snail mail.

The online banking business today has become quite substantial: over 50% of eligible Internet users have an online banking account and most don't even know how it all started.

More or less 44% of American Internet users; and one quarter of all adults now say that they avail of online banking to pay bills and check bank statements. In a typical day, 14 million Americans will sign into their online banking account and do their indispensable transactions. This is a 58% rise compared to late 2002.

In general people have confidence in online banking and are really adapting well to it. Online banking allows internet users a more convenient way to handle their finances. Most banks have comprehensive online guides explaining their entire internet banking services.

Online banks main concern is the security of their services. On the banks login pages there will be a link to a page about banking securely online. Always follow the banks instructions.

As reminder here are some dos and don'ts of online banking security:

• Keep your User ID and Password secure
• Never write down your password and change it every 60 days.
• Under no circumstances use your birthday, telephone number of other personal information as your password.
• Do not use part of your User Name ID as part of your Password.
• Make sure no one can see you enter your Password.
• Your Password should be a mix of letters digits and symbols and should contain at least 8 characters.
• Avoid using Passwords that contain e.g. 1234, 111.

When you have finished your online banking session or will be away from your computer always logout and close all browser windows. Disable auto complete in your browser to stop it from automatically filling in your login details when your browser is pointed to your banks url.

After every session clear your browser cache and history. Use an anti-virus, anti-spyware and a firewall and keep them up-to-date. Always update your operating system with the latest security patches.

Never login in to your online banking account from a public pc such as in an internet cafe'. Someone may have installed a key logger.