How to Practice Safe Online Banking

by on October 20, 2010

Though online banking is a highly admired concept as a more convenient and smart way for business dealings, simultaneously you would be exposed to the attack of cybercriminals.  For most of the small scale business which do not have adequate budget for IT resources or a large staff, online accounts can be a double-edged sword which causes dilemma.

Further, the small businesses are not highly protected by existing laws and they face more complexities in recovering the losses of online banking. Today, cybercriminals also use different tools to burgle online accounts.

Most users enter sensitive information including user name, credit card data, password and other personal details through phishing attack as the legitimate e-mails, which request them to enter the sensitive information to come from reliable sources.

Once you provide your details,

Safe online banking

cybercriminals can secure it and, they can transfer funds out of your accounts or sell your login information to other cybercriminals. Typically, user information of online accounts is sold at a percentage of the existing balance of the account. Personal accounts, business accounts and offshore accounts are available even at 3 per cent and the most crucial point is ensuring the secure practices of online banking.

Regardless of the risks, today, online business banking has become a more dynamic tool in the world of businesses. The best practices which are listed below would extremely assist you to secure your online banking experience.

Educate Employees: If you receive an e-mail which requests your personal details such as password or user name, never trust such kind of e-mails as the social engineering is still targeting these type of sensitive information. You can hire a qualified IT professional or consultant to make the awareness of employees regarding such e-mails.

Enhance Your Security Systems: Your business systems including PCs and servers should be protected by a trustworthy security system and make sure to apply the latest updates. Keep in mind that the free or paid consumer solutions are not adequate to ensure the safety of your business.

Allocate An Online Banking PC: Using a separate computer as an online banking account machine is another way of securing online banking. This allocated computer should not be used for other purposes such as web browsing, file sharing and sending e-mails.

Discuss With Your Bank: Having proper contacts with the bank would enable you to get a better idea about the security systems which are used by the bank and the bank will consult you about the best online banking practices. Moreover, you can be more familiar with the process and the security system in order to be more secured.

Having a better understanding about related terms which are given below is also imperative in secure online banking practices.

Trojans: Malicious actions are performed by Trojans, but they do not contain replication abilities. Though these programs arrive as harmless files or applications, they have malevolent targets within their code with similar to the original Trojan horse. Banking Trojans are designed in order to compromise and manage online banking accounts.

Phishing: Typically, it is a legitimate looking e-mail which can make the customer to give sensitive personal details including the credit card numbers, password, Social Security numbers, bank account numbers, and other relevant information. You need to be more cautious to avoid this form of theft.

Site spoofing: The fake websites that are designed with similar to the target websites can collect sensitive personal information from unsuspicious visitors.

These safe practices would evoke your confident in online banking and make you stress free by avoiding forthcoming risks.

(photo courtesy: Inmagine)

{ 1 comment… read it below or add one }

CaeerOutlook October 21, 2010 at 4:31 pm

Great Tips, online banking could be very risky sometimes.

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