Online Banking Security

CEBU, Philippines - The news about foreigners having succeeded in doing ATM theft in the city still rings in the public mind. The use of ATMs has become too commonplace that anyone is a potential victim. It’s really a big shock to know that it’s not only the actual, physical risks that one is supposed to be wary about.

Company payrolls are now mostly coursed through ATMs, which is a most convenient service if not for the risk of being victimized by criminals. It’s ironic, because people used to think that the ATM was the right solution to the risk of carrying huge amounts of cash. As it turns out, the ATM itself is a portal for criminals to gain access to depositors’ money. 

The internet is a wide area network of computers connected around the world to facilitate data transmission and exchange. Due to the open nature of the internet, all web-based services such as online banking are inherently subject to risks such as online theft, virus attacks, hacking, unauthorized access and fraudulent transactions.

While banks that offer online banking services have put in place the necessary security practices and measures to safeguard against these risks, there still seems to be no absolute guarantee of the complete security of online banking transactions against any attacks. Fortunately, breaches of online banking security have so far been few and far between.

The online customer has a lot to do to ensure his or her own online security or, at least, keep the risks to the minimum. He or she plays an important role in protecting his or her account information. There are key points to keep in mind.

? Experts strongly advise against accessing one’s online banking accounts through hyperlinks in e-mails, pop-up windows, or search engines.

? The depositor shall also be aware of unexpected hoax and scam e-mails with attachments and of suspicious websites.

? It is advisable to always access the online account by typing the web address in the address bar of the browser or by selecting the bookmark for the genuine website.

? Installing a personal firewall and anti-virus software – and regularly updating these – will also help.

? The depositor shall never leave his or her computer unattended while logged on to online banking. Online accounts shall always be properly logged out after finishing the online-banking session.

? One shall never give out his or her online-banking password. For passwords, it is not advisable to use one’s date of birth, phone number, address, one’s name or name of a friend, pet or relative. Moreover, a password shall be changed regularly – preferably every two months – using a combination of letters and numbers, and difficult for people to guess. And the online-banking password shall never be used for anything else (like password for an e-mail account). As much as possible, the password shall be known only to the depositor himself or herself.

? When using computers in public place, one shall be overly cautious. The screen shall not be left idle for long periods or the computer left unattended.

It’s certain that air-tight measures will be devised to tackle the current online security threats. But, equally certain, criminal minds will come up with new online ways to exploit others. It’s a continual battle of good and evil.

(Reference: Benefits and Risks of Online Banking, www.centralstatebankia.com) (FREEMAN)