The growth of the internet has made many routine activities more convenient. If we really wanted to, we could probably do almost everything (including many jobs) from our house. One very convenient item is online banking. I do remember the days when you had to call and listen to telephone prompts just to get your balance if the bank was closed. Now, log in and you can see your balance, a complete transaction history, and perform all types of balance transfers and bill payments.
However, the security of online banking depends on your security in a number of different areas. Here are some areas to consider before you log in to your online accounts:
1) Is Your Password Secure - We all know that we should be using more secure passwords, but most of us still use insecure ones. However, online banking is not the time to skimp on security. If your password is compromised, someone will have complete access to all your accounts. Make sure you are using a long password to secure your online accounts.
2) Review the Security Questions - Many sites use security questions as an alternate means of identification if you have forgotten your password. Unfortunately, many of these questions were highly insecure because they asked for information that was readily available. Yahoo was forced to review its policy on security questions after the 2008 hack of Sarah Palin's personal email account, where the attacker was able to obtain the answer to the security question asked from Palin's Wikipedia page.
3) Use Two-Factor Authentication - If your bank offers two-factor authentication, turn it on. This will require a second method of identification, such as a verification code sent to your email address or by text message. If you are not sure if your bank offers two-factor authentication, ask by email or at the branch. Some banks require it, others have it as an available option, and some do not offer it.
4) Keep Your Computer Safe - Malware can compromise even the best passwords and two-factor authentication systems. Make sure your computer is using an up-to-date antivirus product. Plus, when you are dealing with sensitive information such as online banking, it is also a good idea to use another product or two for occasional scans to catch anything your primary antivirus missed. (Do not have multiple products running at the same time; this will cause conflicts that may leave you unprotected.)
5) Watch for the Hook - A good antivirus will protect you from keyloggers and other malware, but it will not keep you from handing your information over to thieves through a phishing scam. Always be cautious with links contained in emails. Also, you may want to consider installing a browser extension that will alert you to potentially fraudulent sites.
6) Keep Your Connection Secure - Data that is sent on the internet travels through many different places before it reaches its destination. If one of those locations happens to be malicious, they could steal your information. Before you send any personal information (including your online banking login) over the internet, make sure you are doing it on an encrypted connection. Check your browser for a lock icon or "https" at the beginning of the address bar to indicate you are on a secure connection.
7) Stay Private - Even though your transmissions to and from your bank are encrypted, it is still a good idea to avoid doing banking on open Wi-Fi networks. Because these networks are open to anyone, an attacker could use them to conduct attacks designed to break your encryption, or they could attempt a man-in-the-middle attack to gain full access to all your data.
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