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 Is
Online Banking Safe? Some of the most frequent questions regarding
online banking involve the issue of online security. "Will my money be safe?" "Can someone steal
my information and get access to my funds?" "Could a thief find a way to clean out my bank account?"
All are valid questions, since when you commit to an online account you leave the "security" of doing
your banking person-to-person in a branch and move it to the electronic age. While we've all heard stories and
rumors of e-thieves stealing credit card numbers, the reality is that online banking and transactions are much
more secure than the media often makes it out to be.
Online banks take security especially seriously. All online banks and lending organizations have their security
procedures and policies posted prominently on their web sites. Go and compare--you'll likely find that every one
uses the most advanced Internet security systems available to protect you and your money. You can feel confident
that these companies will protect you--and themselves--from electronic thieves as much as possible. Their business
depends on it.
We don't blame you if you're still a little leary. Still, even the banking you do now has its own security considerations.
Consider this:
"Traditional Banking" Security Concerns
- Your mail (bank statements, bills, etc.) can be intercepted
- The use of an ATM can expose you to either physical theft or thefts
of your information (your PIN)
- Use of a physical bank branch can expose you to personal theft of theft
of information by a bank employee
- If you pay your bills by paper check, you expose yourself to theft of
your account number, as well as your social security number and phone number which are often printed on the check.
The point here is that nothing that involves money is ever 100% secure from crooks who want to get it. If anything,
online banking may be more secure due to a few factors:
- The nature of the process means that is done from the security of your
home or office
- Since they are aware of the concern, online banks have made a real concentration
on security
- The bank's computers are protected by a firewall
- All data transfers use SSL transfer
You can also help with the security of your information:
Maintaining Your Own Security
- Maintain control over access to your computer, whether it be at your
home or office
- When you have completed a bank transaction, make certain to log off
to break the connection with the bank's computer
- Never conduct banking transactions while multiple browsers are open
on your computer
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