Share your opinion about safety of online banking

[gautam7]

Hi everyone,
I would like to know everyone's opinion about safety of online banking and shoping etc. I have started this online banking very recently and after all the security arrangement still a bit worried about it.

My bank ( actually every bank in india )send a security number instantly into my registered mobile no in every step of the transaction and i have to put it to successfully do the transfer. So even my security arrangement fail and somebody do able to get the id and password still they wont be able to do anything since they wont have my mobile phone with them,isn't it? or am i missing some obvious point?

Between i use avast safezone for this. I upgraded specifically for this purpose. My vote goes to "not sure"

Please share your views.

 

[Corazon]

It's a very effective precaution, but the best thing you can do is not to lose your login/password in the first place and to use a strong password with all kinds of special characters and no plain readable words (these would be vulnerable to a classic dictionary attack).

Other than that, as long as you keep the OS and browser up to date and patched, I think online banking is perfectly safe. Just beware of phishing scams and doublecheck you're on the real website of your bank. I needn't mention the obligatory SSL encryption of course.

 

[seavixen32]

I haven't set foot in a bank to pay a bill for the last 10 years.

I've had an online account during that time and have had no security issues whatsoever. I have a strong password that is changed regularly, receive e-mail notification of any payment set up on my account and best of all, I have 24-hour access to my accounts.

As Corazon states, keeping your operating system, browser and patches up-to-date helps to ensure trouble-free cyber banking.

 

[A Guy]

I voted yes. As well as having a likely overkill (I hope to never know ) layered security. I have Keyscrambler and Zemana antilogger. I believe it's safer to bank online then to hand your credit card to your server in a restaurant. As long as you confirm it is a HTTPS:// address, and see the lock sysmbol, then I have no worries about online banking. A Guy

 

[Kipper]

Seriously, you can do banking on line now??

 

[A Guy]

Seriously, you can do banking on line now??

Lol, are you sure your system specs will support it?

A Guy

 

[marsmimar]

For the truly paranoid using a laptop or desktop you could also use a Live CD (like Ubuntu or some other flavor of Linux) and access your bank portal via the CD. Or you could have a virtual machine like VirtualBox or VMware Player to add an extra layer of security.

 

[Maguscreed]

Running your browser in sandboxie is also an option.
And it's a lot less complicated than the above...

 

[Athene]

It also depends on what kind of password system your bank has for its e-banking services. The tally sheet (where you already have the codes pre-written on a sheet and which you have to type in after entering your password; the sheet is handed to you by your bank) is considered unsafe and a thing of the past.

Then there's the m-tan system, where part of the code is sent to your mobile phone. Of course, you have to make sure that both your computer and mobile phone are bug-free...and If you do the whole e-banking procedure on your mobile phone, then the purpose of the m-tan method is defeated. I'm not sure whether m-tan is used all over the world, however.

And then there's also the USB flash drive method. A special USB drive is provided by your bank, and it already has a separate browser and e-banking system installed on the drive, that way the browsers on your computer are not used.

And, as Corazon said - always keep your OS and programs up-to-date and patched! Most banks indicate this in their e-banking instructions, I think.

 

[JMH]

Our worthy Governments recommendations to we plebs....

Handy hints to keep you safe while banking online

By taking some simple precautions, you can take an active role in reducing the chance of being a victim of scams. As well as following these simple tips, check with your bank to see what precautions they recommend. You might be surprised how easy it can be to improve your level of security.
Bank on a safe computer

• Install and regularly update anti-virus, anti-spyware and firewall software on your computer.
• Avoid using public computers or internet cafes. You never know who could be watching and a scammer may be able to retrieve your details from the computer after you have finished using it.
• Always log out from your internet banking webpage when you have finished. Clear your browsing history.

Protect your personal details

• Keep your banking information private—never tell your PIN or password to anyone.
• Choose a secure password with both letters and numbers—avoid using any obvious giveaways such as your date of birth, part of your name, address or your pets. Change it regularly.
• Do not use the same password for multiple purposes—make sure you have different passwords for accounts with different banks and the other internet sites you visit.
• Do not just bin personal information and bank statements—destroy them first.

Secure your transactions

• Use two factor authorisation. Many banks now offer you an extra way of 'authorising' online transactions that you make, such as security tokens that generate random numbers or SMS codes. Check to see what your bank offers.
• Do not give out your personal, credit card or online account details over the phone unless you made the call and the phone number came from a trusted source.
• Never send your personal, credit card or online account details through an email or while chatting online—someone could intercept your details.
• Check your account statements regularly.

More -
Internet banking

 

[Corazon]

There's a TAN system here in Germany which uses your actual bank card and a small cardreader device that looks like a pocket calculator. Whenever you make an online transaction, the website gives you a number to enter into the TAN device (after you slide your bankcard into it). It spits out another number which you enter back into the website, and if it's correct the transaction is carried out.
Annoyingly cumbersome, but it works really well. You just gotta remember to have your card and the "pocket calculator" with you if there's any chance you need to use your online banking on the road...

 

[Golden]

We might be OK if Australia caught up with the rest of the world.....chip & pin is still largely a myth here, and at least one of the big 4 banks doesn't use more than 4 characters for a password. Go figure.

 

[Athene]

There's a TAN system here in Germany which uses your actual bank card and a small cardreader device that looks like a pocket calculator. Whenever you make an online transaction, the website gives you a number to enter into the TAN device (after you slide your bankcard into it). It spits out another number which you enter back into the website, and if it's correct the transaction is carried out.
Annoyingly cumbersome, but it works really well. You just gotta remember to have your card and the "pocket calculator" with you if there's any chance you need to use your online banking on the road...

We've got that system in Switzerland, too - I think it's offered by the too-big-to-fail banks
Regards from across the border, by the way - herzliche Grüsse! :-D

 

[pincushion]

There's a TAN system here in Germany which uses your actual bank card and a small cardreader device that looks like a pocket calculator. Whenever you make an online transaction, the website gives you a number to enter into the TAN device (after you slide your bankcard into it). It spits out another number which you enter back into the website, and if it's correct the transaction is carried out.
Annoyingly cumbersome, but it works really well. You just gotta remember to have your card and the "pocket calculator" with you if there's any chance you need to use your online banking on the road...

There is a similar system in the UK. I think having an email strictly for banking and related items is good as it probably will not get spammed (mine doesn't) thus leaving you to delete all the usual spam on other email accounts without worry. Erasing your browser cache after using online banks also helps. I tend to trust online banking and shopping although I don't like to leave any credit card details on any site - but I'm afraid I do.

 

[seavixen32]

There's a TAN system here in Germany which uses your actual bank card and a small cardreader device that looks like a pocket calculator. Whenever you make an online transaction, the website gives you a number to enter into the TAN device (after you slide your bankcard into it). It spits out another number which you enter back into the website, and if it's correct the transaction is carried out.
Annoyingly cumbersome, but it works really well. You just gotta remember to have your card and the "pocket calculator" with you if there's any chance you need to use your online banking on the road...

There is a similar system in the UK. I think having an email strictly for banking and related items is good as it probably will not get spammed (mine doesn't) thus leaving you to delete all the usual spam on other email accounts without worry. Erasing your browser cache after using online banks also helps. I tend to trust online banking and shopping although I don't like to leave any credit card details on any site - but I'm afraid I do.

Many online retailers now use Verified by Visa, which gives you the added protection of another personal password that proves you are the cardholder.

https://www.securesuite.net/csi/docs/faq.jsp

 

[whs]

It is not safe. I never use it. I also use my one and only credit card very sparingly. I pay cash wherever I can.

 

[Athene]

I, too, am very cautious about using a credit card to pay online. Some of my favourite shops fortunately offer gift cards with a limited sum preloaded on them, so I use those. Once they're over, I go to the store and have them reloaded at the counter.

 

[seavixen32]

I prefer not to carry cash with me above a small sum so a credit or debit card works fine for me.

Don't forget that an online purchase with a credit card has the added advantage that the credit card provider has to reimburse you if fraud has taken place, which is something cash can never provide.

 

[pincushion]

It is probable that hardly anything we do on the Internet is truly secure -

htttp://www.darkreading.com/advanced-threats/167901091/security/client-security/231901086/banking-trojans-adapting-to-cheat-out-of-band-security.html

but it is the future so either we embrace it (with caution) or don't as we see fit.

 

[Corazon]

Interestingly enough, some credit card companies let you generate virtual CC numbers and associate them with your real credit card for one-time use on any shopping website...when making a purchase you simply enter the virtual CC number instead of your real one.
The transaction goes through as usual but the shopping site never learns your actual CC number - only the CC issuing company knows how to use the virtual CC number, and it only works once.

Athene: dankeschön, und gruezi zurück!