Share your opinion about safety of online banking

[gautam7]

Thank you everyone for stating your valuable opinion. I am using online banking for a few months and really really liking it, its very convenient. And as for added security i am thinking to open a secondary account with a bank where i will keep small amount of money and do all kind of online transaction form this secondary account so if something does happen i hope i won't feel like thunderbolt hiting my head ( My bank expressedly said if something unfortunate happen bank won't take responsibility and advised to never share passord etc and some general security measure which i already know ) Also as i stated in my first post all the bank in india offer added security by giving a instant 8 digit password in my mobile phone which i have to enter to make a transcation possible. So even though a hacker get my password and log in id they won't be able to do anything because they won't have my mobile with them right?

Only concern is what would happen if banks server got hacked and something happen from their side ( when i asked them about this they said never to worry about that and their attitude is like they are unbeatable. Can you believe it?)

 

[Dwarf]

I use Internet/Online Banking, and have never had a problem with it. Just make sure that you type in your bank's URL by hand (never click on any links, even in emails that purport to come from them) and make sure that you are fully up to date with your security programs.

There are many people who have qualms about banking online, but in reality it is no different paying for something online on your own computer and going into a shop and paying for something there using your card and a chip/pin machine. In both cases, the information is transferred to your bank via the Internet infrastructure.

As regards absolute security, this has never been 100% achievable as there are always ways to circumvent it (even the computers at the Pentagon, arguably the world's most secure, have been hacked in the past).

So long as you take all reasonable precautions (including checking your account(s) on a regular basis), you shouldn't have any problems.

 

[seavixen32]

Thank you everyone for stating your valuable opinion. I am using online banking for a few months and really really liking it, its very convenient. And as for added security i am thinking to open a secondary account with a bank where i will keep small amount of money and do all kind of online transaction form this secondary account so if something does happen i hope i won't feel like thunderbolt hiting my head ( My bank expressedly said if something unfortunate happen bank won't take responsibility and advised to never share passord etc and some general security measure which i already know ) Also as i stated in my first post all the bank in india offer added security by giving a instant 8 digit password in my mobile phone which i have to enter to make a transcation possible. So even though a hacker get my password and log in id they won't be able to do anything because they won't have my mobile with them right?

Only concern is what would happen if banks server got hacked and something happen from their side ( when i asked them about this they said never to worry about that and their attitude is like they are unbeatable. Can you believe it?)

You could open a PayPal account for online shopping although to be fair even this account would would be linked to your bank and/or credit card account.

I think the key here is vigilance all the time. I check my bank account daily and whenever I set up a new transaction I'm always notified by e-mail and asked to confirm it.

 

[tom982]

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.

I came across this the other day and thought it would be a good reply to this post:

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

Have you seen this?

Maximum PC | Researchers Break Open SSL/TLS Decryption

 

[gautam7]

Hi guys, just found out an interesting poll result about safety of online banking where 79% people voted its unsafe.
http://malwareresearchgroup.com/2011/11/01/is-online-banking-safe-mrg-effitas-poll-results/

 

[seavixen32]

If that poll is based on accurate research, one has to ask why so many people use online banking.

I would suggest it's because they are fed up with long queues and surly bank clerks trying to sell you financial products you don't want or need rather than fears of online fraud.

The banks themselves welcome online banking because it reduces costs and will reimburse you if fraud has taken place.

Caution, yes, but fear? No.

 

[jimbo45]

Hi there
I'm quote happy with mine

In order to logon I have of course to enter my full name and membership number and the last 4 digits of ANY DEBIT or CREDIT card that I have that the Bank issued me.

I THEN have to insert the same card into a little card reader thing (stand alone device with a numeric keyboard--NOT attached to the computer) and enter press a key marked IDENTIFY. I then have to enter the pin number of the card and press enter --- a random set of digits appears which I then type into a field called "pinsentry" on the computer.

If the numbers match I get logged on --- fine, safe and almost totally uncrackable. - No card or No machine -- no access.

When buying online also an extra security popup appears where it asks me to insert random positions of a memoriable word I created when I originally signed up for the online Banking account.

What I also like too is the Instant Online Chat for some services

No more HORRIBLE OFF SHORE CALL CENTERS -- I HATE THOSE THINGS WITH A PASSION --Long waits, endless circular trips around a menu system that has every possible option on it except what you want and call center people - usually who have - at least to me - unitelligible English accents and who obviously are reading from scripts so are unable to answer even the slightest topic that's not on the scipt

--totally HORRIBLE experience and thank goodness their days are surely numbered now.

Online Banking seems to be one thing the Banks are beginning to get right.

Cheers
jimbo