Is there a high risk in online banking?
Monday, November 9th, 2009
at
8:54 pm
dk48 asked:
What are the chances of someone accessing my account?
What are the chances of someone accessing my account?
Filed under: Online Banking
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As long as you clear out your history cache and have a decent password, the encryption technology of the bank site should always keep you safe.
The risks from online banking are much lower than writing checks. Think about it – when you write a check you’re handing a stranger a document with your complete account number and the routing and transit number of your bank. You’re also providing personal identifying information (name, address, and phone number) and a genuine copy of your signature. The only thing you’re not handing out, by giving someone a check, is your Social Security number. Actually, some people actually have their SSNs printed on their checks!
Right now, only 11% of identity theft comprises occur online. The other 89% occur from stolen credit cards, stolen checks, intercepted mail, rummaging trash cans, etc.
You must take precautions, such as keeping your anti-virus software updated and having a firewall, but online banking can be more safe than traditional methods. Don’t save sensitive documents like loan applications and tax returns to your computer’s hard drive. Don’t respond to e-mails asking you to provide your account numbers (phishing). Don’t access online banking from a public computer. Don’t give out personal identifying information that could be used to compromise your accounts.
Also, check your accounts daily or very frequently online. If you find that you have been compromised (accounts accessed by someone other than you) notify your bank immediately in writing by certified mail. Federal law allows you up to sixty days to notify your bank of a fraudulent transaction. If you report a compromise within two business days, your maximum liability is $50. If you report it within 60 days your maximum liability is $500. After that, you can lose all the money in your account, so you have to pay attention.
~~If you have a good security system on your computer, you are fine. You need firewalls, and I suggest if you use a wireless modem, you also keep it password protected. I’ve used it for years (I have McAfee and my cable company has a firewall), and I have never had any problems, nor do I know anyone who has. For the best info on how to set up your computer for security go to it’s free, and she talks like a normal person. Sign up for her newsletters they are very helpful and informative~~