Phishing

Online banking is growing in line with internet usage. This is giving rise to concern over the safety and security of online transactions. Banks are responding by stepping up online banking security measures as a means to retain confidence in internet banking.

There are many issues that pertain to security in online banking. Of primary concern is the theft of credit card details, passwords and account details that may fall into the hands of unauthorized users. Phishing attacks that attempt to extract a persons account details and hacking attempts on bank and merchants accounts all contribute to the increase in measures to enhance internet banking security.

Most of the online banks usually use the most advanced internet security systems to protect their customers from any potential fraud. Banks usually provide information on the latest encryption software which they employ to avoid password theft. The software tools employ a combination of encryption measures such as SSL technology and encryption layering to provide protection to the customer's account and personal details.

In response to the rise in internet scams, most banks now provide a common set of guidelines to inform customers about security threats and to advise clients on how to best protect themselves. You can usually find this information on the front page of the banks website. The most common elements to electronic banking security are as follows:

(i) Do not leave your online bank account open in a browser when not in use

(ii) Do not open any suspicious looking emails. Many banks issues official statements to warn customers that they will never send the customer an email asking them to click on a link from an email to log in to their account.

(iii) Be wary of hoax telephone calls that request bank details

(iv) Regularly scan for spy ware and malware to remove malicious files and key loggers

(v) Maintain up to data virus software and install a firewall.

(vi) Do not respond to fake job advertisements that require a bank account to facilitate transactions. These adds are being sent by email and placed on job sites.

Security in online banking is a joint customer and bank effort. Banks do try to keep customers informed about the latest threats and employ sophisticated technology to maintain system integrity. It is up to the consumer to install software to protect the individual's system security with a firewall and to follow best practices for keeping the computer free of viruses and Trojans.

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