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While online banking is convenient for consumers and profitable for financial institutions, online banking market consumers still need to remain vigilant about their own security measures.
Despite encryption and countermeasures initiated and employed by financial institutions, cyber-crooks continue to devise new methods to fraudulently obtain your financial information. How, then, can you increase your security when you bank online?
Insist on Satisfactory Security Levels
Before you enter into an online banking agreement, thoroughly read the bank's policies and understand its security measures. Ensure that the bank's security systems use Secure Socket Layer (SSL) encryption technology. The bank should utilize more than the two-factor authentication process the FDIC recommended to financial institutions in 2004 as basic steps to reduce online fraud in the online banking market. Typical authentication includes username, password, and a third identifier. Bank of America (B of A), for example, uses the SiteKey, a unique image you choose that is displayed before you are asked to provide your passcode. Bank of America also protects its online banking customers from unauthorized activity on their accounts with it $0 Liability Guarantee, computer anti-virus protection, firewalls, and continual advancements in security measures.
Keep Login Details and Password Secure
Once you receive your login and password confirmation from the bank in the mail, keep it in a secure location. Change your password regularly and never disclose it to another, even family members. Uncheck any boxes to remember login and password on your computer when you visit any site.
Monitor all Online Banking Activity
Report any suspicious activity immediately to your bank. In addition, verify your canceled checks online. Sign up for direct deposit to eliminate mail fraud. Set up email alerts to notify you of suspicious account activity. Pay and receive bills online.
Use Anti-Virus Software Protection
Install and use anti-virus software protection on your computer. Use the automatic update and regularly scheduled scanning to protect your computer from viruses, spyware, malware, Trojan horses, hackers and other forms of cyber attacks.
Educate Yourself
As the online banking market continues to grow, ensure that you know the latest security measures and protections available to you as an online banking customer. Contact your bank to obtain more information and keep current with state-of-the-art developments in online banking market security.
Gain Security In The Online Banking Market
