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GoogleOnline Banking: Best Practices for ID Security
August 1, 2007
Summary
Is online banking safe? If you take a few simple precautions, it can be safer than traditional banking.
In This Article
Introduction
Online banking and bill paying are a great convenience. But, with all the publicity about online ID theft, is online banking safe?"If done right, it's safer than traditional banking," says Greg Connor, Product Marketing Manager at Symantec. "There are no checks to be stolen from the mail, you don't have to walk around with a lot of cash, and you can quickly spot unauthorized transactions."
"But people need to apply the same caution to the virtual world that's second nature in the real world. Guard your valuables, don't give confidential information to strangers, and don't offer thieves a tempting target."
Know who you're doing business with
Online banking is missing the visual cues people are accustomed to when visiting their bank in the real world. They drive to their bank, go to a teller or an ATM, and conduct their business. Online, fraudsters can easily impersonate a bank—it is virtually free to send an email, set up a fake Web site, and collect personal information from unsuspecting victims.Consumers must use different means to help make sure the financial institution is legitimate and it's safe to transact:
- Banks should not solicit you for passwords, account numbers, or other personal information—if you get an email like this, call them using the number on your statement or credit card, not the one in the email.
- Access the online banking Web site by typing the URL into the address bar, rather than clicking links you might see in an email in an instant message, or on another Web site.
- Always check for the browser "lock" icon, but understand that this only signifies a secure communication channel, not necessarily a legitimate Web site.
- Check for anything that looks unfamiliar, unprofessional, or out of place to you.
Secure your PC
On any PC you use for online banking or commerce:- Maintain active, up-to-date antivirus, spyware, and firewall protection.
- Keep your operating system (for example, Windows® XP), browser (for example, Internet Explorer), and other applications (such as RealPlayer or iTunes) updated with the latest security patches.
- Avoid transactions at wireless hot spots or Internet cafés.
Never respond to an email, instant message, or phone call asking you to go to a Web site to resolve an account problem. This is called "phishing," a form of identity theft that depends entirely upon the victim's cooperation. These requests are NEVER legitimate.
Password protection
- Use a strong password—at least eight characters, with a combination of numbers, letters, and punctuation symbols.
- Don't use the same password for banking that you use for other online accounts.
- Keep your password safe—don't leave it in a file on your computer or in a sticky note on your monitor.
- Change your password periodically.
Practice physical security
Personal identification data is more likely to be stolen physically than online. Take these precautions:- Guard your PIN number.
- Secure your mailbox.
- Shred any documents that contain identifying information before disposing of them.
- Don't leave credit cards, bank statements, checks, or other financial documents where service workers can find them.
- Ask your bank and credit card companies not to send you unsolicited checks, credit cards, or credit applications.