How to Avoid Online Banking Fraud

by Gil on May 14, 2017

There are many frauds or scams circulating in the Internet. We should be very careful against them especially in protecting our bank accounts or online investments like stock and life insurance accounts.

Online banking fraud is one type of online scams with the intention of stealing the user’s personal information such as login ID, password, bank account number and other confidential personal data. In order to avoid becoming a victim of fraud, there are some ways you must do to safeguard your bank account and other financial information.

How to Learn Security when Using Online Banking?

A secure site has a sign usually of VeriSign, a security company that assure the site your visiting is secured from hacking or fraud. Typically, almost all banks and those that involves payment system in the Internet has VeriSign logo or certificate in their website. Some banks use different kind of security features other than VeriSign like Comodo.

In addition, instead of common http in the web site’s URL address, a secured website has https. You will notice also the change in color of the left side of address bar to blue or green when you visit a high security site.

All websites of bank companies have https URL address each time you visit their site. In this way, you will able to know that data you are entering when you login to your Internet banking account are secured.

Tips to Prevent Online Banking Fraud

In order to avoid online banking fraud, you must consider the following tips every time you use Internet banking or accessing your online stock account.

1. Protect your Password

Make sure it is difficult to guess and that you change it regularly. Do not write it down or share it with anyone but make it sure you will remember it easily.

In making a password, combine capital and small letters, numbers and symbols so it would be harder for other people to guess it. Moreover, avoid using password that is related to your personal information like the names of your kids or wife, birthdays and place of birth.

2. Avoid Phishing emails or websites

Beware of any phone, mail or email contact requesting you to verify your personal ID or statement information. Do not disclose any information related to your bank account or any financial accounts to persons requesting to know it.

Do remember that bank employees have no right to request and get your login name and password that you are using for your online banking. If these people keep insisting to acquire your personal information, there’s a high chance that they are fake employees of the bank. Don’t give it to them.

3. Log in to Authentic Online Banking Website

Make sure you are logging in to your online banking’s authentic website. Many sites replicate the appearance of some bank web sites so they can steal the user’s log in ID and other personal information.

One good ways to do this is to always bookmark the website of the bank. So every time you want to access your bank account, simply use the bookmark website in your browser.

4. Log Out Always

Always log-out your account particularly when you use it at public establishments like libraries and Internet shops. The safer way is not to use online banking in computer shops because many people are using these computers.

Even when you are at home or office, it is always better to log out your account so no other people can access it. Be responsible and on guard.

5. Install Anti-virus and Firewall

Install a firewall and anti-virus to protect your computer from all viruses and malware so it will not reach your computer and Internet connection. One free antivirus software that you can use is Avast which I’m using for more than 5 years now.

It is also recommended to do disk cleanup regularly so that temporary internet files will be removed from your computer freeing up some space in your hard drive. You should also delete your internet browsing history once in a while.

Online banking fraud is very common in the Internet so it is very important to protect your personal and online account information against this crime. You can see the tips above so you can safeguard your online banking whenever you are using it.

How do you prevent internet banking fraud and scams?

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