Security threats-online banking transactions

Tips on how to secure your online banking transactions

14:44 23 July 2013

Owing to the presence of hundreds of inactive Hotmail accounts, Microsoft has reportedly taken steps to delete emails and contacts for accounts that have not been opened for at least 90 days and email addresses recycled. It does not end there because apparently if the recycled Hotmail address is being used by its former owner for other services like Facebook, then it may become a security risk.

Latest technology has brought online banking transactions to a new level. Banks highly prefer and encourage their clients to conduct their transactions online. It provides a cheaper alternative to service their clients. Bank clients actually find online banking much preferable as they can do their transactions right in the comfort of their homes or even they are in a different location across the globe.

However, there is a third party that highly agrees with the advantage of online banking and they are the cyber criminals that prey on the clients’ bank accounts, that may steal money, financial records and passwords. In the past the cyber crooks have found ways to access bank accounts through banking Trojans.

The banks are doing all they can to step up security measures to mitigate the cyber attacks to their clients to ensure the security of transactions  and reduce, if not totally eliminate online banking fraud.

Clients can also do their part in protecting their accounts and not becoming easy victims for these crooks by doing the following:

• Using just one PC dedicated just for the use of online banking transactions
• If possible have two authorized individuals to approve the transactions
• Create a strong password consisting of 15 characters, possibly a mix of numbers and letters
• Arrange with your bank to get notifications every time an online transaction transpires
• Check your balances every day or least very regularly. If you notice a fraudulent transaction, you can alert the bank to stop the transaction before funds are moved
• Use locked down computing to have a more secured channel to the bank’s server