Tuesday, 4 November 2014

Online Banking : 8 Security Tips that You Must Know (Part 2)

Yesterday we discussed on the first four tips on Online Banking. Today, I will cover the remaining 4 tips which you must know to minimise the risks to your finances and bank safely online.

Your safety online is not to be taken lightly.

5. Access your accounts from a secure location

It’s always best practice to connect to your bank using computers and networks you know and trust.

Look for a small padlock icon somewhere on your browser and check the address bar – the URL of the site you are on should begin with ‘https’. Both act as confirmation that you are accessing your account over an encrypted connection.

6. Always log out when you are done

It is good practice to always log out of your online banking session when you have finished your business. This will lessen the chances of falling prey to session hijacking and cross-site scripting exploits.

You may also want to set up the extra precaution of private browsing on your computer or smart phone, and set your browser to clear its cache at the end of each session.

7. Set up account notifications (if available)

Some banks do allowed customers to set up SMS or email notifications to alert them to certain activities on their account. Such alerts could give quick notice of suspicious activity on your account.

8. Monitor your accounts regularly

Monitoring the your bank statement each month is good practice as any unauthorized transactions will be sure to appear there.

However you should not wait until the end of month to discover a discrepancy. With online banking you can access your account 24/7 so take advantage of that and check your account on a regular basis. If you notice any abnormal activities, contact your bank immediately.

Everyone should enjoy the advantages of online banking without experiencing any of the pitfalls, especially now where the charges per transaction has been reduced to RM0.10 on interbank transfer.

Safe banking to you all!

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