Protecting your privacy is a major concern for all people that surf the Internet everyday, but when it comes to being safe with online banking extreme precautions should be applied.
The World Wide Web is plagued with criminal activities such as identity thieving, financial scams, phishing, and many other fraudulent activities.
However, the number of banks and financial institutions with an online presence increases every day, because the Internet is a convenient way to offer their products and services, at the time that communication with consumers is easier.
From this approach, consumers have numerous advantages over traditional or telephone banking, managing their accounts from a central location without leaving their homes or offices.
Considering the banking expansion, new tools for safe banking are being developed every day, but there is no better tool that your educated decision and common sense, being aware of possible any fraud activity.
The way to avoid costly mistakes is by asking, if you get a surprising message from your bank urging you to login and update your information, it is more likely that someone is trying to victimize you. Therefore, a quick phone call to your bank can confirm what you already should know: most financial entities will not ask you to do so.
Before enrolling in online banking, make sure of its legitimacy, confirming that your deposit is federally insured. After this basic security routine, learn more about the service and understand your rights and obligations as a consumer.
If there is something that is not clear, get assistance from financial advisors or banking regulators. The "About us" section is the source to find guidance, otherwise contact the Federal Deposit Insurance Corporation (FDIC) for more information about the institution and its offerings.
Privacy should remain your major concern to avoid identity theft so make sure to keep your personal information private and secure. As of July 2001, all banks are required to provide their customers with a copy of their privacy policy.
Sometimes your information will be shared with affiliates of the bank or other parties for helping to drive products and services that you might need. Even though, it is your right to refuse to get your information shared with others and banks must stick to your wish.
Online transactions are made through a public network: the Internet. It is the responsibility of your bank to provide you with guidance about security practices to keep your credit cards and accounts numbers, Social Security number and other personal information safe.
Data encryption, secure passwords, and personal identification numbers (PINs) are the common methods to keep you safe within your online banking service.