Is Online Banking safe?
Online banking opportunities offer consumers constant access to critical financial information and provide easy, no postage required mechanisms for paying bills and dumping account information into financial management programs. That said, there are safety precautions that consumers should abide by to prevent fraud or other illegal activities. In short, when done properly, online banking can be incredibly safe, but if you don’t follow instructions you open yourself up to potential problems. Make sure that your online bank is insured by the Federal Deposit Insurance Corporation, otherwise known as the FDIC. If your bank is part of a large, established brick and mortar institution, you’re almost guaranteed to have FDIC protection. If the bank somehow goes out of business or otherwise defaults on its obligations to consumers, the federal government will insure your account up to $100,000 (or more given certain circumstances). Just because your online bank doesn’t have FDIC protection, how
Most of us would be uncomfortable carrying a few thousand dollars in cash, but at least you would know how to avoid risks. Are you equally confidant online? Online banking can be safe, but just like in the physical world that depends on you. You must pay careful attention to what you do, where you go and most of all recognize that a whole lot of unsavory characters can cross your path in the online world. Even on your own PC. You may have heard of risks like phishing and keyboard logging, but do you really understand how to avoid them? Can you tell if you are really connected to your bank, or if you have a secure connection? Here are a few insights into the risks you are facing when banking online, and some do’s and don’ts to keep you safe. Risks 1. Stolen Passwords At the root of Internet security problems is over-reliance on passwords to protect your identity, accounts and assets online. Imagine you could withdraw money at an ATM by just entering a PIN code. No ATM card required. Wou
