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Banking on line

* * * * * 2 votes Is it safe

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20 replies to this topic

#1
tigger398

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My husband was talking about banking on line. I don't think it's safe, no matter how secure your computer is. There is still a loop hole. Does anyone do banking on line, Is it safe for you.



#2
Fez

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I have been doing it for years and have never picked up a problem. I have not been inside a bank in months, and then only to collect cards. I find it very convenient and do all my stuff online, from Forex, shares, transfers between my accounts, to normal day to day utility and other payments (I like the control I have over payments to third parties, which I can change and adjust the dates as it suits me..)

 

Have the latest anti virus and malware software (my bank supplies it online free of charge), guard your passwords and change them regularly.

 

I also have my cellphone connected to my bank accounts. Any transactions, even to buying gas sends an instant sms to my phone.



#3
LadyC

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i bank online, and have for years. is it safe? well, safe is a relative term! i've never had any issue result from using online banking. however, i've had fairly regular issues with using my debit card in real life. about every 6-8 months i have to get my debit card replaced because there has been a security breach at some store i use (michael's, target, etc.). one time i had a debit card stolen right from my purse by an unsavory guest (not my guest, but a former roommate's guest) was visiting. and i hear horror stories all the time about people with some kind of magnetic scanners that can lift your debit and credit card information from your card through thin air while it's in your pocket or purse. and we all know the dangers of having card numbers swiped by restaurant servers when they run your card, or gas station attendants, and things like that.

 

in fact, we hear more about those kind of breaches than any online banking problems. so yeah, i feel very safe using my bank online. but to make it a little safer....

 

never store your password for your bank on your computer. don't let your browser store the password either.

make your bank password include special characters... for example, let's say your password was "password". you could use P@s$w0rd. the o in word is a zero, so it has all the elements for a secure password... alpha-numeric with upper and lower case letters and symbols. plus if you use symbols or numbers (3 instead of E?), you can create a password based on a pet's name, a person's name, an event, or anything that is easy for you to remember but hard for someone else to hack.

 

also never do online banking from a cell phone unless you're on a secure private wifi network.



#4
other one

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we have been doing electronic banking for years and have had no problems that were not taken care of.   And those pertained to a debit/credit card associated with the checking account.    I do not write my passwords down anywhere, and change them regularly.

 

Our problem has been with the cards themselves.   About three times a year someone manages to get the information from one of our cards and spend as much as they can untill it's locked.   Last time they bought $800 dollars worth of Starbucks cards....  Discover called me about the time I got the first text message to ask me if I was purchasing the cards.

It was unfortunate for us though for we were driving to meet a cruise ship for a two week trip and lost the use of the card till we got back home....   it's good to have more than one just for that reason.

 

Anyway, the credit card companies always restore the funds so it doesn't cost us anything.

 

I get text messages any time our cards are used, so I know almost immediately when they are being used.  I also log onto our checking accounts often to make sure auto draft bills are being done right. (problem learned the hard way).   About the only time I go into the bank itself is to cash a check I get from someone else and I am told that there is a way to even do that.  I haven't had the occasion to need it enough to learn how.

 

Right now I am not using my phone to do business....   I have an Android phone and they have a security problem right now, however I do use my phone as a wifi hot spot and use my laptop to do business.  I am considering putting unix on that to make it even safer.



#5
walla299

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Just wanted to add that using online banking while connected to an open WiFi network is a really bad idea. Only use a secure, encrypted network WiFi connection for that. If you have to use an open wifi network, you can use a VPN to secure your connection from prying eyes inexpensively.

 

Here's a link to the service I use: https://www.privateinternetaccess.com/

 

Thier service is good, and inexpensive, and is supported for both Android and Apple phones. Works great on open (i.e. non-encrypted) WiFi connections like Starbucks, McDonald's etc. Have a look at the intro video on their page if interested.



#6
jmlusa2000

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I do some of my banking online, and have had no problems. :)



#7
ncn

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I do some of my banking online, and have had no problems. :)

 

 

I heard so does your cat , and she uses your passwords and cards.  :help:



#8
jmlusa2000

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I do some of my banking online, and have had no problems. :)

 

 

I heard so does your cat , and she uses your passwords and cards.  :help:

 

lol, yes she does. Bella is quite an intelligent cat. She knows how to max out my accounts. :wacko:

 

:24: lol



#9
Joy and love

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I like banking online. But my stupid bank keeps doing something stinking annoying every few months. It won't let me log in with my usual password. It did it about a year ago and I had to go to the bank to change it. The site regularly tells you to change your password. But I have trouble keeping track of everything mentally, so I leave it.
So now for the past few months I can't log into my bank account. It sucks because I would like to see my balance without checking it at the ATM before buying groceries. I just don't want to go into the bank to do all of that.
It also has a $10 bank fee each year. The fact I don't work this takes a big chunk out of my food money!.

Argh! Life is so annoying, everything is such a struggle...a fight to survive. Life constantly has problems in it. To do anything involves stress and bother..,for me anyway!
The only 'joys' I have even come with stress and sadness.

#10
Tropicalbound

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What most people don't realize is their bank accounts ARE online.  Just because you don't use online banking, doesn't mean your account isn't available online.

 

I use a password manager called KeePass.  I had it randomly generate a password with the maximum number of characters my bank would allow, using uppercase, lowecase, numbers, and special characters.  I could not remember this password if my life depended on it, but it would be almost impossible for today's computers to crack the passwrd hash in a reasonable time.  Here are some things to consider:

 

  • Do not use a password you used at any other site
  • Do not use free or shard WI-FI
  • Do not answer the bank's security questions truthfully (when it asked for the first name of my best friend, I used his last name)
  • Click the 'logoff' button when you're done, don't just close the web browser

Millions of people bank online everyday and very few have problems.  Just use common sense.


Edited by Tropicalbound, 31 July 2014 - 08:05 AM.


#11
FresnoJoe

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What most people don't realize is their bank accounts ARE online.  Just because you don't use online banking, doesn't mean your account isn't available online.

 

I use a password manager called KeePass.  I had it randomly generate a password with the maximum number of characters my bank would allow, using uppercase, lowecase, numbers, and special characters.  I could not remember this password if my life depended on it, but it would be almost impossible for today's computers to crack the passwrd hash in a reasonable time.  Here are some things to consider:

 

  • Do not use a password you used at any other site
  • Do not use free or shard WI-FI
  • Do not answer the bank's security questions truthfully (when it asked for the first name of my best friend, I used his last name)
  • Click the 'logoff' button when you're done, don't just close the web browser

Millions of people bank online everyday and very few have problems.  Just use common sense.

 

:thumbsup:

 

And Don't Let Your Browser Save Your Banking (Or PayPal) Passwords



#12
Wildstar

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I use an online bank.  Look up Ally Bank.  They have a 1% interest.  You can also take money from any teller and any charges will be reimbursed at the end of the month.

 

I also use USAA and it's swell too.  They give 100 dollars after a few months of use.  



#13
walla299

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I like banking online. But my stupid bank keeps doing something stinking annoying every few months. It won't let me log in with my usual password. It did it about a year ago and I had to go to the bank to change it. The site regularly tells you to change your password. But I have trouble keeping track of everything mentally, so I leave it.
So now for the past few months I can't log into my bank account. It sucks because I would like to see my balance without checking it at the ATM before buying groceries. I just don't want to go into the bank to do all of that.
It also has a $10 bank fee each year. The fact I don't work this takes a big chunk out of my food money!.

Argh! Life is so annoying, everything is such a struggle...a fight to survive. Life constantly has problems in it. To do anything involves stress and bother..,for me anyway!
The only 'joys' I have even come with stress and sadness.

 

Sounds like the bank is enforcing a policy of forcing users to change their passwords regularly, which is a good idea even if it can be a pain sometimes. Its a great idea for important accounts because it cuts down on the chances of an account being compramised if passwords are stolen in a data breach.

 

Have a look at this site for a solution to remembering passwords and logins: https://lastpass.com/

 

There's a 1 minute video on the site that'll explain how it works, but its free, and runs on most browsers and Android/Apple phones. I don't work for the company, but have used them for years with no problems.



#14
gigman7

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It may be safer than going to the bank.



#15
other one

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It may be safer than going to the bank.

LoL.....   I hadn't thought of it but you might be right...



#16
Parker1

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I have used it at home. However, I have the files on a BitLocker partition on my computer, my Quicken program is password protected as well as each individual account. So any hacker would have to get by my secure Wi-Fi, computer and files in order to hack my accounts. The good thing about banking online is that you can frequently change your passwords and the banks/credit card companies have their own pretty tight security set-ups. I never, never use my phone for banking, though.



#17
the_patriot2014

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It's perfectly safe. Is it possible to get your info hacked? Theoretically. But its just as possible for that to happen if you go in and do it as its all computerized.

#18
OakWood

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A quick guide to making online banking safer (for newbies):

 

1/ Never store passwords or any other banking details on your computer.

2/ Make sure your computer is secure (anti-viruses, firewalls etc.)

3/ Use a keyboard scrambler if you can.

4/ Never reply to or click on any links from any emails received that claim to be from your bank or credit card company so that you can avoid phishing attacks.

5/ Make sure that your computer is 'physically' secure (do you share it with others? what happen if it is stolen?)

6/ If you have many accounts don't use the same passwords or PINS for all of them. Better to have one account cleared by thieves than all of them.



#19
Cletus

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Identity theft was the number one crime commited for over a decade in the USA. I dont know if it still is or not. From what I read most I.D.thefts didnt happen from getting hacked. It happened from someone filling out a form, turning it in to a company and an employee stealing the document or copying someones info down. Also from scammers like on the phone and some even travel around. Never ever give out you info on the phone if someone calls you, even if they know some info about you already. Its also wise not to put to much personal info on the internet. I have seen lots of people putting thier phone numbers on sites like facebook. When I use plastic to make purchases I always use one hand to cover up my other hand entering the pin number. Call me parinoid all you want, some people have been had by being careless with that. Just be careful with your info and it shouldgo well for you. Most hackers wouldnt want to risk stealing most peoples money as they dont have enough to make it worth the risk. Personally I wont use a bank, I go for credit unions. Especially federal credit unions. The one I like gives interest back on money untouched for 30 days. Its not much but its more than you get at a bank. Plus they donate to charities.

#20
Omegaman

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I have been doing online banking since 1992, and have not had any problems with it, I follow most of the precautions mentioned by others on this thread, they just make sense. My favorite features are being able to check my balance, status of outstanding checks, and being able to make payments without having to mail paper checks - saves time, postage, and the bother of recording payments in a check registry.

I like also, that my bank does not have to be a local bank, it can be anywhere in the country, perhaps even out of country. This means that instead of my local bank wanting $10 a month and not paying me any interest on my checking account (I keep vey low balances), I can shop for banks that are truly free, have no or very low minimum balance requirements, and pay relatively decent interest, and the online service is free. Some even pay you $50 to $100 to open an account. 

Some of these banks have no physical address, or perhaps one branch. I like that because to me it means that my account will not be a likely target of hackers - who would waste time going after such small fish.

Though not a feature of online banking as such, I also like to avail myself of printing my own checks, that way they look the way I want, my own design, and I can leave my name and address off if I like (for annoymous giving).

Technology is just a tool, neither good nor bad, but one can make good uses of it with a little effort. Just as the fact that people have been killed with hammers does not prevent me from owning a hammer, a few rare but bad incidents with e-banking, won't keep me from it's advantages.

For someone like me, who does not drive, it is especially useful, to not have to go to a bank in person, and most of the time, never have to use the mail either - I only do that for the few check I may receive in paper form, and even those I can send a picture of electronically if I like.

Not wanting to make anyone paranoid . . .  but just as I can print my own checks, others can print them also. If one has the routing number and account number (on every check and/or deposit slip), one can print a check for that account. So, if you write a check, and send it through the mail, or hand it to a cashier at the market, or write one as a gift to your friend and her druggie computer savie kid finds it, he can make checks for your account. Chances are, that if you pay close attention to your account, and especially if you get your paper checks back in the mail, you will likely notice such activity, and probably won't end up losing the money in the long run. However, dealing with it can be a real hastle, Therefore, I like the electronic aspect, because I feel better, the fewer people there are handling my paper trail.






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