Technology has made banking very easy: Many banking functions are now available to you 24X7 and at your finger tips via the mobile. But the flip side of the coin has now shown up.

With all the advantages that the world of internet banking offers, there are certain risks involved, which remain huge concerns for the users.

If a recent survey by Telenor is to be believed Indians are losing more money to online fraudsters than their Asian counterparts.

As per the statistics, 36% Indians were cheated online, which is about Rs 8.19 lakh average financial loss per person from Internet scams, compared with Rs 6.81 lakh per person in Asia.

The survey further reveals 17% of the respondents have fallen prey to fake bank e-mail fraud.

To help you experience safety while using your online banking platforms, we will examine closely the security risks involved and best practises to keep you safe.

• What Are the Common Online Banking Frauds?
• How Can I Make my Online Banking More Secure?
• Which Banks have the Best Online Security?
• What Transactions can you Perform with an Online Account?
• Which of the Following is Correct to Follow While Banking Online?
• Can Online Banking be Hacked?
• Is Internet Banking Safe on Mobile Phones?
• What Are 4 Best Practices For Keeping Your Online Banking Information Secure?
• How Can I Secure my Online Transactions?
• Which Antivirus is Best For Online Banking?
• How do Banks Ensure Security
• Online Banking Security Measures
• Safest Way to do Online Banking
• Best OS For Online Banking
• Online Banking Security Issues
• Secure Online Banking NBT
• Which App is Secure For Online Payment?
• How do You Know if am Online Transaction is Secure?
• Should You Carry Out Internet Banking on Mobile Phones?
• Which Bank Has The Most Secure Online Banking?

What Are the Common Online Banking Frauds?

There are various ways in which fraudsters may try to deceive you into giving them your personal and security details. Here are some of the common online banking frauds that are prevalent.

Read Also: Are Banking Profits Ethical? If not, Why?

Trojan

Trojan is an internet virus that gets installed in your computer while browsing internet or downloading from unsecured websites. . Once a Trojan is installed in your system the malware monitors your online activities and reads/steals sensitive information such as passwords and credit card numbers etc.

Phishing Emails

As the name suggests, these are fraudulent emails, claiming to come from the authorised channel.

Further explaining the Phishing scams, Deepak Kinger, Vice President, Banking and Financial Services, VirtusaPolaris, a financial technology firm serving leading software vendors in banking & financial services, said, “Phishing involves installing ‘malware’ or ‘spyware’ that reads sensitive client information including client details, passwords and PINs at the point of contact on channel.

This channel could be an ATM, internet banking site, mobile banking app or the payment interface on an ecommerce site.”

Money mule / Additional income email scam

Money Mules are unaware victims, invariably job-seekers and those seeking to make easy-money online. They are lured by fraudsters posing as coming from companies with websites and offering them high commission to get a small job done or huge salary for a part time work from home job.

Such fraudsters will either ask you for an upfront payment as an investment, that will get you stupendous returns or offer you a commission to make transactions using your account.

He will ask for your bank account details and deposit money in it and then further direct you to transfer it to accounts of other money mules on commission basis. This transferring of funds could lead you into criminal misdemeanours.

Speaking about the risks involved in using smart phones, Kinger said, “In today’s context, the threat of fraud happening on the mobile channel is a lot higher than the other channels.

Many users install apps on their phones that grant unconditional access to their data and other apps installed on the phone.

These ‘malware’ apps can then monitor your inputs on a mobile banking app for example and retrieve sensitive data to be passed on to the app owner.”

How Can I Make my Online Banking More Secure?

1. Always use genuine anti-virus software
To protect your computer from phishing, malware, and other security threats always use genuine anti-virus software. Anti-virus helps in detecting and removing spyware that can steal your sensitive information.

2. Avoid Using Public Wi-Fi or Use VPN software
The biggest threat of an open Wi-Fi network is that the hacker can sit in between the end user and the hotspot and can trace all the data without any difficulty.

Hackers see unsecured connection as an opportunity to introduce malware into your device. So, usage of public Wi-Fi hotspots for internet or mobile banking and making payments on ecommerce sites should be avoided.

However if you are a regular public Wi-Fi user, consider setting up a VPN software on your computer. It creates a secure tunnel between the computer and the internet and prevents hackers from intercepting the traffic.

3. Check for latest updates of your Smartphone’s operating system
Smartphone users should make sure their operating system is updated with the latest security patches and updates.

They should also not remove the security controls from the phone often called ‘jail breaking’ or ‘rooting’. They should always look to restrict access that apps ask for when being installed to only what the app really needs.

4. Change your password regularly and ensure it’s a strong one
This might sound clichéd but, it is important to keep your account safe and helps you maintain confidentiality. And needless to say, don’t share your details with anyone.

Your bank will never ask for your confidential information via phone or email. If you have written your banking passwords in a notepad or a dairy, make sure it remains confidential.

Further, be sure to choose strong and long passwords. For additional security to financial transactions through Internet Banking, create and maintain different passwords for log-in and for transactions.

5. Subscribe for mobile notifications
If you haven’t done it already, do it now. These notifications will alert you quickly of any suspicious transaction.

Whether the transaction exceeds the specified limit or is within it, you’ll get an alert which will tell you the remaining account balance. Not just the transactions, the bank will alert you of the unsuccessful login attempts to your net-banking account.

6. Avoid signing-in to your net-banking account via mailers
It is always safer to type the bank URL yourself than getting redirected to it via a promotional mail or any other third party website.

As mentioned earlier a bank will never ask you to for the login credentials to your account. So if there’s a fraudulent email which offers to redirect you to your bank’s website and you enter your personal details on landing page after clicking it, there’s a huge risk of your login credentials being stolen.

Hence, if you receive an email from a bank asking for login details, treat it with suspicion.

How can I tell if a web page is secured?
Usually, while browsing internet, the URLs of the website begin with the letters “http”. However, over a secure connection the address displayed should begin with “https” – note the “s” at the end.

So, while logging on, check for ‘https://’ in the URL, which assures that all communications between your browser and the website are encrypted and ensure that it is your bank’s authentic website. Further, the lock icon before the ‘https://’ is an assurance for a secure connection.

7. Do not use public computers to login to net banking
If you are using a public computer, the risk of compromising your login credentials is higher.

However if you have to login from such places, make sure you clear the cache and browsing history, and delete all the temporary files from the computer. Also, never allow the browser to remember your ID and password. Or just go incognito.

8. Check your account regularly
Most banks have a ‘last logged in’ or ‘login history’ tab on their web sites. So, if you notice irregularities change your password and get in touch with your bank immediately.

Points to note while using mobile banking and ATM cards
1. “For mobile banking, consumers should only use the official app provided by the bank and downloaded only from official app stores of Apple, Google and Windows.

They should specially be careful of ‘aggregator’ apps that claim to provide a consolidate account views across banks – they may contain some virus / malware,” advises Kinger.

2. Explaining the modus operandi and ways to avoid card skimming, Kinger said, “In the case of card skimming, fraudsters install a device on the top of the card reader in ATM machines that blends in with the ATM equipment and stores the credit / debit card details.

This information is then retrieved by the fraudster by copying it onto another blank card’s magnetic stripe and used to make purchases or withdraw cash in the name of the actual account holder.

So, while using cards at ATMs and merchant outlets, users should always look for suspicious looking equipment that overlays the card reader to prevent card skimming.”

Which Banks have the Best Online Security?

The number of people who bank online has risen dramatically over the last 10 years.

According to figures from the Office for National Statistics last year, around seven in every ten people use the internet in order to bank, having doubled from the 35% registered a decade beforehand.

It’s third only to email and finding goods and services in terms of our most common activities online, and has been pointed to as a driver in the decisions by banks across the country to start closing branches.

But there remain concerns over just how safe if it is to handle your banking matters on the move.

Now consumer site Which? has run the rule over the online banking systems served up by the nation’s big names to see just how safe they are to use.

What makes a secure online banking service?

Which? looked at a handful of important features when assessing the security served up by the online banking on offer.

The first feature is the login ‒ the information you need to enter in order to gain access to the account details.

A big selling point here is two-factor authentication, which is where having the username and password isn’t enough ‒ you’ll also need to enter some other form of single-use code which is generated on your connected device.

The simple fact is that setting a complicated password isn’t enough, and banks are being pushed towards beefing up the level of authentication needed in order to log into an account.

However, there are evidently still quite a few lagging behind on this front.

Another factor assessed by Which was the level of encryption, which is where the data is scrambled so that nobody other than you or your bank can read it.

It checked whether best practice security headers were being utilised, and also whether there were any areas open to hackers. 

Next up was account management and the sort of checks in place before you can add ‒ and start making payments to ‒ another account.

While banks were praised if they sent notifications to flag up any potentially suspicious activity on your account, they were marked down if these messages included a phone number or link to a login page, since that is so similar to the sort of model employed by scammers.

And finally Which? looked at the navigation and logouts from the account.

The bank’s score took a hit if they allowed you to log in from multiple browsers or computers at the same time, or if they permitted you to move backwards and forwards within the browser without needing to sign in again. 

Here’s how the 12 banks tested by Which? shaped up in these various elements (scored out of five), and their overall score, as a percentage.

Bank	Login	Encryption	Account management	Navigation / logout	Overall score
NatWest/RBS	5/5	5/5	4/5	4/5	83%
Nationwide	4/5	5/5	4/5	5/5	75%
Lloyds/Bank of Scotland/Halifax	5/5	4/5	5/5	4/5	74%
HSBC	4/5	4/5	4/5	5/5	73%
Barclays	4/5	5/5	4/5	4/5	73%
Tesco Bank	5/5	5/5	1/5	4/5	72%
First Direct	4/5	4/5	4/5	5/5	70%
Yorkshire/Clydesdale Bank	5/5	4/5	2/5	4/5	68%
Santander	3/5	4/5	4/5	4/5	59%
Metro Bank	2/5	4/5	4/5	4/5	57%
The Co-operative Bank	2/5	4/5	4/5	4/5	56%
TSB	2/5	4/5	4/5	4/5	50%

It’s notable that even the poorer performers in this table still score well in at least three of the four categories, just falling down in one area.

TSB and the Co-op, for example, are right at the bottom of the table, paying the price for what Which? sees as a duff login process.

However, it’s the banks that are consistently excellent across the board that take the top spots ‒ with the exception of Tesco Bank, each of the top seven do not have a single score lower than four out of five in any category.

There are a host of different reasons for picking a bank account, from the interest rate on offer for credit balances, to how it handles overdrafts.

But clearly putting at least some time into researching just how secure a bank’s online processes are is vitally important too. 

According to data from the banking trade body UK Finance, there were almost 32,000 cases of remote banking fraud in 2018, which encapsulates online, mobile and telephone banking.

In total, victims lost a whopping £152.9 million. And while both the number of cases, and the value of the amount stolen, fell from the previous year, that’s still far too many people ending up out of pocket.

There’s no point making the most of an account paying cashback on your bills if somebody else gets to enjoy the money rather than you!

What Transactions can you Perform with an Online Account?

With online banking, consumers aren’t required to visit a bank branch to complete most of their basic banking transactions. They can do all of this at their own convenience, wherever they want—at home, at work, or on the go.

Online banking requires a computer or other device, an Internet connection, and a bank or debit card. In order to access the service, clients need to register for their bank’s online banking service.

In order to register, they need to create a password. Once that’s done, they can use the service to do all their banking.

Banking transactions offered online vary by the institution. Most banks generally offer basic services such as transfers and bill payments.

Some banks also allow customers to open up new accounts and apply for credit cards through online banking portals. Other functions may include ordering checks, putting stop payments on checks, or reporting a change of address.

Checks can now be deposited online through a mobile app. The customer simply enters the amount before taking a photo of the front and back of the check to complete the deposit.

Online banking does not permit the purchase of traveler’s checks, bank drafts, certain wire transfers, or the completion of certain credit applications like mortgages. These transactions still need to take place face-to-face with a bank representative.

Some banks operate exclusively online, with no physical branch. These banks handle customer service by phone, email, or online chat. Online banking is frequently performed on mobile devices now that Wi-Fi and 4G networks are widely available. It can also be done on a desktop computer.

These banks may not provide direct automatic teller machine (ATM) access but will make provisions for consumers to use ATMs at other banks and retail stores.

They may reimburse consumers for some of the ATM fees charged by other financial institutions. Reduced overhead costs associated with not having physical branches typically allow online banks to offer consumers significant savings on banking fees. They also offer higher interest rates on accounts.

Prominent online banks in the United States include Ally Bank, Bank5 Connect, Simple Bank, Discover Bank, and Synchrony Bank.

Which of the Following is Correct to Follow While Banking Online?

Online banking is nice and convenient. But it does come with certain risks. Just as you hear of people being robbed at ATMs, or having their cards cloned, so online accounts are also a point of vulnerability.

Follow these 8 tips and you can minimise the risks to your finances and bank safely online:

1. Choose an account with two factor authentication

Try to get a bank account that offers some form of two factor authentication for online banking.

These days many, but not all, banks offer a small device that can be used to generate a unique code each time you log in. This code is only valid for a very short period of time and is required in addition to your login credentials in order to gain access to your online account.

2. Create a strong password

If your bank requires a user-generated password in order to access online accounts make sure you choose one that is strong. The best way to achieve this is by making it long and a mix of upper and lower case letters, numbers, and special characters.

Always avoid using any common words or phrases and never create a password that contain your name, initials, or your date of birth. If your bank allows it, change your password every few months.

When setting up online banking, if your bank asks you to provide answers to some standard security questions remember that the answer you give doesn’t have to be the real one.

So you don’t have to answer “Thumper” to the name of your first pet – make it something else, as if it was a password. Use a password manager if you are concerned about how to remember everything!

3. Secure your computer and keep it up-to-date

Security software is essential these days, regardless of what you use your computer for.

As a minimum, make sure you have a firewall turned on and are running antivirus software. This will ensure you are protected from Trojans, keyloggers and other forms of malware that could be used to gain access to your financial data.

You’ll also want to keep your operating system and other software up-to-date to ensure that there are no security holes present.

4. Avoid clicking through emails

No financial institution worth their salt will send you an email asking you to provide any of your login details.

If you receive an email that appears to be from your bank that asks for such details then treat it with suspicion as it may well be a phishing attempt to trick you into handing your credentials over.

Likewise, be aware of links in emails that appear to be from your bank – this is a trick often employed by the bad guys to get you onto a website that looks like your bank. When you log in to ‘your account’ they will steal your username and password and, ultimately, your cash.

It is always safer to access your online bank account by typing the address into your browser directly.

Also, be aware of unsolicited phone calls that purport to be from your bank. While your financial institution may require you to answer a security question, they should never ask for passwords or PINs (they may ask for certain letters or numbers from them, but never the whole thing).

If in doubt, do not be afraid to hang up and then call your bank back via a telephone number that you have independently confirmed as being valid.

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.

But if you need to access your bank online from remote locations you might want to set up a VPN (Virtual Private Network) so that you can establish an encrypted connection to your home or work network and access your bank from there.

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 offer a facility for customers to set up text or email notifications to alert them to certain activities on their account. For example, if a withdrawal matches or exceeds a specified amount or the account balance dips below a certain point then a message will be sent.

Such alerts could give quick notice of suspicious activity on your account.

8. Monitor your accounts regularly

It should go without saying that monitoring the your bank statement each month is good practice as any unauthorised transactions will be sure to appear there.

But why wait a whole month to discover a discrepancy? With online banking you have access 24/7 so take advantage of that and check your account on a regular basis. Look at every transaction since you last logged in and, if you spot any anomalies, contact your bank immediately.

The above tips should go a long way to ensuring that you enjoy the advantages offered by online banking without experiencing any of the pitfalls.

Can Online Banking be Hacked?

With so many users making the jump to internet banking, it’s no wonder that hackers are on the hunt for login details. What may be surprising, however, are the lengths that hackers go to in order to access your finances.

The risk to your bank account from hackers is real. However, this section will discuss the ways hackers can gain access to your savings and clear you out, and how you can protect yourself.

1. Mobile Banking Trojans

These days, you can manage all of your finances from your smartphone. Usually, a bank will supply an official app from which you can log in and check your account. While convenient, this has become a key attack vector for malware authors.

Fake Apps

The simpler means of attack is by spoofing an existing banking app. A malware author creates a perfect replica of a bank’s app and uploads it to shady third-party sites. Once you’ve downloaded the bad app, you enter your username and password into it, which is then sent to the hacker.

App Hijacking

The sneakier version of this is the mobile banking Trojan. These aren’t disguised as a bank’s official app; they’re usually a completely unrelated app with a Trojan installed within. When you install this app, the Trojan begins to scan your phone for banking apps.

When it detects a banking app being launched, the malware quickly puts up a window that looks identical to the app you just booted up. If this is done smoothly enough, the user won’t notice the swap and will enter their details into the fake login page. These details are then uploaded to the malware author.

Typically, these Trojans also need an SMS verification code to complete the hack. To do this, they’ll often ask for SMS read privileges during install, so they can steal the codes as they come in.

How To Defend Yourself

When downloading apps from the app store, keep an eye on the amount of downloads it has. If it has a very low amount of downloads and little to no reviews, it’s too early to call if it has malware or not.

This goes double if you see an “official app” for a very popular bank with a small download count—it’s likely an imposter.

Likewise, be careful with what permissions you give apps. If a mobile game asks you for SMS read permissions with no explanation as to why it wants them, stay safe and don’t allow the app to install. Never install apps from third-party sites, as they’re more likely to contain malware.

2. Phishing

As the public becomes savvy toward phishing tactics, hackers have escalated their efforts to trick people into clicking their links. One of their nastiest tricks is hacking the email accounts of solicitors and sending phishing emails from a previously-trusted address.

What makes this hack so devastating is how hard it would be to spot the scam. The email address would be legitimate, and the hacker could even to talk to you on a first-name basis. This is exactly how an unfortunate home buyer lost £67,000, despite replying to an email address that was previously legitimate.

How To Defend Yourself

Obviously, if an email address looks suspicious, treat its contents with a healthy dose of skepticism. If the address looks legitimate but something “seems off,” see if you can validate the email with the person sending it—preferably not over email, in case the hackers have compromised the account!

Hackers can also use phishing, among other methods, to steal your identity on social media.

3. Keyloggers

This method of attack is one of the quieter ways a hacker can gain access to your bank account. Keyloggers are a type of malware that records what you’re typing and sends the information back to the hacker.

That might sound inconspicuous at first, but imagine what would happen if you typed in your bank’s web address, followed by your username and password. The hacker would have all the information they need to break into your account!

How To Defend Yourself

Install a stellar antivirus and make sure it checks your system every so often. A good antivirus will sniff out a keylogger and erase it before it can do damage.

If your bank supports two-factor authentication, be sure to enable this. This makes a keylogger far less effective, as the hacker won’t be able to replicate the authentication code even if they get your login details.

4. Man-In-The-Middle Attacks

Sometimes, a hacker will target the communications between you and your bank’s website in order to get your details. These attacks are called Man-in-the-Middle (MITM) attacks, and the name says it all; it’s when a hacker intercepts communications between you and a legitimate service.

Usually, an MITM attack involves monitoring an insecure server and analyzing the data that passes through. When you send your login details over this network, the hackers “sniff out” your details and steal them.

Sometimes, however, a hacker will use DNS cache poisoning to change what site you visit when you enter a URL. A poisoned DNS cache means that www.yourbankswebsite.com will instead go to a clone site owned by the hacker. This cloned site will look identical to the real thing; if you’re not careful, you’ll end up giving the fake site your login details.

How To Defend Yourself

Never perform any sensitive activities on a public or unsecured network. Err on the side of caution and use something more secure, such as your home Wi-Fi. Also, when you log into a sensitive site, always check for HTTPS in the address bar. If it’s not there, there’s a good chance you’re looking at a fake site!

If you want to perform sensitive activities over a public Wi-Fi network, why not take control of your own privacy? A VPN  service encrypts your data before your computer sends it over the network. If anyone is monitoring your connection, they’ll only see unreadable encrypted packets. Picking a VPN can be difficult.

5. SIM Swapping

SMS authentication codes are some of the biggest problems for hackers. Unfortunately, they have a way to dodge these checks, and they don’t even need your phone to do it!

To perform a SIM swap, a hacker contacts your network provider, claiming to be you. They state that they lost their phone, and that they’d like a transfer of their old number (which is your current number) to their SIM card.

If they’re successful, the network providers strips your phone number from your SIM and installs on the hacker’s instead. This is achievable with a social security number, as we covered in why 2FA and SMS verification isn’t 100% secure.

Once they have your number on their SIM card, they can circumvent SMS codes easily. When they log into your bank account, the bank sends an SMS verification code to their phone rather than yours. They can then log in to your account unimpeded and drain your account.

How To Defend Yourself

Of course, mobile networks typically ask questions to check if the person requesting the transfer is who they say they are. As such, to perform a SIM swap, scammers typically harvest your personal information in order to pass the checks. Even then, some network providers have lax checks for SIM transfers, which allowed hackers to easily perform this trick.

Always keep your personal details private to avoid someone stealing your identity. Also, it’s worth checking if your mobile provider is doing their part to defend you from SIM swapping. If you keep your details safe and your network provider is diligent, a hacker will fail the identification check when they try to SIM swap.

Is Internet Banking Safe on Mobile Phones?

Bankrate.com says that online banking is less secure than a bank’s mobile app. “Some banks that have multi-factor authentication on their mobile apps don’t provide the same capability on their websites. Well-designed mobile apps don’t store any data, and you’re less likely to hear about a virus on a smartphone.” 

There are some exceptions to this, but in general, bigger banks will have better mobile apps and stronger security on them. 

What Are 4 Best Practices For Keeping Your Online Banking Information Secure?

Online banking is nice and convenient. But it does come with certain risks. Just as you hear of people being robbed at ATMs, or having their cards cloned, so online accounts are also a point of vulnerability.

Follow these 4 tips and you can minimise the risks to your finances and bank safely online:

1. Choose an account with two factor authentication

Try to get a bank account that offers some form of two factor authentication for online banking.

These days many, but not all, banks offer a small device that can be used to generate a unique code each time you log in. This code is only valid for a very short period of time and is required in addition to your login credentials in order to gain access to your online account.

2. Create a strong password

If your bank requires a user-generated password in order to access online accounts make sure you choose one that is strong. The best way to achieve this is by making it long and a mix of upper and lower case letters, numbers, and special characters.

Always avoid using any common words or phrases and never create a password that contain your name, initials, or your date of birth. If your bank allows it, change your password every few months.

When setting up online banking, if your bank asks you to provide answers to some standard security questions remember that the answer you give doesn’t have to be the real one.

So you don’t have to answer “Thumper” to the name of your first pet – make it something else, as if it was a password. Use a password manager if you are concerned about how to remember everything!

3. Secure your computer and keep it up-to-date

Security software is essential these days, regardless of what you use your computer for.

As a minimum, make sure you have a firewall turned on and are running antivirus software. This will ensure you are protected from Trojans, keyloggers and other forms of malware that could be used to gain access to your financial data.

You’ll also want to keep your operating system and other software up-to-date to ensure that there are no security holes present.

4. Avoid clicking through emails

No financial institution worth their salt will send you an email asking you to provide any of your login details.

If you receive an email that appears to be from your bank that asks for such details then treat it with suspicion as it may well be a phishing attempt to trick you into handing your credentials over.

Likewise, be aware of links in emails that appear to be from your bank – this is a trick often employed by the bad guys to get you onto a website that looks like your bank. When you log in to ‘your account’ they will steal your username and password and, ultimately, your cash.

It is always safer to access your online bank account by typing the address into your browser directly.

Also, be aware of unsolicited phone calls that purport to be from your bank. While your financial institution may require you to answer a security question, they should never ask for passwords or PINs (they may ask for certain letters or numbers from them, but never the whole thing).

If in doubt, do not be afraid to hang up and then call your bank back via a telephone number that you have independently confirmed as being valid.

How Can I Secure my Online Transactions?

Online shopping is a modern blessing, but the risk of financial data being stolen can make it feel more like a curse. Avoid that sinking feeling after clicking “Complete Transaction” by taking these steps to make sure your online transaction is secure.

1. Use a Secure Connection

Make sure that both the Wi-Fi connection and the website URL that you’re using are secure. Never share personal or financial data over a public Wi-Fi connection. If you must shop over public Wi-Fi, use a VPN (virtual private network) to add security to the transaction.

2. Use a Trusted Website

Verify the security of the website you’re using by looking for ”https” at the beginning of the URL and checking for the closed lock or unbroken key in the browser, which indicates that your data will be secure and encrypted when submitted on that website.

3. Read the Privacy Statement

Any reputable site will clearly disclose how they protect and secure your personal information, including your credit card or banking data. Taking a few minutes to read the full privacy statement is worth it to ensure that you’re comfortable with the company’s privacy practices before you complete an online transaction.

4. Opt for Credit over Debit

A credit card offers you far more protection from fraud than a debit card. It’s a warning sign if a site only accepts debit cards or other forms of payment like PayPal. If a shady online peddler gets a hold of your debit card information, they could wipe out your bank account. Always use a credit card for online transactions, especially if it’s a new company or website that you haven’t done business with before.

5. Keep an Eye on Your Accounts

Sometimes the most crucial time to verify the security of an online transaction is after the fact. Keep copies of all confirmation and order numbers, and watch your credit card statements closely for any discrepancies. If you spot anything suspicious, alert the credit card company immediately.

Which Antivirus is Best For Online Banking?

One of the best ways to ensure your online safety is by installing an antivirus software.

We’ve compiled a list of the 5 best antivirus software that will keep your computer and personal information secure so you can keep browsing, shopping, gaming, and doing more of what you love.

1. Bitdefender Antivirus Plus 2020

If you’re looking for a lightweight antivirus software, Bitdefender Antivirus Plus 2020 offers a great solution that’s easy to install and use.

Even if you’re not a tech junkie, you can still get the security you need, since Bitdefender’s interface is pretty user-friendly and the tool is easy to configure and personalize.

The company promises that the Bitdefender Antivirus Plus 2020 reacts instantly to threats without compromising your site’s performance.

Operating System: Windows

Benefits:

• Easy to install and use
• Multi-layered antivirus protection
• Safe shopping and banking thanks to a dedicated browser designed to prevent fraud
• 200MB daily traffic included, so you’ll stay protected when using public Wi-Fi

Price: $39.99/year, protects 1 device

2. Kaspersky Anti-Virus 2020

Kaspersky Anti-Virus was designed to defend your PC against the latest viruses, ransomware, and more.

The software scans your PC for threats and will help it recover after an infection. However, its protection does require quite a bit of bandwidth, which could slow your system down.

Operating System: Windows

Benefits:

• Blocks spyware, ransomware, viruses, and more
• Simplifies security management
• Reliable and accurate protection
• Easy to use
• Strong file recovery

Price: $29.99/year, protects 1 device

3. Trend Micro Antivirus+ Security

Trend Micro’s Antivirus+ offers the essential protection you need to block web threats, avoid fraud, stop viruses, and browse safely.

The software is armed to protect you from even the newest types of attacks, including ransomware. You’ll also be safe from email scams and stay aware with the Advanced AI Learning feature.

Though it’s a bit slower than other software, you’ll be able to test it out first with a free 30-day trial before making the decision to buy or not.

Operating System: Windows

Benefits:

• Easy to use
• Offers strong protection against viruses and and ransomware
• Includes Advanced AI Learning
• Email scam protection
• Includes Pay Guard

Price: $29.95/year, protects 1 device

4. ESET NOD32 Antivirus

If you’re looking for simple, efficient protection, ESET NOD32 will do the trick.

Using Cloud based scanning, ESET NOD32 will keep you safe with real-time malware protection against old and new threats, while blocking ransomware to keep your data safe from hijacking.

You’ll need to upgrade if you’re looking for more advanced features, such as protection for your smart home devices or password storage, but you’ll have a free 30-day trial period to decide which plan you need and want to purchase (if any).

ESET NOD32 is currently only available for Windows, but ESET features other products for your Mac as well.

Operating System: Windows

Benefits:

• Protects against old and new threats
• Keeps your data safe from hijacking
• UEFI scanner
• Cloud based scanning
• URL filtering to block suspicious sites

Price: $49.99/year, protects 1 device

5. BullGuard Premium Protection

If you want to protect the whole family or multiple devices, BullGuard Premium Protection might be your best option, since it allows you to cover up to 10 devices for just $99.95 per year.

The Home Network Scanner runs discreetly and automatically in the background, and their anti-malware will keep you safe from unknown threats and attacks.

You can also benefit from their Game Booster, which optimizes CPU performance while blocking pop-ups, so you can stay focused on your gaming.

Operating System: Windows, Android

Benefits:

• Game Booster
• Identity protection
• Home network scanner
• Vulnerability scanner

Price: $99.95/year, protects 10 devices

How do Banks Ensure Security?

In order to secure data, banks have to follow a 360 degrees approach to ensure that a security breach does not take place internally or externally. This implies securing both the customer facing end of banking processes as well as the internal processes related to employees, vendors, systems and processes.

Following are some of the ways in which this is done.

1. Authentication: Authentication requires that every transaction in the bank takes place after confirming the identity of the person initiating the transaction. This applies to the customers logging in to online or mobile banking systems, to those visiting the bank in person, or those using credit/debit cards at POS terminals and ATM’s. It also applies to bank employees who have access to customers and banks data. While earlier authentication simply required an Id and a password or PIN, many banks have now implemented two-factor and multi-factor authentication to ensure that the person is actually who he/she claims to be. Banks are also using biometric authentication techniques to verify customers identity including behavioural biometrics when they interact with banking systems like IVR.
2. Audit Trails: A history of banking transactions was always available as a statement or passbook. Additionally banking systems also maintain an audit trail for every event that takes place during a customer’s interaction with the systems. Whether it is a customer using phone banking or online banking, the time of the interaction is recorded along with the details of the interaction. This data is backed up daily and is never purged completely but archived at defined intervals of time.
3. Secure Infrastructure: Secure infrastructure implies the database systems and servers where data is stored and the boundaries established to secure these. Production data is usually encrypted in any core banking system. If required for testing, it is mandatory that important data like account number, customer name and address be masked. Access to production systems is restricted. Vendors who deal with infrastructure are generally different from those who deal with applications. Bank employees are usually given special equipment where access to social websites, personal emails and USB ports is blocked. Employees can only access the banks network over a VPN when using a public Wi-Fi.
4. Secure Processes: Banks have established many processes to ensure that security is implemented and tested. This includes, KYC (Know Your Customer) updates for customers, NDA (Non-disclosure agreement) for employees and vendors, securing special zones within the premises, remote data centres. With Data Loss Prevention (DLP) solutions banks can mitigate insider threats and safeguard sensitive customer data like name and credit card number. Processes related to global and local regulations are also implemented and risk assessment carried out to ensure that these processes are in-line with the requirements.
5. Continuous Communication: Banks also communicate regularly with consumers on upgrades to systems, introduction of new authentication procedures etc, in addition to the periodic account statements that are generated and sent to customers. Customers can also set limits and alerts based on different conditions to ensure that they are informed if any unexpected activity takes place with respect to their accounts. While there are multiple channels of communication available, the set-up is flexible to cater to customers convenience.

Thus banks work round the clock to ensure that they are doing everything that needs to be done to secure their data.

Online Banking Security Measures

The security measures ensure that your confidential transactions and personal information remain safe, secure and private.

• Keep your security codes confidential.
  • Make sure that you never disclose your security codes to anyone else. Security codes are all codes that you need to use for electronic payments, internet and mobile banking, including the codes provided by a code calculator of your bank.
  • Security codes are only for yourself. You are not authorized to share them.
  • Do not write down or save the codes in any way. If absolutely necessary, save your codes in a form that is recognizable to you but nobody else, so it cannot be deciphered by others. Keep the encrypted information separate from your debit card or the device that you use to perform your banking affairs.
  • If you choose your own security code, make sure it is not easy to identify. Do not choose your year of birth, name of a family member or the post code of your home address.
  • Make sure that no one can observe you as you type in your security codes. Never share a security code by phone or email or in any other way. If someone calls you up on behalf of your bank and asks you to provide personal data, refrain from taking any action at all, for Credit Europe Bank will never ask you to provide this kind of information.

• Make sure that your debit card is never used by another person.
  • Do not let anyone distract you when you use your debit card and make sure that you do get back your own debit card
  • Always store the debit card in a safe place. Regularly check your debit card is still in your possession.

• Ensure a proper protection of the equipment you use for your online banking.
  • Keep the device you use for online banking up-to-date with antivirus software, operating system patches, firewalls etc and ensure your browser is set to the highest level of security. Do not install unlicensed software.
  • Secure the device you use for controlling your banking affairs with an access code.
  • Ensure that the applications which are provided by the bank for use on the device you use for your banking affairs cannot be used by unauthorized persons.
  • Always log out when you have finished your banking sessions.

• Check your bank account.
  • Check your statements and transaction history regularly, at least every two weeks, to ensure the accuracy of your accounts. Please inform Credit Europe Bank immediately if you encounter anything that does not seem right.

• Please report incidents directly to the bank and act upon the instructions of the bank.   Contact the bank immediately in any of the following cases occurs:
  • If your debit card is no longer in your possession or you do not know where it is.
  • If you know or suspect that someone else knows your security code or has used it.
  • If you see transactions on your bank account, which you did not authorize.
  • If you do not possess your mobile device with the payment application of the bank anymore, unless you have transferred this device to another person and the payment application has been removed prior to this transfer.

Please immediately contact the bank when you notice something that you consider as strange or unusual, such as another way of logging in or an unusual access screen.

The bank may block the banking application on your devices in order to prevent (further) damage. In that case, please follow the instructions of the bank. Please note that in any circumstances, the bank will never ask you for your security codes.

Safest Way to do Online Banking

But while online banking has made things easier for us, it’s also made things easier for thieves.

Criminals don’t need to plan a heist to rob someone’s bank account anymore. All they need to do is wait for you to let your guard down and expose your personal information, or send out a virus that will collect the information.

The only way to avoid becoming a thief’s next victim is to carefully guard your personal information and always practice these online banking safety tips. 

1. Don’t access your bank accounts on public Wi-Fi

When you’re on public Wi-Fi, hackers can more easily access your computer and steal personal information from it. You should never access your bank’s website through a computer, tablet, or mobile phone unless you’re on a secure Wi-Fi network with a password, or using your own cell phone data connection. This is much more difficult for thieves to hack, so it keeps your information safer.

2. Avoid saving your login information

Some websites give you the option to save your login information for future use, but if someone uses your computer or mobile device after you, they could gain access to your bank accounts. To at least help prevent this from happening, many banking sites now time out after a certain number of minutes of inactivity, and do not save your information.

3. Use strong passwords and change them often

Strong passwords have a mix of upper- and lowercase letters, numbers, and symbols. Many banks now require your online accounts to carry a password meeting these requirements. You should also change your password every couple of months, and use different passwords for all of your online accounts so that hackers will have a more difficult time gaining access to your information.

4. Use two-factor authentication whenever possible

Two-factor authentication is the next level of security that many banks are now offering. Usually, you give your bank your phone number, and it texts a code when you log in online. Some banks also enable you to request a code via email or a phone call.

You must enter this code in addition to your password to log in. This way, even if someone has stolen your password, they cannot access your accounts. It’s another hoop to jump through, but it could help keep your money safe, so set it up if your bank offers it.

5. Keep your computer updated

Outdated computers and mobile devices may not be secure enough to protect your personal and financial data against the latest computer viruses. If your computer gets infected with a virus, a hacker could gain access to your bank accounts without you knowing it until your money is gone. Always perform your computer’s recommended updates as soon as they become available, and install antivirus software on your computer.

6. Always type your bank’s web address into your browser yourself

Some hackers send out “phishing” emails that appear to be from your bank. They’re hoping you’ll enter your login information at their fake version of the bank’s site. Never click on links in emails that appear to be from your bank, even if they look legitimate. Instead, type the bank’s web address into the URL bar yourself, or use a search engine to find the correct web page. You can bookmark the right page for later use.

7. Monitor your account regularly

Following the above precautions should, hopefully, keep others out of your bank account. The only way to make absolutely sure is to check your account balances and transaction history regularly, and make sure your money isn’t going anywhere it isn’t supposed to. If you notice suspicious activity, change your account password, and contact your bank immediately.

Most of these rules should be common sense, but you can never let your guard down. This is your money at stake — when it’s gone, you may not be able to get it back. If you haven’t updated your computer’s software lately, set up two-factor authentication, or changed your bank account password in a while, do it now to ensure that your financial information stays yours alone.

Best OS For Online Banking

In terms of a “safe” operating system for banking operations, many banks and credit unions use some form of mainframe. Typically an IBM mainframe running z/OS with CICS on top of it to handle transaction functionality.

CICS is so ubitiqutous in this role that you really can’t separate CICS from the applications that use it so CICS, by-and-large, might as well be considered the “operating system” with the system OS services supporting the hardware it needs to function.

Many large financial institutions are or are likely running CICS or some other mainframe software stack to support banking operations. With homegrown or vendor-supplied banking software layered atop it for day-to-day banking operations.

Various flavors of IBM operating systems such as VM/370, z/OS and so on have proven to be remarkable secure. Simply because most hackers don’t have access to the hardware and software necessary to test their attacks against and the fact the mainframe is buried deep at the bottom of the stack and may be masquerading as something else such as a web service provider.

While not immune, mainframe systems are generally much harder to penetrate and take advantage of.

While Oracle, IBM and others have pushed banking stacks on more common distributed platforms like UNIX/Linux, these haven’t gained wide acceptance or traction. The predictability and stability of the mainframe OSes tend to see them in large scale transaction processing as being more cost effective and able to scale better.

Online Banking Security Issues

There are four main types of attacks that are prevalent when you use online banking services.

1. Phishing

Having an online banking account, you might fall victim to phishing. This tactic generally involves tricking somebody into clicking a link in an email message. The link often downloads software to a computer that can be used to gather sensitive information such as usernames and passwords.

Alternatively, the link may take a user to what looks like a legitimate website. Once there, the website asks for confidential information that can be used by hackers to gain access to other accounts, such as email.

2. Identity Theft

Even if hackers do not steal from your account, you can still have your account details compromised in the case of an identity theft. This includes your personal information, such as your social security number and other identifying data. These data could be used to hack into your other accounts.

Identity theft can occur in a variety of ways. Online your social security number and other confidential information can be compromised. As noted above, a phishing attack is a common method used by thieves.

Offline, however, your identity can be compromised, too. Whether it’s digging through trash or stealing your wallet, thieves have several ways to access confidential information.

3. Keylogging

If you access your online banking site on public networks, such as Internet cafes or public Wi-Fi, there is a chance that you could fall prey to keylogging. Keylogging involves a software recording your keystrokes and using these logs to get your account details. Keylogging may also be carried out using video cameras that record your keystrokes.

4. Pharming

This might be a little more difficult for hackers to carry out, but it does happen. Pharming occurs when hackers are able to hijack a bank’s URL so that when you try to access your bank’s website, you get redirected to a bogus site that looks like the real thing.

Secure Online Banking NBT

In today’s digital world, increases in online activity and mobile transactions are bringing a new level of convenience to banking—and life. And at NBT Bank, they are committed to balancing that convenience with security through advanced features that protect you online and on your mobile device. You can also take steps to protect yourself.

1. Keep Your NBT Digital Banking Password Safe

Be wary of anyone asking for your Login ID or passwords. If you give out your NBT Digital Banking Login ID or password, you could be putting your NBT Bank accounts at risk.

2. Be Creative With Your Passwords

Always be careful when choosing a password for online or mobile banking practices. You should avoid using the same password for multiple accounts.

Never use easily guessable passwords that can be found through open source or social networking sites (e.g. your pet’s name, your child’s name). The most secure passwords include a combination of letters, numbers and special characters. You should change your passwords on a regular basis.

3. Keep Anti-virus Software Up to Date

Be sure to keep your anti-virus and firewall software up to date on your computer. Make sure that you are cautious of offers for “free” anti-virus software. Always choose your software from a reputable company that will update regularly.

4. Shop Online Securely

Make sure you use secure online websites for transactions and shopping. Always shop with merchants where the websites show signs that look like a lock symbol and “https” in the address bar.

Which App is Secure For Online Payment?

Have you ever gone to dinner with a bunch of friends but the restaurant wouldn’t split the check? If you don’t have cash to pay your part of the bill, you might get stuck with the whole bill and promises from friends that they’ll pay you back.

Unfortunately, you’ll rarely get everyone to pay you and even if they do, the payments won’t add up. Thankfully, everyone has smartphones and can easily download payment apps to solve this problem.

Here’s what you need to know about payment apps and how they make sending money easier than ever.

Here are five apps to consider and some highlights of their features.

1. Google Pay—Best for Android users

• Compatible with: Android and iOS.
• Payment limits: You can send up to $9,999 in one transaction or up to $10,000 in seven days. Floridians are limited to $3,000 every 24 hours.
• Cost to send money: No fees, but doesn’t allow you to use a credit card to send money to friends and family.

2. Apple Pay—Best for Apple users

• Compatible with: iOS.
• Payment limits: Up to $3,000 per message and $10,000 in a seven-day period.
• Cost to send money: 3% fee for amounts funded by credit card to friends and family.

3. Samsung Pay—Best for Samsung devices

• Compatible with: Select Samsung devices.
• Payment limits: None (doesn’t allow person to person transfers).
• Cost to send money: None (doesn’t allow person to person transfers).

4. PayPal—Best for low-fee transactions

• Compatible with: Android, iOS.
• Payment limits: No limits on money you can send from your verified account. You can send $60,000 but may be limited to $10,000 in a single transaction.
• Cost to send money: If paying with a credit card, debit card or PayPal credit you pay 2.9% plus a fixed fee.

5. Xoom (A PayPal service)—Best for sending money to other countries

Xoom is unique in that it’s main purpose is to send money to other countries.

• Compatible with: Android, iOS.
• Payment limits: Up to $25,000 per transaction. Initial limits are $2,999 in 24 hours, $6,000 in 30 days and $9,999 in 180 days. Can increase limits by giving Xoom more personal information.
• Cost to send money: Cost varies depending on which country you’re sending money to.

How do You Know if am Online Transaction is Secure?

It’s extremely important to take extra precautions to ensure your personal information is kept safe and out of the hands of the wrong people. There are several things we should keep in mind when making online transactions to guarantee your security.

1. Use a Secure Connection

A secure connection is an encrypted (SSL) internet connection that hides what you are doing from unauthorized people. An easy way to check if your connection is secure is by looking at the URL. A secure connection will appear like this: “https://” while an insecure connection will look like this: “HTTP://.”

2. Determine Whether a Website Can be Trusted

Make online transactions only through sites you know you can trust. Never give your bank details or passwords to a site you are unfamiliar with or that you are unsure of its trustworthiness. Looking up the reputation of a website is relatively easy.

Take online casinos for example. Many third-party sites review, audit and rate online casino sites so that you can enjoy playing and making your transactions worry free. Many online casinos are examples of trustworthy online banking systems where you can feel comfortable getting your money in and out of your online account. However, there are also just as many insecure sites you need to be wary of.

3. Credit Cards Accepted

Credit cards are always going to give you more protection than a debit card. Reputable sites will accept a variety of credit cards, while suspicious sites may ask for checks or debit card numbers.

4. Padlock or Unbroken Key Icon

Before giving your credit card number, check that the site is encrypted.  You can’t do this by looking for icons such as a padlock or unbroken key at the top or bottom of your browser

5. Privacy Statement

Reputable sites will tell you straight out how they protect your personal information and secure your credit card data. It is important to read this disclosure statement so you can decide whether you feel comfortable with their policies before making an online transaction.

Should You Carry Out Internet Banking on Mobile Phones?

Bankrate.com says that online banking is less secure than a bank’s mobile app. “Some banks that have multi-factor authentication on their mobile apps don’t provide the same capability on their websites. Well-designed mobile apps don’t store any data, and you’re less likely to hear about a virus on a smartphone.” 

There are some exceptions to this, but in general, bigger banks will have better mobile apps and stronger security on them. 

Look for two-factor authentication in your financial apps. Although some mobile phone users are using face recognition or eye scans, more apps are likely to require this in the future. Biometrics is one example of a two-factor authentication method.

Two-factor authentication is a second layer of security, asking for a second method to verify who you are. Many banks use a password and a PIN, or a fingerprint and a password, are two examples.

Which Bank Has The Most Secure Online Banking?

Which?, along with security experts 6point6, analysed the online banking safety measures of 16 banks and building societies and awarded them an overall test score based on encryption, login, account management and navigation.

The researchers discovered some “concerning vulnerabilities” which could put customers at risk and could benefit scammers.

Which? said it was concerned by the issues exposed in its investigation, adding that it highlights how banks could do more to prioritise security.

At the bottom of the table was Tesco Bank, which was awarded a score of just 46%. This was due to the absence of multiple security headers, which protect against some type of cyberattacks.

The researchers also discovered that an internal staff website was accessible from anywhere and not just by employees. This has since been limited to employees.

Testers were also allowed to log in to online banking accounts from two computer networks at the same time.

Researchers also raised concerns with TSB, which received the second-lowest score when it comes to security. PSD2 regulation requires banks to implement Strong Customer Authentication (SCA), with customers needing to provide two forms of authentication before making online payments.

However, Which? and 6point6 discovered that TSB has not implemented SCA, with researchers only required to enter fixed account details such as a name and password when logging. According to TSB, SCA is still being rolled out to existing customers and is compliant when it comes to new customers and mobile app customers.

A TSB spokesperson said: “TSB customers who use their mobile app already have SCA and we’re continuing to roll it out for those who use internet banking.”

Researchers also found that when it comes to Santander, which scored 62%, it was possible to bypass authentication checks when logging in if a user labels a device as ‘trusted’.

Read Also: Digital Banking Problems Faced by the Elderly

At the other end of the scale, Which? noted that some banks demonstrated strong security measures. Challenger bank Starling scored 85%, with experts finding “nothing concerning” with its online banking website, scoring top marks for encryption.

However, researchers noted that the website currently has limited functionality compared to some others.

Barclays, HSBC and First Direct scored 78%, with researchers noting strong login measures. However, they were successfully able to log in to Barclays online banking from two different computer networks.

Harry Rose, editor of Which? Magazine, said:

“Banks must lead the battle against fraud, yet our security tests have revealed a big gap between the best and worst providers when it comes to keeping people safe from the threat of having their account compromised.

“The serious failings we have exposed with some providers reinforce the need for banks to up their game on scam protections, and for greater transparency and stronger standards on fraud reimbursement to be made mandatory for all banks and payment providers.”

Finally

Internet banking is very convenient for both customer and hacker alike. Thankfully, you can do your part to ensure you’re not a target of these attacks. By keeping your details safe, you’ll give hackers very little to work with when they take aim at your savings.