Safety Tips for Online Banking

Online banking is all the rage for people who have a hard time going to the bank nowadays: it allows for people to pay for their bills online using secure networks that ensure the confidentiality of money transferred.

Imagine not having to line up at the bank, and paying your credit card bills, electric bill, even your tuition online! And imagine having all these bills linked to your bank, where all you need to do is to select which agency you need to pay!

Say Goodbye to your paper checks because you can now send e-checks to your suppliers or merchants. Banks are now offering new electronic check options, and customers can process payments using their bank accounts paperless. Today, people want to feel in control of their money. By offering clients an online banking system, you are also offering them a much needed sense of power and peace.

There Are Dangers Where Money Reigns

However, because online banking involves the exchange of money, you can expect people to try to hack into bank networks and see what kind of money they can transfer to themselves. People have been duped into thinking that they were donating money to a cause, and people have awakened to find that their bank accounts are empty, simply because someone knew how to enter a bank’s secure network.

Whether you do banking or investing online be sure to read the fine print of the services offered. Double check the company’s privacy policy. You want to make sure they are not going to sell or share your email address, home address or phone number to telemarketing companies.

How can you avoid this debacle? First, do not give your username and password to anyone, and do not store your online banking username and password on your computer. When logging onto your bank’s website, make sure that you see the padlock icon, which signals that you are logging onto a secure network; always log out completely, and do not simply close your window.

Watch your Email!

Your bank, and no legitimate company, will ever ask for your online banking username and password through email or instant messenger or any online means.

Remember, your username and password are your only secure passports to your account, so never ever give them away!

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