Further to my post a few days ago on the benefits of Internet banking…

Are there security risks if I bank online? Well yes, and no.

New Zealand banks have recently admitted that they are open to attacks from the latest trojan technology - capable of getting past even the best two-factor authentication (a method that uses two forms of verification to confirm a customer’s identity). Some of the threats to you when you bank online are:

• Phishers: Fraudsters who obtain your personal details through a variety of means, such as sending you an email that appears to be from your bank and provides a link to a fake banking site.
• Trojans: Software programs which disguise themselves to look like an application on your computer.
• Viruses: Software programs which replicate themselves and can destroy valuable information on your hard drive.
• Worms: Self-replicating programs which spread from your computer to others connected to it.
• Scams: Job scams or other fraudulent means of convincing you to receive or send money via their bank account.

In defense of banks, they do put a lot of time and energy into ensuring your privacy and security is maintained. Your banking information is encrypted so that third parties cannot view your activity or access your information, and there are other online safety nets in place too.

You can help ensure your own Internet banking security:

• Take care when banking online in a public place: Make sure there is a padlock symbol in the lower right corner of your browser, never save your login details, and be sure to log out when you are finished. Also watch for shady characters lurking nearby.

• Protect your computer: Use virus protection software and install a firewall on your PC. Remember to download updates regularly too!

• Use a hard-to-guess password: Make sure you are the only one who knows your password and don’t disclose it to anyone! Banks will never ask for your password by phone or email, so ignore emails claiming to be from your bank asking for login confirmation.

• Beware of hoax emails: If you receive an email that appears to be from your bank or another financial institution, delete it immediately. Do not open any attachments and do not offer your personal information.

• Keep in touch with your bank: Notify your bank straight away if you notice unusual activity in your bank account or suspect someone else has used your password

Further to my post a few days ago on the benefits of Internet banking…

Are there security risks if I bank online? Well yes, and no.

New Zealand banks have recently admitted that they are open to attacks from the latest trojan technology - capable of getting past even the best two-factor authentication (a method that uses two forms of verification to confirm a customer’s identity). Some of the threats to you when you bank online are:

• Phishers: Fraudsters who obtain your personal details through a variety of means, such as sending you an email that appears to be from your bank and provides a link to a fake banking site.
• Trojans: Software programs which disguise themselves to look like an application on your computer.
• Viruses: Software programs which replicate themselves and can destroy valuable information on your hard drive.
• Worms: Self-replicating programs which spread from your computer to others connected to it.
• Scams: Job scams or other fraudulent means of convincing you to receive or send money via their bank account.

In defense of banks, they do put a lot of time and energy into ensuring your privacy and security is maintained. Your banking information is encrypted so that third parties cannot view your activity or access your information, and there are other online safety nets in place too.

You can help ensure your own Internet banking security:

• Take care when banking online in a public place: Make sure there is a padlock symbol in the lower right corner of your browser, never save your login details, and be sure to log out when you are finished. Also watch for shady characters lurking nearby.

• Protect your computer: Use virus protection software and install a firewall on your PC. Remember to download updates regularly too!

• Use a hard-to-guess password: Make sure you are the only one who knows your password and don’t disclose it to anyone! Banks will never ask for your password by phone or email, so ignore emails claiming to be from your bank asking for login confirmation.

• Beware of hoax emails: If you receive an email that appears to be from your bank or another financial institution, delete it immediately. Do not open any attachments and do not offer your personal information.

• Keep in touch with your bank: Notify your bank straight away if you notice unusual activity in your bank account or suspect someone else has used your password