Online Banking

Online Banking

Many of us today with our busy lifestyles have discovered the convenience of "On-Line Banking". No more rushing to get to the bank before closing time. No more standing in line to speak to a teller. Even bill paying has been simplified by this wonder of technology.

So, what's the downside?

The downside of on-line banking is not the system itself, but is directly related to the attention you pay to your computer system and your information.

More and more banks are coming to the realization that the weakest part of the system is not their technology and security protocols but yours! So much so that some banks in the United States are moving to charge back to the customers when their banking information is compromised.

Banking institutions today are as concerned for the safety and integrity of your bank account and personal information as you are and they are constantly working on their systems to improve them and keep them safe and secure. What steps are you taking to do the same?

  • Do you check for spyware, trojans or viruses?
  • Do you change your password frequently?
  • Do you share your password with anyone?
  • Do you choose a significantly random password?
  • Do you take advantage of all the keys on your keyboard when choosing a password?

One of the first things you should do when it comes to on-line banking is choose a password that is random enough that no-one else will guess what it is.

Most banks set limits on the length and structure of a password but you should still be able to come up with something that is reasonably secure.

We suggest the following as minimum parameters when setting a password:

  • use at least 8 characters
  • use at least one upper case letter placed randomly in the password (not the first or last character)
  • use at least one symbol placed randomly in the password (not the first or last character)

We recommend changing your password at least every 90 days. If you can't think of a suitable password, consider investing a small amount of money on a random password generator - a small software program which will generate a password for you. Just don't forget to record it appropriately somewhere safe.

Consider purchasing a password database which you can password protect, and which will save your passwords in an encrypted format.

Our final suggestion is that you follow the guidlelines on our other page on Computer Safety, especially the items on Anti-Virus Software, Pop-up Killers and Spyware Removal Tools.