Comments for Is online banking safe?

Comment from fastfreddie1959 on 2009-03-31

2009-04-01T02:42:19Z

2 things i use when online banking.
Firefox browser.
And an Add-ON program called key scrambler.
https://addons.mozilla.org/en-US/firefox/addon/3383
It encrypts while you type.

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A comment on: Is online banking safe?

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Comment from Dennis on 2009-03-31

2009-03-31T20:51:23Z

How do I set up WPA encription on my laptop when I go wireless? I have a Compaq EVO N600C with the wirless card. I was concerned when I go to hotels that are wireless and want to know how to protect my passwords. I have a current antivirus which is Panda. Thank you for your time in answering my question.

WPA is something that's chosen not by you and yoru laptop, but by the connection provider - the cafe or the hotel - or when you set up your wireless access point at home. When you then attempt to connect to a wireless network that uses WPA you'll be prompted for a passphrase. If you can connect without a passphrase, then it's probably open. Cafe's and Hotels rarely use encryption of any sort. You can read about your alternatives here: How do I stay safe in an internet cafe?

- Leo
01-Apr-2009

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A comment on: Is online banking safe?

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Comment from Lou L on 2009-03-31

2009-03-31T19:01:53Z

What do you use to generate a "safe" password for online banking?

This article has some guidelines: What's a good password?

- Leo
01-Apr-2009

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A comment on: Is online banking safe?

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Comment from bjth on 2009-03-31

2009-03-31T15:58:10Z

For my particular bank, I can set up e-mailalerts that let me know if a large deposit or withdrawal was made, or if my balance has gone below a certain amount. I wouldn't have that type of bulletin if I simply waited for a paper statement to arrive. Besides that, having organized many people's paperwork and files through the years, it's not uncommon to find that statements can remain upon for weeks, months, sometimes even years. So as long as you take the precautions Leo prescribes, you are probably safer overall against fraud by banking online than by the old methods.

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A comment on: Is online banking safe?

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Comment from Lyle Walker on 2009-03-31

2009-03-31T15:35:54Z

I might add one other security measure I use for on-line banking. My username is also a combination of upper and lower case letters and numbers. It only has to make sense to me.

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A comment on: Is online banking safe?

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Comment from Richard FDisk on 2009-03-27

2009-03-28T04:47:01Z

One other thing I suggest to add to the security measures for those who still use wired & not wireless connections is never, never connect your computer directly to the internet, always go through a Secured, Fire-Walled, NAT Router, they're not as expensive as they used to be,
I just bought a 4 Port for less than $150.00.

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Comment from GPTDesign on 2009-03-27

2009-03-27T23:26:35Z

I have always been skeptical on on-line banking and have a suggestion for those of you that feel the same but want to do it and avoid some risk. I signed up for a "free" on line banking account with a local bank. It was a bank where I do not have my main checking account or savings account or any IRA accounts or SEP accounts. So I use it for checking on line banking and I only have a #2,000 deposit in it. When it gets low I drop by the bank and put in a check for a thousand or so and replenish the on line banking account. If someone hacks into their system all they can find is my one on-line checking account and the most it will have is $2000 and since I don't have other accounts there they cannot link or hack into other accounts of mine once they hack into the online banking. The general banking practice is to guarantee 100% against online banking fraud so I think this way I limit my exposure to my main assets and the most I could possible loose is $2,000 or less if the bank turns out to not honor their hacking protection pledge. On line banking is much easier but I do not care who the bank is I suspect somebody out there can hack into it ultimately so you need to limit you exposure somehow and this is how I do it.
GPTDesign

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Comment from Ray on 2009-03-27

2009-03-27T21:00:29Z

Turn the question around: Is non-online banking safe?

Assuming that the appropriate precautions are taken, I'd argue that online banking is safer than the alternatives.

As an example, a few years ago my credit card number was used for a series of unauthorized payments to a PayPal account. Because I bank online, I was alerted to the transactions with 24 hours and was able to deactivated the card.

Another example: I was assessed a "foreign transaction fee" on a recent credit card purchase. I'm located in the US, the purchase was for a product made in the US and sold by a US based retailer. Again, because I bank online I was notified immediately of the fee and was able to have the bank remove it, all done online.

My bank has even taken the step at their web site to allow checks to be scanned and deposited electronically by the customer, releasing the funds for immediate use.

As a result, I haven't seen the inside of a bank for a decade and a half and never personally been in the bank I use, which is located in another state.

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Comment from Rahul on 2009-03-27

2009-03-27T09:57:13Z

I have a follow-up question: Is it safe to go to a secure site like your banks (indicated by the "https") from your own laptop on an open public WiFi network? As a precaution I don't. But I need some reassurance on this from a tech-guru.

As long as the connection is https and always https, then I would feel safe doing so.

- Leo
27-Mar-2009

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A comment on: Is online banking safe?

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