Online Banking Security

With the popularity of online banking, a lot of people have taken advantage of it and are now able to maximize their time and their money even if they are on the other side of the world. But there are now a lot of problems associated with online banking security. Hackers and scammers are doing everything they can to get account information and details from people all over the world. This resulted to thousands, or maybe millions, of dollars lost to scammers yearly.



That’s why security is not taken lightly by banks—whether they are traditional brick and mortar banks or online banks. What are the common security flaws made by banks online:



Secure login boxes are placed on insecure pages. More that 47% of banks with websites and online banking facility are doing this. The data entered in the login box could be rerouted by a hacker. Or a hacker could also prepare a copy of the same website to gain access to the information of the account-holder. This becomes even more dangerous with public wireless users. As a vigilant customer, be aware if your bank is using the "Secure Socket Layer" (SSL) protocol. This can help solve the problem of phishing and hacking of secure login boxes.



Placing contact details and advice on security on un-secured pages. A hacker could easily change the address or phone number in the page. If they setup their own contact center, they can easily gather account information from customers. Depositors and bankers easily trust the information found on the official website of the bank. But if a hacker gained access to this, account security could be compromised leading to losses.



Not requiring complex account usernames and passwords. Passwords are the first line of defense against hacking. Without a complex password, it would be easy for a hacker and identity thief to break into an account. That is why bank websites should require complex passwords to make hacking and breaking more difficult. Other banks even require their customers to change their passwords every month to minimize the risk of phishing and hacking. Sure, it makes things more complicated for the users but it also reduces the risk of hacking.



A determined hacker can break into the weak security of any bank. That’s why to boost online banking security, banks install many different ways to protect the accounts of their depositors.



Data protection and Firewalls. Firewalls acts a security shield between the Internet and the database and system of the bank. Through this barrier, hacking risks are reduced, making information secure. All activities online can also be recorded by the firewall, thus making it possible to ensure security. Any violation would be detected by the firewall and it alerts the administrators.



Encryption also enables the system to prevent any unauthorized access or viewing of customers’ account online, especially during the transmission of data.



Lastly, there are anti-virus and detection systems installed by banks to ensure security. Any suspicious and fraudulent activity can be caught easily.



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