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Thread: How safe is online banking?

  1. #1
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    Default How safe is online banking?

    Do you guys do online banking? I've been banking online for many years but I don't know if it's a good idea now. My computer was recently detected for being infested with 160 plus viruses. The viruses were slowly eating my computer alive for the last six months, and I've learned that someone was trying to hijack my information. It is just so alarming.

    We hear people talk about the risks (identity theft and fraudulent) of online banking all the times, but I have never thought much about it until now. How safe is online banking?

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    Senior Member jadebunny9's Avatar
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    I wouldn't consider it. But then again, just because you're not using online banking doesn't mean you're very safe either. I'm sure you guys have all heard about that case where millions and millions of credit card numbers were stolen.

  3. #3
    Senior Member xJadedx's Avatar
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    I've been doing everything with online banking, and so far, it's pretty good.

    I do get occasional spam mails supposedly from my bank, but I ignore them. Additionally, my bank reminds us through our account that they'd never contact us via email.
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    Senior Member KeongJai's Avatar
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    it's as safe as the user.

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    Quote Originally Posted by Jaded WenEr View Post
    I've been doing everything with online banking, and so far, it's pretty good.

    I do get occasional spam mails supposedly from my bank, but I ignore them. Additionally, my bank reminds us through our account that they'd never contact us via email.
    How often do you change your password, Jade? Some people recommend changing it every three months. My password was 10 or more years old. I just changed it after this incident.

  6. #6
    Senior Member xJadedx's Avatar
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    I only changed it recently.

    I usually change my password once a year for all my important accounts.

    But seriously, depending on your bank, online banking should be very safe.
    Because I'm somewhere in between,
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    Quote Originally Posted by jadebunny9 View Post
    I wouldn't consider it. But then again, just because you're not using online banking doesn't mean you're very safe either. I'm sure you guys have all heard about that case where millions and millions of credit card numbers were stolen.
    True. People can also steal your identity by just snooping through your trashed mails. I suppose I'm just sensitive to this issue now after knowing that my information might be exposed.

  8. #8
    Senior Member remember_Cedric's Avatar
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    Online banking? *shakes head* Bad idea. I have attended this seminar about counter-hacking hosted by an ex-hacker (who did it unenthically), plus I have read books written by this infamous ex-hacker (whereby one - the Art of Intrusion- is sharing of physical security and technological security, and the other - the Art of Deception- is about the interviews with ex-hackers), who is now a Security Professional - Kevin Mitnick.

    You'll be surprised to learn that how easy it could be to sniff out one's information and steal them. Whether it's through email scams, phone call/sms scams, or the traditional online "watchers", there are just way too many methods for one's system to be compromised and become a victim of such crimes.

    It is a fact that banks will hush hush whenever their server got compromised. With that said, perhaps this is something we would want to get our feet above the dark waters.

    On profiling of the hackers, perhaps our civilians would want to be reminded that before these hackers take off to a higher level (of hacking skills) they would always be looking out for 'easier' targets as to practise on (their skills) and satisfy themselves so that they could proceed to aim for a more difficult course.

    IMHO, if online banking or any other services is needed, changing of passwords once a year is a dangerous thing to do. It's preferrably to change them once a month. Advisable passwords would be a complicated mixture of uppercase with lowercase, and add numbers to it.
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    Senior Member Guo Xiang's Avatar
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    I don't believe in online banking. I don't even trust myself to transfer money through the ATM machines!
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    Senior Member expression's Avatar
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    I rely on online banking all the time!
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    Senior Member xJadedx's Avatar
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    Quote Originally Posted by expression View Post
    I rely on online banking all the time!
    Me too, and so do a lot of people I know.

    I seriously have never have never had a problem with it ever. It's like what was posted, the safety of it depends on the person using it. If you can use the Internet smart, then you will get screwed.
    But if you're careful with what you do, it should be fine.

    So far, nothing has happened with my account that I should worry about.
    Because I'm somewhere in between,
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    Quote Originally Posted by bellamia View Post
    Do you guys do online banking? I've been banking online for many years but I don't know if it's a good idea now. My computer was recently detected for being infested with 160 plus viruses. The viruses were slowly eating my computer alive for the last six months, and I've learned that someone was trying to hijack my information. It is just so alarming.

    We hear people talk about the risks (identity theft and fraudulent) of online banking all the times, but I have never thought much about it until now. How safe is online banking?
    oh my god, are you serious?
    My computer does go wonka on me for these past couple of months. I never thought it'd be the online bank. There were so many sites I go to that I thought it'd be less safe than online bank.
    No...I need to withdraw my money...

  13. #13
    Senior Member shanghai girls are hot's Avatar
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    how safe is ur computer? u should think about getting rid of all the virus or wipe ur computer clean and install some antivirus software/internet security so u dont get ur password/private info stolen.

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    Quote Originally Posted by shanghai girls are hot View Post
    how safe is ur computer? u should think about getting rid of all the virus or wipe ur computer clean and install some antivirus software/internet security so u dont get ur password/private info stolen.
    After verifying, my accounts are fine. I changed all of my passwords and also gotten a new laptop. It's time to retire the old one anyhow. Though I'd hate to give up online banking, since itís just so convenient.

  15. #15
    Senior Member Bubblegum's Avatar
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    I've used internet banking since January and thankfully I don't have any issues so far. That's despite all the security concerns and all the bad things I've heard.

    I live and work just a little out of town that makes it impractical to go to my closest bank. Therefore it came down to a choice between internet banking or telephony.
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  16. #16
    atlantean0208
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    It is safe if you know what you're doing. I do Online Banking since 2000 through Maybank2u.com. Never got money lost even a penny. All my transactions are online since then. Only go to bank, if need to withdraw means visiting ATM to get PAPER MONEY!.

    If you do Online Banking a lot, make sure you have firewall installed (ZoneAlarm, ESET Smart Security etc.) instead of just Anti Virus. Through firewall even though there are viruses in your computer, sending data out from your computer will be avoided. Never login to your Online Banking through email link, this is phishing. You thought you're login to your bank, but actually its just the front for a lookalike scam where the purpose is for you to give your username and password voluntarily.

    Even though your account is compromise and people get into your acct, the only thing that they can do is to know how poor/wealthy you are . They cannot do anything such as bank transfer (or anything that involve usage of your fund) because for each bank transfer, a security code must be provided called TAC (Transaction Authorisation Code) or similar. This is the second level security. The security code will be sent ONLY to your mobile phone and can only be used for each session login. So if you want to use Online Banking make sure the bank has this second level security, otherwise move on to other more secure bank. If you're still supremely and extremely paranoid, you can set so that the transfer set at a minimum which can only be change using the security code. I suggest each time before you logout from your account set it to only allow 1 cent for transfer .

    Unless someone so PahBoh!, where not only they supply username and password to a phishing website but also supply them with their own security code sent to their mobile phone, then well please DO NOT use online banking for life, because those actions are just plain dumb, stupid and ignorance.

    my 2 cents
    Last edited by atlantean0208; 08-28-08 at 11:58 AM.

  17. #17
    Senior Member expression's Avatar
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    I'm too cheap to buy a firewall. Which means I should probably do all transactions at work.
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  18. #18
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    Quote Originally Posted by expression View Post
    I'm too cheap to buy a firewall. Which means I should probably do all transactions at work.
    If you're on dialup, you may be able to get away with not having a firewall.

    Try comodo, it's a free firewall that seems to work well. You can adjust different security levels.

    -------

    I only do online banking. Just need to check in about once a week, that's all. When I got my first bank account, all that was needed to access my account via telephone was my SS # and the phone number, no need for PIN or anything. I called the bank to ask why there's no PIN, and the custom rep actually laughed at me, asking me if I handed out my SS# to people. What kind of idiots were running this bank? Btw. it's HSBC, and they've amped up the security since.
    This account is retired.

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