Is online banking safe?

debodun

debodun

SF VIP
Location
way upstate in New York, USA
How safe and secure is online banking? I've been dubious about it after hearing horror stories of people that used it just to check on their bank balances, then were hacked and money taken.
 

debodun, we have been doing it for years and have had no problems. I have also heard the horror stories and we were hesitate at first too. We have a limit set, with the bank, of $200.00. Any amount over that , that is withdrawn, the bank notifies us immediately.
 
I hope so. I use it all the time. My bank charges for paper statements, so I go the online route.
 

I don't trust online banking so I won't use it. Most of my income is direct deposit but my wife and I each get one check every month which I take to the bank. I like to go to the bank at least once a month. I think it's good to get to know the people there.
 
Sure it is, just ask any teen-aged hacker! I don't put any financial information on the internet. The worst information you could put on-line would contain any form of potential access to your bank accounts, credit cards can be disputed but once someone empties your bank account you're likely out of luck. I don't use Debit Cards for the same reason.
 
I use online. but a lot of ID items and password to jump thru. still banks today watch your spending. if they see a large grab its held up till they call you. beware of the keylogger

http://www.techterms.com/definition/keylogger

when you connect to the bank, or credit card site watch the browser closley. if you see the word "redirect" your gonna be hit. your directed to a fake main page. when you log in he's gottcha.
 
kcvet said:
I use online. but a lot of ID items and password to jump thru. still banks today watch your spending. if they see a large grab its held up till they call you. beware of the keylogger

http://www.techterms.com/definition/keylogger

when you connect to the bank, or credit card site watch the browser closley. if you see the word "redirect" your gonna be hit. your directed to a fake main page. when you log in he's gottcha.
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kc, Thanks for the link. We are going to check it out. We have banked with the city's credit union for 40 years, and still they let some bank in South America strip our account for $15,000. Nor did they notify us, and they didn't refund our funds. They said they didn't DO that anymore, nor did they notify us of that change in policy. :wave:
 
Never used on line banking .Only last week was the first time I bought something off the internet.I don't know why but I don't ttrust it some how.:)
 
taffboy said:
Never used on line banking .Only last week was the first time I bought something off the internet.I don't know why but I don't ttrust it some how.:)
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I feel safer with my credit card information stored on Amazon, (and its been there for years) then running around stores with credit cards in my pocket.
 
My debit card was compromised last yr. I used it at Firebirds Restaurant and I think the waitress stole my #. The bank called 4 days later to say someone from Ohio had charged $400 plus at a liquor store. They put the money back into my acct and sent me a new card. I would not do business with a bank that let someone
charge a large amt on my debit acct. I do make large charges (never more than $350.00) on my cr card. I love those points. I also pay off my credit card ea month.
 
I've used online banking since day one with no problems at all. I do think it important NOT to use the system at public libraries, internet cafes and so on as a reader can be installed and you are unawares.

Recently the Canadian Government has stopped the practice of mailing pension cheques out, from now on direct deposit only.
 
I also have never had any problems with online banking; it is so convenient. Just find your banking site, and bookmark it, and keep using your bookmark. Before I did this, I went onto the internet each time, and clicked on a site that looked like my banking site, but actually was not, but was a phishing site. Now I use my bookmark, and no problems anymore!
 
My poor son got his bank account cleared out 4 Christmas's ago...a months wages..his bonus...

When he went to the bank they said ''Are you sure you haven't taken it out and forgotten?''

It took 4 months for the bank to re-imburse him...after several other customers had also lost money...
 
Several years ago I disposed of an old computer legally in the local disposal area. Soon thereafter I experienced the following: 1. I found that all my email was Going to Russia before it got to me. Russian hackers had got into my ISP and set it to forward my mail to them, then re-forwarded it from their account to me. 2. Several hundred dollars had been transferred from my bank account to my Paypal account. In fact, no money had gotten out of my possession, but the hackers had the ability to manipulate my accounts.

it seemed clear that the problem was the hard disk on that junked computer. It contained all my passwords and must have got to the hackers very quickly.

of course, I immediately revised my identity on the net, changing my user name, my ISP, my email address, and all my passwords. I also cancelled my paypal account and opened a new one under a new name that is linked only to a bank account in which I keep very little money.

Didn't lose any money, but it certainly was a nuisance.
 
Twixie said:
My poor son got his bank account cleared out 4 Christmas's ago...a months wages..his bonus...

When he went to the bank they said ''Are you sure you haven't taken it out and forgotten?''

It took 4 months for the bank to re-imburse him...after several other customers had also lost money...
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Sounds like the bank was hacked if the same bank is experiencing account robberies. They probably will never admit because they don't want to let word about their security. It could be a criminal employee as well. Again a lot of business do not publicize internal theft not only to keep good PR but not to give potential criminal employees and/or applicants any ideas. Internally they'll make a big stink about firing a person for theft to set an example but they will not publicize it.

Big thing with most websites but online banking is run security software and clear cookies/delete history prior to going to bank site AND after because when you go to another website they frequently have software to read/track where you have gone on the internet. If you are lucky they are just marketers and will give you lots of bank advertisements/spam. Remember delete history including cookies.
 
I bounce in and out of several financial institutes on an almost daily basis and have never had a problem with stolen funds (knocks on wood).

The two points of access you have to concern yourself with are (1) your financial institute, and (2) yourself. They each present unique challenges, and unless you're willing to do your homework, choose only the safest places to do business and keep to a rigorous security routine you might be open to a hack.

I don't have a brick-and-mortar bank at all - just totally online banks. I long ago gave up on the usual song-and-dance that the regular banks give you. I also avoid most of the transaction fees involved by dealing in bitcoin and other cryptocurrencies, plus my anonymity factor is increased a hundred-fold.
 
Twixie, You son was lucky to get his money back. Our credit union banking acct. was hacked last February for very dollar we had. The credit union bank tried to tell us that they had quit guaranteeing individual accts. We asked why we had not been notified, and they told us they weren't obligated to. On our third trip there to argue the issue, a clerk let it slip that we were about the tenth customer in one week to come in for the same problem.
I finally got paused off and threatened to sue not only for our money, but for all debts arising from the date of the happening. That got their attention. We got the money in our checking and savings accts. back. :wave:
 
SifuPhil said:
I bounce in and out of several financial institutes on an almost daily basis and have never had a problem with stolen funds (knocks on wood).

The two points of access you have to concern yourself with are (1) your financial institute, and (2) yourself. They each present unique challenges, and unless you're willing to do your homework, choose only the safest places to do business and keep to a rigorous security routine you might be open to a hack.

I don't have a brick-and-mortar bank at all - just totally online banks. I long ago gave up on the usual song-and-dance that the regular banks give you. I also avoid most of the transaction fees involved by dealing in bitcoin and other cryptocurrencies, plus my anonymity factor is increased a hundred-fold.
Click to expand...

Don't have brick & mortar and anonymity factor is increased a hundred fold.

I like that. I'm diversified but still have brick & mortar and use the tellers. Got to admit I don't mind dealing with people because if nothing else I can describe the last teller that waited on me and pulled up my account. My paranoid theory is if the tellers are familiar with me their is less chance of fraud and my picture is taken so they know what I look like. On the other hand if you get a corrupt teller or staff working in concert I would have to wait for corporate to take care of it.

I do find my myself doing more and more electronic transactions. My biggest problem now is my standard brokerage account which puts a 5 day hold on transaction completions so if I sell for money I have to plan it 5 days in advance. I was told I need a day trader license or 25K cash balance to get immediate access to my money.
 
I think there will be more of this hacking as we conduct more transactions online. When I went to the fake bank site, luckily, I figured it was fake in about 20 minutes or so, called my bank, froze my bank account, changed all my passwords, and did not lose any money. Whew, though, that was a close one, and, of course, my husband, who was pretty good with the computer, said I was pretty idiotic, but I was just learning the computer, and one is just trying to navigate, and does not think of stuff like that.
 
Your account can get hacked and drained whether you bank online or not. Everything your bank does with your money and everybody else's is done via computer.

Ditching an old computer without cleaning the hard drive is inviting disaster. It's equivalent to setting up a buffet table in public with every bit of personal and private information there is and telling folks to help themselves.
 

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