Online Banking Safe Practices for Transactions

Online banking has increased its popularity over the last few years. Online banking has made it easier and more convenient for businessmen, web entrepreneurs and even the average shopper to complete transactions “on-the-go.”

However, online banking also has its disadvantages. Online banking is vulnerable to widespread fraud and other security issues/lapses. There is also a distinct possibility of identity theft or being hacked online.

In order to safeguard your online banking transactions, you should practice the following safety measures.

Tip 1: Protect your computer with reliable, up-to-date security software.

A computer secured by reliable, up-to-date security software is less vulnerable to cybercrimes. It is important especially for web entrepreneurs to run an effective security system on their computers. While there are several free versions of anti-viruses and security software available online, these software might not detect high-end fraud and hacks.

A reliable, up-to-date security system is a good investment especially for people who do their business online.

Tip 2: Ask your bank regarding their online banking facility and the security systems in place.

Before enrolling in your bank’s online banking facility, you should first inquire about the perks and advantages you can get from their online banking program. Similarly, you can also ask bank representatives regarding the security systems in place and the software they use.

Tip 3: Set ambiguous passwords, usernames, transaction PINs etc. Don’t use obvious words or codes such as your birthday or your favorite number.

Passwords, usernames and Personal Identification Numbers (PINs) serve as the key to your online bank account. For that reason, you should make sure that such codes are ambiguous and are unpredictable. You shouldn’t use your birthday, your favorite number or any other obvious combination as your password.

Likewise, you should not tell anyone your password – and that applies even to close friends and family members.

Tip 4: Make sure that the websites/online stores you are transacting with are legitimate.

Before transacting with a particular website/online store, you must first make sure that it is legitimate. Instead of transacting with questionable stores, you can perhaps do business with reliable and established companies.

There are a lot of online stores with established reputations online such as Amazon and eBay to name a few.

Tip 5: Use a separate computer for online banking transactions. Don’t transact online using a public computer.

If you’re an entrepreneur doing business online, you should invest on a new computer unit which should be separated from the rest and will be used solely for online banking transactions. It is also imperative not to use public computers when transacting online.