Is It Safe to Bank Online?

Bank Online is one transaction that many could not resist as it offers many benefits nowadays, but is it safe to do this type of transaction? Here are 10 steps consumers to take to make sure their information is safe:

1. Don't talk to cyber-strangers, and don't click on hyperlinks within emails from strangers. "That's the easiest way to download malware to your computer," says McNelley.

2. Treat your smartphone like the computer it is. Downloaded apps can contain malicious codes, warns McNelley. "You have no idea who created that app, and very little code-checking goes on," she says.

3. Treat social networks like dark street corners. You never know who's lurking among your friends and acquaintances. Hackers have targeted Gmail, Facebook, and LinkedIn, and users of those sites should be especially wary of clicking on embedded links, even those "recommended" by friends.

4. Use the Net to your own advantage. If you bank online, you don't have to wait until the end of the month to check your statement. You can log in anytime and make sure nothing is amiss. An errant charge is often one of the first signs of identity theft, so check statements carefully and alert your bank immediately of any problems.

5. Get free help. Many credit card issuers offer free and automatic identify-theft protection to customers. (That's one advantage credit cards have over debit cards.) If you see erroneous charges on your statement, call your credit card company, which should investigate on your behalf.

6. Think of a new word. Consumers are tasked with remembering dozens of passwords for various retailers, banks, and accounts, making it almost impossible to remember them all, especially since they often include mixes of numbers and letters.
7. Never, ever give your Social Security number to anyone online. If a site asks for it during the checkout process, it's probably a scam site.

8. Shred or safely store financial mail. Bank statements, investment documents, and other financial paperwork can give thieves clues about account numbers, Social Security numbers, and other personal information.

9. Fight back quickly. If you are hacked, step one is calling your bank, says McNelley. That's because banks have sophisticated systems in place that can immediately begin closely monitoring your account for signs of identity theft.

10. Trust your gut. "You often hear, after consumers used an ATM with a skimming device, they had a bad feeling about it. If you do have that feeling, listen to it," says McNelley, and remove yourself from the situation.

Taking these simple steps is like remembering to lock your door at night, or turn on your alarm system. Says McNelley, "Bad guys go for the house that's unprotected. If you take the basic measures, then generally you have less risk about getting compromised."