Caution with bank data is always a safe bet
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The convenience of checking balances, transferring funds and paying bills online has, for a growing number of people, made running to a bank teller seem quaint.
At the same time, banking online carries some risk. Cyberspace is riddled with pickpockets hoping for a chance to help themselves to other people's money.
"The kinds of things that can go wrong are related to the loss of your personal information in between you and the bank," said Michael Kaiser, executive director of the National Cyber Security Alliance, a public-private partnership focused on cyber security education.
Banks have their own security measures, but consumers also can take steps to protect passwords, account numbers and other personal information.
Although banks generally don't hold customers liable for fraud, straightening out the mess can be a hassle, Mr. Kaiser noted. "There would be a lot of going back and forth to prove it wasn't you" who withdrew the funds, he said.
One of the first steps toward better security is using passwords with a combination of numbers and upper- and lower-case letters, plus throwing in a symbol or two, such as an exclamation point, experts say. The longer the combination, the better.
"If your password is a [real] word, thieves can run a dictionary program against it" and crack it, Mr. Kaiser said.
Don't use the same password for multiple accounts to limit the damage if one account is compromised. It's also good practice to change passwords occasionally and to store them out of sight, say on a piece of paper tucked in a sock drawer.
People who want to store passwords on their computer for easy reference should consider using a digital wallet program to help keep the log-in information safe, said Doug Johnson, vice president of risk management policy at the American Bankers Association. Good digital wallets, which can be found in an online search, encrypt the information and require a password to access, he said.
When logging into a bank account, avoid using public computers or open wireless connections that aren't password protected.
"Using a library computer, you don't know to what degree that computer is secure," Mr. Johnson said. Passwords could even be stolen by someone at the next computer looking over a shoulder, he said.
Protect home computers from malicious software that can log keystrokes and steal passwords by installing a suite of security software that includes virus and spyware protection plus browser protection that identifies illegitimate sites, Mr. Kaiser said.
Also use the latest version of a Web browser, whether it be Internet Explorer, Mozilla Firefox or Google Chrome, to take advantage of the latest built-in protections.
Be alert for phishing emails that trick people into divulging account numbers and other personal information by pretending to be a message from the bank.
People also should check their bank accounts frequently and report suspicious transactions.
"Instead of patiently waiting for that monthly statement, periodically review your account online," said Mr. Johnson. "You are going to be the one to know best if that is a transaction you didn't authorize."
People shouldn't be afraid to bank online, Mr. Kaiser said, "but they should take steps to ensure they are protected."
For more information about how to keep your money safe, visit http://staysafeonline .org; http://www.aba.com/ABAEF/consumers.htm , and http://www.ftc.gov/bcp/menus/consumer/tech/privacy.shtm .
First Published January 25, 2012 12:00 am
