Millions of individuals use online banking as a convenient and fast way to manage their finances. Yet, many people also do things that jeopardize the security of their account information. If you decide to bank online, here are a list of the top ten things you can do (or not do) to help you bank more securely online.
Millions of individuals use online banking as a convenient and fast way to manage their finances. Yet, many people also do things that jeopardize the security of their account information. If you decide to bank online, here are a list of the top ten things you can do (or not do) to help you bank more securely online.
Keep your password private. Do not give someone else your password.
Do not click on a security alert email from bank telling you to login and change your password. Banks will never ask you to do this via email.
Do not email your password or account information over the Internet. Most email is not secure and can be intercepted and read by others. Call or use a secure messaging system if your bank provides it.
Do not use public wi-fi hotspots to connect to online banking. Public wi-fi can be hacked. Either wait until you are in a private location, or if using a mobile phone, turn off wi-fi and use 3G or 4G, both of which are more secure than public connections.
Do not use public or shared computers for financial transactions. You shouldn't use public computers for online banking period but if you do, be sure to logout and close the browser.
Be sure your computer has up-to-date virus protection and scan your computer regularly - especially if you use a PC. Trojans and worms can infect your computer and use keystrokes and other tactics to get your bank credentials.
Change your password regularly and do not make it obvious (birthdays or other personal information that someone may be able to guess are a bad idea).
Do not ignore your account. Check it frequently to make sure you do not see any strange account activity.
Be sure to check or follow up if you see a strange transaction. Banks are required by Reg E to cover losses beyond $50 as long as you contact them within 2 days of receiving a statement. Stay on top of your account.
Disable the ability for your browser to remember your username and password for any bank sites you use.
Have other tips? Share them below. Here's to safe online banking!
First Trade Union Bank is rolling out the welcome mat for its online checking account by providing a $100 bonus to new accounts that meet the qualifying criteria.
First Trade Union Bank is rolling out the welcome mat for its online checking account by providing a $100 bonus to new accounts that meet the qualifying criteria. These criteria include:
Opening a new First Trade Virtual Checking account between 10/5 and 12/31/11.
The first $50 will be paid if you enroll in online bill pay and pay one bill through the service by 1/31/2012.
The other $50 will be paid to you if you set up a direct deposit and have one deposit made through the account by 1/31/2012.
Your checking account must have a balance over $1 in order for the bonus to be credited.
That's it! Obviously the bill pay and direct deposit requirements are there to prevent bonus shoppers from opening an account just for the cash. First Trade Union wants to open accounts that stick with the bank and direct deposit and bill pay are two of the stickiest services. Other features of the checking account include:
No minimum balances
Rebate of ATM fees that other banks charge.
Interest on balances of $1,000 or more.
The checking account pays 0.25% APY in interest on balances over $1,000 so this is not a super-high yield account. But First Trade Union does have a high yield savings account that pays 0.90% APY, one of the better online savings account rates. Opening the two accounts in tandem may make sense.
First Trade Union Bank is located in Boston, MA and has six branches located in Boston, Rhode Island, and Long Island. In addition, it offers online savings, checking,and CDs. The bank's assets have grown from $407 million in 2006 to $620 million today. The bank's Texas Ratio of 23.39% if slightly higher than the national average of 21.06% but far below the 100% level considered to be a sign of bank problems.
Today, Mastercard and mFoundry announced that they are teaming up to provide another solution in the mobile payments space. mFoundry currently provides mobile banking services to over 500 banks and credit unions. mFoundry will provide the banking appliation on the phone, and Mastercard will provide the terminal (called PayPass) which consumers can use to swipe their phones using a technology called Near Field Communication (NFC).
When Internet banking first dawned in 1997, the dream was that consumers would eventually have a digital wallet that they could use to purchase goods and services. A consumer would whip out this digital wallet and scan it over a reader to pay for a can of soda, or groceries, or a new shirt. For the next ten years, this vision remained mostly a dream. In the last year, fueled by the sales of smartphones, the vision is becoming reality.
Last May, Google announced its Google Wallet, software that allows consumers to store and use payment information to easily purchase goods and services from a phone. Today, Mastercard and mFoundry announced that they are teaming up to provide another solution in the mobile payments space. mFoundry currently provides mobile banking services to over 500 banks and credit unions. mFoundry will provide the banking appliation on the phone, and Mastercard will provide the terminal (called PayPass) which consumers can use to swipe their phones using a technology called Near Field Communication (NFC).
"This collaboration is going to allow more banks, credit unions and mobile phone operators around the world to offer their customers the convenience and security of Mobile PayPass.” said Ed McLaughlin, chief emerging payments officer, MasterCard. “By using the power of a smartphone, consumers can simply tap and pay for goods and services."
"By working with MasterCard, mFoundry will be able to evolve and expand its financial services platforms to reach more consumers through new and existing clients,”said Drew Sievers, CEO and Co-Founder of mFoundry. “MasterCard shares our philosophy on how to enable its clients with mobile payments and we are thrilled to be working hand-in-hand with them to bring their PayPass solution to our clients."
It will be interesting to see which companies emerge as winners from the mobile payments space. mFoundry is betting that its close relationship with banks will make it the winner while Google is planning to use its direct relationship with millions of customers to spread its technology. Look for other big technology and banking companies to also get in the game. No matter who wins, the vision of paying for a can of Coke at a vending machine by holding up your phone to a reader is close to becoming a reality.
