Is your money safe with online banking?

Is your money safe with online banking?

The total number of people who turn to the Internet for private banking is not increasing; but those who are already addicted to the service use it more than they would a regular bank.

Research firm, who interviewed 1,000 American adults for the survey, found that many consumers worry that their personal information could be stolen by hackers or sold to third parties by banks. Nearly 83% of those who bank online report such concerns, while 73% of respondents say identity theft is a deterrent.

The percentage of Americans who do personal banking online stagnated at 39% in the 12-month period ending August 2005, Ipsos Insight said in a survey released recently.

More information learned during this study shows that 88.4% of Americans who refuse to use online banking were unaware that much more sensitive and personal data is routinely compromised through the use of Microsoft software products, while 94.5 % of those who choose to bank online have already been aware of them, and 41.3% of that number have resorted to quite drastic methods in search of overcoming this particular problem.

The funny thing about it is that the weakest link in the chain is on the user’s desktop. No online banking system can eliminate this risk.

Online banking is a safe way handle your money, but you need to be on the lookout for internet scams. Make sure you follow this advice to bank safely online:
Ignore emails claiming to be from your bank and asking for your online details. They ask you to click on a website link and enter your security details.
The scam emails have a link that opens a fake window over the real bank’s website. Do not disclose any of your personal or security information. Always verify the validity of a bank’s website by checking its security certificate, which you can do by clicking on the padlock icon on your browser.

Did you receive an email? asking about your internet banking details? Bank customers often receive fake emails asking them to confirm information such as user IDs, passwords and memorable information for internet banking or phone banking. These are not valid emails.
If you receive such an email, please do not click on any link contained in it and do not provide Internet Banking or Phone Banking login details as your bank would never send emails requesting this information.

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