How safe is internet banking?

I am looking to open a high interest savings account. However the majority of the good ones are internet only.

Is it really that safe to conduct your transactions via the net with al the hackers etc flying around?

I have phoned Ing for their information pack but it is taking an age to get here and judging by a comment read in another thread, I am beginning to wonder whether to try elsewhere

:-/

Jon

[Murphy_The_Cat]

From my own experience no problems or worries at all.

I use Cahoot and they are excellent. As regards security, i read an article a while ago that said that most 'low grade' bank fraud etc ( i.e not millions) was usually down to people being careless with pin codes, leaving passwords on post it notes on computers, or sharing the same passwords as other family members.

go online with confidence, but keep your details close to heart !

;D
MTC

[hellomoto]

Is it really that safe to conduct your transactions via the net with al the hackers etc flying around?

I can only go by personal experience, but hope this helps.

When I first started internet banking, I too was concerned like yourself, I started a couple of years ago by adding a bog standard savings account with very little cash in it onto the internet, as my confidence on how to use the account, and how to check the pages were secrure and so forth I started to add further accounts to the internet and open new accounts.

As it stands I now have my bank account and savings oneline with one bank, my ISA online with another provider and 2 credit cards with 2 other providers all online and I have never had any problems at all!
And of course you tend to get the best rates online!


;D ;D

[Mortgageman]

Is it really that safe to conduct your transactions via the net with al the hackers etc flying around?

It is as safe, I guess, as using your card in a cash point machine with all the muggers around (in fact i'll go out on a limb and say it is safer)

There are always going to be ways to cheat and steal from people, but it has to be the online banks biggest concern, so the actual transfer, and online data is pretty safe.

The big trick, I would guess, (and no I am not talking from experience here :) ) is capturing keystrokes, which would really have to be done from an applet (a small program) that you have either deliberately, or accidentally downloaded.

Always be careful what you download on the internet, make sure it comes from a trusted source, and never open an e-mail from a name you don't recognise (particularly if it has an attachment)

[mr_accountant]

I have a number of bank and credit card (cc) accounts on the web and would agree with all the positive comments re internet banking. Almost all the banks and cc companies now use 128bit SSL Encryption technology, which Im told is exceptionaly difficult to copy.

Most banks and cc cos also have a fraud prevention guarentee (eg barclaycard) whereby if anyone hacks into your account they will refund the money, although its worth checking in the terms and conds to be sure.

It may also be advisable to get a virus checker like norton (or a free one) and a firewall (free too) to be totally safe.

I also have an account with citibank for one of those all in one accounts, which are c**p, so dont bother with those they dont work AND citibaNk state in their terms and conds they are not liable for any losses, therefore i no longer use their site.

But overall web banking is great, as it saves wasting 30m in a bank queqe on a wet day for a single transaction.

I also agree with the positive comments on internet banking. I have banked with First direct for 10 years, & used their internet service since it started several years ago. I also have a Smile savings account & credit card & have had no problems with any of them.

The convenience is definitely a big advantage as well as the preferential rates often available.

I have never really worried about internet fraud...I think if its going to happen to me, it'll more than likely be through the more usual methods, e.g. lost/stolen cards, letting your card out of your sight at restaurants when you pay the bill, etc. And that can happen to anybody.

Gill

[jack_pott]

Nobody really knows how secure they are yet, it's not been put to the test. Anti fraud guarantees are worthless if you can't prove to the bank that the withdrawal was fraud. The only protection I can see is to use an account that only pays into accounts owned by you, and not third party ones.

According to my terms and conditions I have infront of me, it says:

"We will only be responsible for direct loss to you, and then only if we deliberately or negligently caused you the loss. We will not be responsible for:

- indirect loss;
- loss of business, opportunity or profit;
- any type of special or resulting loss; or
- anything beyond our reasonable control (including, but not limited to, an event or series of events that disrupts our service or causes your instructions to be delayed or not acted upon"

Would this mean that they (the bank) would or would not refund any monies stolen from the account from, say, a hacker?

[1jim]

i have found internet banking vvery convenient, i have used it for many years, i have used hsbc, egg and halifax. out of all these halifax website very easy to use, am currently switching to smile (no reason other than fancied a change and liked their ethical stance). in 3-4yrs+ have never had any problems banking on line

jim

[Debt_Free_Chick]

Install a firewall. This one's free

http://www.zonelabs.com/store/content/company/products/znalm/freeDownload.jsp?lid=zadb_zadown

Do not respond to emails that ask to you click on a link and reveal your logon ID and password.

Your bank should be using a secure server. In the address bar this appears as https:// and not http://

Also in the bottom right hand corner you should see a padlock, indicating it's a secure site.

[Shawz]

I have found internet banking to be very good.
Make sure you use an up to date anti virus software package and also software such as adaware to remove any spyware that may be on your pc.

If you want more reassurance, see the smile website for details of why they are the only internet bank with the British Standard ("kite" mark) for internet security.

Stuart W

[jack_pott]

If you want less reassurance, read last week's New Scientist. In the last two years identity fraud has doubled mainly because fraudsters can now work over the telephone and internet from the comfort of an office, rather than rummaging through peoples bin bags.

Indeed the internet is being used by fraudsters as a method of using other people's accounts, but I understood this was not related to whther the accounts they are using being internet-based ones. Am I wrong?

[jack_pott]

Not quite sure what you're asking. Presumably it takes less hacking to get into an account that's internet based than one that isn't. The article in NS wasn't specific on this sort of point.

[KG]

I've used HSBC's online banking for a few years now and have never had a problem with security. On top of that the system is really user friendly.

Now trying to get used to the Bank of Scotland online system for a new joint account. I'm not finding this as intuative, but this could be because I am so used to HSBC.

KG

[nvestr]

I've been banking online for about 2 years now and haven't really had a problem. I'm in the IT industry and a few of my colleagues won't touch internet banking, others swear by it... To be honest there is an element of risk involved, providing you keep your computer pretty secure you should be right... By secure I mean firewall AND patched up to date...
Resources worth checking out:
For updates
http://windowsupdate.microsoft.com
For news on this stuff
http://www.consumberwebwatch.com

http://www.hodgestephens.com (They are trying to sell and eBook but besides that there is some 'ok' info)

[ic]

I've been conducting almost all my banking exclusively online for the last five years. I find it hassle free and makes me far more weary of how much money I have. Previously I had to visit a cash machine or wait for my monthly statement before I knew what I had or didn't have.

I found it an odd experience having to go to a branch to get an account opened - I'm not used to such things anymore! :D

In terms of security, all online banks protect you against fraud as long as you operate the account safely. Walking throught the middle of town with a placcard pronouncing your security details will win you no favours! Ultimately you can conduct your own finances in the safe surroundings of your own home, or you can go into a branch where you have staff and other customers aware of your dealings...

[Robert_Sterling]

!and makes me far more weary of how much money I have. !


If any one else is weary of their money I might be able to help.

[ic]

whoops!

[Robert_Sterling]

It has not been tested to destruction yet!