How safe is internet banking? 16 July 2003 at 11:22AM in Savings & investments 20 replies 4K views

System

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

[Deleted User]

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.

System

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?

[Deleted User]

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!

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_3

 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_3

It has not been tested to destruction yet!