How safe are internet accounts?

chelseablue

My oh said he read in the paper recently that someone had an internet saving account (not sure which provider) and someone managed to hack in and take all the money, about 25k!:eek:

Basically Im asking do people think internet accounts are a safe place to keep lots of money? We have an internet savings account and now my oh wants to move all the money to a branch based savingas account.

My first reaction was: "rubbish of course there safe!" but now he's got me thinking. We're saving for a house deposit and if we lost it all id... well I dont know what Id do!

Any advice?

tom188

If this happens and the bank would be liable, provided you keep your computer up to date with firewall etc and are sensible. A lot of the time security breaches are due to the users gullibility, replying to dodgy emails with all their passwords. So I dont think its anything to worry about.

exel1966

chelseablue wrote:

My oh said he read in the paper recently that someone had an internet saving account (not sure which provider) and someone managed to hack in and take all the money, about 25k!:eek:

Basically Im asking do people think internet accounts are a safe place to keep lots of money? We have an internet savings account and now my oh wants to move all the money to a branch based savingas account.

My first reaction was: "rubbish of course there safe!" but now he's got me thinking. We're saving for a house deposit and if we lost it all id... well I dont know what Id do!

Any advice?

Yes, give it to me and I'll look after it for you

I wouldn't worry unduly, internet accounts are very safe. I would think you have just as much chance of losing money via a Branch based account as you have an internet one. You have to move with the times and one day the time will come when you HAVE to do it online !!
How many people with internet account do you know that have lost money ? Any ? And if so was it through their own carelessness perhaps ?
Securing your pc is vital so as long as you have that protection and you aren't careless with your personal info, you'll have no problems.

DocProc

Keep passwords and memorable information safe by:

* not writing down or storing your Internet banking password or memorable information on your computer,
* not giving anyone else access to your password or memorable information. The bank will never contact you to ask you for this information – if you get an email or a phone call asking for this information, a fraudster is at work,
*changing your password or memorable information immediately if you think that someone else knows it – you can generally do this by logging on to Internet banking and using and changing the ‘Change Password’ and also ‘Change Memorable Information’ options.

Make sure your password is secure by:

*choosing a ‘strong’ 10 to even as many as 15 character password for Internet banking and
*changing it regularly.

Use a mix of upper and lower case letters and numbers (eg, C4t13deRG7). Even better, one that you can remember without writing it down (eg, Be4tTHATdrum8). And avoid using words that may be easy for others to guess, such as the name of a family member or pet.
*Be careful where you log on

You would be strongly advised not to use Internet banking on publicly accessible computers, in places such as Internet cafes, as they are not always secure.
Don’t choose or change your password or memorable information on a computer in a public place.
If you are using Internet banking in a public place, don’t leave the computer unattended while you are logged onto Internet banking, and take care that no-one is watching what you type.
Make sure you log off too.

Be sure to check your accounts regularly – it’s a good way of spotting any suspicious transactions. If you do notice anything that looks out of the ordinary, contact your Internet bank immediately. Make sure you always have on you the home and overseas telephone numbers to use in the event of an emergency.

Check whether the web page is secure by:

*checking the first few characters of the web address in your address bar has changed from the usual ‘http’ to ‘https’ – the ‘s’ stands for secure,
*looking for a small padlock icon, in the locked position, in the bottom right-hand corner of your screen.

Find out how to check whether a web page is secure:

eg, Check the site certificate. Sites that are serious about security always show a valid site certificate. Find out how to check a site certificate.

Finally, always click ‘Log off’ when you’ve finished using Internet banking wherever you are, and always close your browser. This will prevent others from gaining access to your accounts online.

fund_manager

Note also that HSBC were recently exposed as having a huge security flaw. The nature of this, like viruses, is that the good are always reacting to the ugly, as it were. It is very hard to stop or avoid altogether, as new ways of figuring these things out always resurface.

I have never looked into the T&C's of what ones exposure is on a banking site. Does anyone else Know?

taxi97w

It's not just your own computer that has to be secured. It's the hacking into the banks' servers where your details are held,that is my main concern. If hackers can do it to the CIA and FBI (just recently), can you imagine the carnage this would do if it was a bank. Not 100% secure. Point blank.

tyllwyd

You could always split your savings between a few different banks/building societies, to spread the risk.

tom188

taxi97w

Well this would apply to all accounts, not just internet accounts and therefore you shouldnt trust the banks with any of your money. Point blank. Where then? Is it a safer and better idea to stick the money under your bed?

masonic

taxi97w wrote:

It's not just your own computer that has to be secured. It's the hacking into the banks' servers where your details are held,that is my main concern. If hackers can do it to the CIA and FBI (just recently), can you imagine the carnage this would do if it was a bank. Not 100% secure. Point blank.

I think it's probably more likely you will get burgled than hackers break into your banks computers and transfer money out of your bank account. Perhaps people just shouldn't have money or possessions at all.

taxi97w

tom188 wrote:

taxi97w

Well this would apply to all accounts, not just internet accounts and therefore you shouldnt trust the banks with any of your money. Point blank. Where then? Is it a safer and better idea to stick the money under your bed?

Internet accounts (on the Web) are in the public domain where anyone can attempt to gain access. Non-web accounts are part of the banks' internal system (intranet) and are behind firewalls, inside the Demiliterized Zone and behind much more security than just a secure server (https) that you have with internet banking.

Browntoa

not true...banks use a proxy OUTSIDE their Intranet as a gateway for access to the SAME database for ALL their accounts...nothing is stored on the web

weakness is as the other poster said...phishing emails etc where people are gullible enough to "confirm" their details and passwords , Trojans etc