Is online banking safe?

omnipeta

I may be a little paranoid but after seeing various TV programmes about internet fraud I immediately cancelled my internet online banking account.
I realise that there are benefits to online banking but my question is,
Is online banking safe?

le_loup

No.
But is crossing the road?

colsten

As long as you have proper security on the device you use for online banking, don't share your login data with anyone else, and only ever log in through your bank's official login page, it is as secure as you can get. You should have / do this sort of thing for anything you do online.

Tens of millions of people enjoy the benefits of online banking without problems each and every day.

Out of interest, what program did you watch? And which aspects are you particularly concerned about?

DCFC79

omnipeta wrote: »

I may be a little paranoid but after seeing various TV programmes about internet fraud I immediately cancelled my internet online banking account.
I realise that there are benefits to online banking but my question is,
Is online banking safe?

Why did you cancel your online banking based on a programming ? It's perfectly safe to use if you take reasonable measures

Never had an issue with my bank accounts being compromised because my PC is secure, I go to the page for the bank and login, don't click on a dodgy supposedly from my bank and login.

omnipeta

Re which programme? I think it was Panorama or Dispatches. I really do appreciate your advice, I am always careful when clicking on web sites and have 'Avast Professional' security installed, my concern was some individual withdrawing my hard earned cash (recently retired after 52 years) but I realise now I'm probably being paranoid.
I will reconsider now after your valued advice, thank you.
Le loup, I'm fine crossing the road, but you never know :-)

Neil_Jones

omnipeta wrote: »

I may be a little paranoid but after seeing various TV programmes about internet fraud I immediately cancelled my internet online banking account.
I realise that there are benefits to online banking but my question is,
Is online banking safe?

It's as safe as you make it.
If you use the various add-ons offered by the bank, such as Rapport, use your anti-virus software, an up to date computer/browser and don't click on email links that claim to be from the bank, then it's perfectly fine.

If you do have a problem with fraud that has occurred through the internet, if you know you haven't done it, the bank are obliged to refund the money.

DCFC79

If your concerned about dodgy transactions/money being withdrawn you can spot these if you login with online banking but you can't do this if you were to get rid of it, you would be at the mercy of waiting for the monthly statement to then spot any irregularities.

If you purchase alot on the internet then look at a credit card and use it purely for internet purchases. If anything happens its not your money but the credit card companies.

anoncol

If you are not security aware on the Internet you should not do Internet banking or shopping online. But as long as you are security conscious it is safe to do both.

Do you shop on Amazon etc?

robatwork

One answer is: probably

Are you the sort of person who could be conned into believing a phone call from your bank/police/Gas company can convince you to login to your online bank account and transfer money to keep it "safe"?

The answer to that question is the opposite to the question you asked.

colsten

omnipeta wrote: »

Re which programme? I think it was Panorama or Dispatches. I really do appreciate your advice, I am always careful when clicking on web sites and have 'Avast Professional' security installed, my concern was some individual withdrawing my hard earned cash (recently retired after 52 years) but I realise now I'm probably being paranoid.
I will reconsider now after your valued advice, thank you.
Le loup, I'm fine crossing the road, but you never know :-)

TV / radio / the Press can report about all sorts of fraud, and the more dramatic they make the report, the more viewers / readers they get, and the more money they can make.

People have had money stolen due to cheque fraud. Does this make you stop using cheques? Same for debit and credit cards. Same for your wallet / purse.

Have you thought it through how anyone could withdraw your cash because you have online banking? To start with, they would have to set up a new payee. How can they do this if you never share your login etc information? Which bank are you with? Most require you to either use your card & PIN, or your phone to set up a new payee. And that is after you logged in with your private information. How likely is it that someone else manages to get all the required bits and pieces ?

A good site to read up about fraudsters is
http://www.actionfraud.police.uk/types_of_fraud - don't get even more frightened though! There are tons of different scams about but if you take normal steps to protect yourself, as you seem to be doing, there is nothing to fear.

If you are paranoid about losing money - as DCFC79 mentioned, if you have online banking, at least you can check 24 x 7 from the comfort of your home that your money is still there and you don't have to wait for your statement or wander into a bank etc.

Futuristic

If you are one of those people who likes to download 'stuff' online a lot, gets tricked into dodgy phishing emails or calls then it's probably not for you. In most cases if you do get hacked then the chances are they won't be able to send out payments to someone else without second level authentication.

Some banks suggest using Rapport, I know HSBC Business & Natwest personal pop up requesting you to install it. It should help the novice users be safe:
https://www.trusteer.com/support/rapport-installation-links