How to Bank Safely Online

With so many stories of fraud, keeping our own credit and debt cards protected is a concern for most. No line-ups or ATM fees is one of the many desirable features to online banking. That, of course, combined with the fact we no longer have to leave our homes to transfer money or pay bills. With more and more consumers turning to online banking, it seems fraudsters are following the trend as well.

The result of a recent Internet User Survey by Statistics Canada showed that online banking is growing, and growing quickly, with 54 per cent of the Canadian population 16 and over using this service. With its increased popularity comes increased interest from criminals and their desire to crack open your account is their main goal.

Paul Proulx, RCMP Staff Sergeant and manager at the Canadian Anti-Fraud Centre says "It used to be all phone fraud, but now we're seeing the internet taking over. We're seeing that especially in the last two years, and the trend is increasing."

The next time you are online, there are a few things you can do to protect yourself and your account. One very common problem is sites that are known for phishing. Dishonest sites have a technique where they are able to act like a bank or fish, in order to get your banking information. They will send requests for thing such as personal information or PIN numbers in order to 'update your information.' Report these sites and contact your bank in person if you have any questions or concerns.

Making a point to always do online banking from your own personal computer is also a great way to safeguard against hackers. Keeping your personal passwords and account numbers on your computer will assure no one else gets a hold of them. Keeping your computer secure by making sure to always update security settings, firewalls and anti-virus software on a regular basis will help protect your sensitive information as well.

When doing online banking, it's very important to ensure you have an encrypted connection. If you are unsure how to check for this, have someone help set up the security on your computer. Also, a secure site will have a padlock in the corner depicting security. If you are still not sure, a secure bank connection to a bank will begin with 'https' for the Internet address.

Try to avoid using Internet hot spots as they are for public use and the connection may pose a risk to the security of online accounts. Keeping your accounts protected is a common sense way to not only prevent a thief from emptying your account, it's also a way to protect your credit.