How secure is internet banking?

The demand for internet banking has increased over the years to solve customers’ needs. Unfortunately, this has attracted hackers whose intention is to steal money from customers’ accounts. Nowadays, all banking institutions have put in place security measures to prevent theft, fraud, and any other mischievous activities. Banks have set up security systems with multiple levels of identification and confirmation to ensure your money is safe.

Hackers often attack banking sites, and some of the attacks have helped many banks to improve their security systems continuously. However, some hackers may succeed in stealing money from customers’ accounts. If this happens, you may still be protected in some banks since you will be compensated for the stolen funds if you reported within a specified period. Take note that there are specific rules about stolen funds, and not all banks will reimburse.

Internet banking is safe, but you will need to take precautions when managing your account online. There are risks associated with online banking, such as keylogging, phishing, identity theft, and pharming. Keylogging occurs when you use public networks to access online banking. Software is used to record your keystrokes to get your account information. Phishing involves using a tricking software to get the logging credentials such as passwords and usernames of another person.

You can take precautions to deal with online banking risks to avoid being a victim of hacking. For example, you can protect your computer with an antivirus program to keep off hackers and check the legitimacy of your bank’s website to avoid copycat sites that look almost the same with your online bank.

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