5 Rules to Limit Risk with Online Banking

The development of technology brings convenience in online transactions but also poses many security risks.

Online payment is convenient but requires users to have a high awareness of security.

Beware of scam messages

This is an old-fashioned method that is still used by scammers. Users may receive a text message from someone pretending to be a bank representative, warning them about security vulnerabilities and asking them to call a toll-free support number. They will then ask for an account and PIN number to confirm.

Robert Vamosi, risk and fraud analyst at the companyJavelin Strategy & Research in California, USA, said this method still happens in less developed places where users do not have the conditions to update information fully. He also warned never to call the numbers in the text messages and always consider it as unreliable information.

A bank's customer service number is always prominently displayed on their official website and appears on their statements. Additionally, for verification purposes, the bank may ask for card number, name, date of birth but not confidential information such as PIN.

Always make sure your computer is not infected with spyware.

Protect your computer from spyware

Malicious software can infiltrate and steal confidential information without the user’s consent. As online payments have become more popular, so has malware. Computers can be infected with malware in a variety of ways, such as clicking on a link on the Internet and downloading it, or following an email as an attachment.

With computers infected with this type of software, all user actions are recorded and sent to hackers. This includes a series of names and passwords to log into important accounts.

To avoid falling into these situations, users should not access unknown websites, do not listen to invitations to click on strange links. Computers need to be regularly scanned for viruses with the latest updates.

Do not use public computers or Wi-Fi networks

Never log in and conduct online transactions on public computers. In addition to the risk of spyware being installed on these computers, hackers can exploit information from another computer on the same network.

In addition, using public Wi-Fi networks also has many potential risks, especially networks without passwords. According to himRobert Vamosi, Wi-Fi connections require a more secure password and if in a hotel, opt for a wired connection.

Set password with multiple character types

Many users are reluctant to remember passwords, so they choose simple, easy-to-guess character strings. Security experts recommend using a variety of combinations of letters, numbers, characters, and uppercase and lowercase letters. It is best to use passwords that have no specific rules and are not related to the individual. Many banks now require security codes that are much more complex than in the past.

Citibank has advised users to upgrade their software immediately to avoid security vulnerabilities being exploited by hackers.

Be careful when downloading and using banking applications.

Most banks have their own applications to help customers make transactions more easily on smartphones and tablets. However, there have been cases of criminals creating "fake" applications to deceive and steal customer information.

In addition, even if you have downloaded the correct "genuine" application, users still need to regularly download upgrades. Citibank once warned that their smartphone application had a security hole, so it recommended users download updates immediately to avoid being exploited by hackers.

According to VNE