"It used to be all phone fraud, but now we're seeing the internet taking over," says Paul Proulx, RCMP Staff Sergeant and manager at the Canadian Anti-Fraud Centre. "We're seeing that especially in the last two years, and the trend is increasing."
Next time you bank online, try to keep these seven tips handy to protect your financial information from online fraud and identity theft.
Always be highly suspicious of emails requesting your bank account number or debit card PIN. Smooth criminals use a technique called phishing to masquerade as a bank and draw out, or fish for, your banking details. These sophisticated emails usually request personal information to 'update your account' or threaten to 'close your account' unless you click a link and provide your PIN.
If in doubt of the validity of an email, skip clicking the links and contact the bank directly using an advertised number. Also, always access online banking by typing the bank's web address directly into your browser.
2. Use an encrypted connection.
Before sending sensitive banking information online, "make sure you have security settings on your computer," says Proulx. To do this, check your web browser for an unbroken key or a locked padlock icon. A secure connection is also in use when the http part of the bank's Internet address changes to https.
3. Only bank on your personal computer.
Keep your account numbers, passwords, and PINs safe by only entering them on your trusted personal computer. Public computers may be running spyware programs that wait and watch for sensitive digits to be entered. These programs then report their findings back to the criminals who installed them, making you a target for online fraud.
4. Keep your computer secure.
Update your anti-virus, firewall, and anti-spyware programs regularly to protect your personal computer from all dubious Internet infections. If you bank online with a computer using Microsoft Windows, keep your operating system current by downloading software updates directly from the Microsoft website.
5. Avoid shared "coffee shop" networks.
Grabbing a quick coffee and checking your bank balance using a public 'hot spot' or Wi-Fi connection may pose several risks to the security of your online accounts. Public connections may not be secure or encrypted, and 'shoulder surfers' may be watching you enter your bank data from across the crowded room.
6. Check your bank's website.
Banks are often quick to update customers on phishing efforts and other fraudulent activities. When in doubt, look for security updates and warnings on your bank's website.
7. Log out after every session.
Don't walk away from your computer while you're actively banking and always log out of your web browser after each session.
If you think your account has been compromised, contact your bank for anti-fraud instructions. The article 5 Steps to take when your credit card is scammed gives some helpful tips.
Kerry K. Taylor writes at Squawkfox.com, a blog where personal finance is fun. Kerry is the author of 397 Ways To Save Money: Spend Smarter & Live Well on Less.
Your Turn: How do you stay safe while banking online? Have you ever dealt with online banking fraud?
Always good practice to clear cookies after each banking session as well! If using Internet Explorer, Goto Tools on web browser, Internet Options, click on Delete under Browsing History, tick Temp files, Cookies and History, then press Delete button.
This will ensure that anyone using your computer cannot access your last banking session.
Posted by: Penny | 07/06/2010 at 06:11 AM
I always check my accounts on a regular basis, especially credit card accounts, looking for any activity that is not on my approved activity lists.
When travelling, I deposit funds into my Credit card account, in effect prepaying for everything. Hence, avoiding interest charges.
Posted by: EJ . KIngston | 07/07/2010 at 09:34 AM
I cust and paste my user id and password when I log on to my bank account. This prevents software from tracking what you have been tying
Posted by: gordo | 07/07/2010 at 06:47 PM
Change your password every month
Posted by: Gareth | 07/12/2010 at 08:28 AM
What about key logger scripts? The staff at my bank have not heard about them! Since the data from my keyboard to my computer is not encrypted, does it even matter that there is 128 bit encryption between my computer and the bank.
Posted by: Daniel ffolliott | 07/12/2010 at 11:57 AM
The Banks have all been sending me new chip cards,requiring a PIN number, saying this is to improve security. Since I have several bank cards, the only way I can remember the PIN number is to make them all the same. This is less security, not greater security. Am I missing something here?
Posted by: Daniel | 07/12/2010 at 12:02 PM
Wonderful content articles and it is so valuable. I wish to add your blog page into my rrs reader yet i cannot obtain the rrs deal with. Might you please email your handle to my e-mail? Many thanks a good deal!
Posted by: Air Rift | 07/14/2010 at 08:37 PM
Don't just keep your anti malware stuff up to date regularly. SCAN regularly! I scan almost daily, but I'd say the average user could get away with a scan every week or 2.
Posted by: captive insurance company | 10/13/2010 at 01:47 PM
I would like to appreciate the work of blog author that the person provided us with an extremely excellent information regarding the topic. Ireally learned something from this blog and started to contribute my ideas via commenting on this blog. Keep it up
Posted by: refurbished computers | 12/22/2010 at 06:27 AM
The blog has a full of inofrmation which I have been looking for and not only this it also helps us in getting the correct facts and figures. The blogger has done a really good work in updating his blog. Keep it up
Posted by: refurbished computer | 12/26/2010 at 07:28 AM
The blog has a full of information which I have been looking for and not only this it also helps us in getting the correct facts and figures. The blogger has done a really good work in updating his blog. Keep it up
Posted by: refurbished computer | 01/21/2011 at 07:29 AM
i have been pleased after reading this blog the knowledge
which has been provided via this blog is simply tremendous.
i really appreciate the blogger for doing this work.
Posted by: dellgx280 | 02/01/2011 at 03:44 AM
The new line is absolutely stunning! I have been so entertained by your blog,keep smiling and take care!
Posted by: Nike air max | 10/12/2011 at 08:25 PM
The new line is absolutely stunning! I have been so entertained by your blog,keep smiling and take care!
Posted by: Nike air max | 10/12/2011 at 08:25 PM
What a great post! Your article is very nice! It is my pleasure to read your article! I knew little in this part before, Thank you for sharing!
Posted by: nike air jordan | 10/12/2011 at 08:30 PM