Guide to Essential Money Tools

Banking Tools

Is online banking safe?

Rest assured, banking online can be as safe as going into a High Street branch or phoning your bank’s call centre, provided the bank is sure of the identity of the person attempting to carry out the transaction.

When you go into your High Street bank you prove who you are with your signature. On the phone you give personal details only you would know. It’s exactly the same when you bank online.  The identity of the internet user is verified in a step-by-step procedure using information that only the user could know.  When customers open an account, they decide a user name and password as well as, more usually, a memorable date or a six-digit security code. When a customer logs on to their account, they must input their user name, password and the memorable date or random digits of their security code. Many banks providing online banking have put teams in place behind their web interface whose job it is  to oversee all transactions. These operators are trained to notice any unusual activity occurring in an account and will contact the customer to verify highlighted transactions.

The threat of hackers accessing a bank’s site is low, as most banks ensure the highest level of security. 

• Always choose a bank you know and trust – a bank with a solid reputation will provide a good service as they will not be willing to sacrifice their reputation by providing a poor online service. 
• Check whether the bank uses state-of-the-art technology to keep your money safe.  128-bit encryption is virtually uncrackable and is the highest standard available at present.
• Never leave your sign-in details in a place where they could fall into the wrong hands. Although it is highly unlikely anyone could misuse them, treat them as you would a PIN number for a cash card.  
• Ensure your computer anti-virus software is up-to-date, the security of your own computer is very important in protecting yourself.