The usage of Internet Banking has grown rapidly and today majority of banking customers are opting for Internet Banking for their banking needs. However, with growing usage of Internet Banking, there has been corresponding increase in cyber-crimes. There is an urgent need of making Internet Banking more secure.
(1)Carefully read the Internet Banking rules and policies: Before you begin to do transactions using Internet Banking, ensure to use read the rules and policies related to Internet Banking carefully. You should be aware about the bank’s contact information, with its phone number and headquarters address. Also read about bank’s history, track record of safe online banking,status as an FDIC insured bank, etc.
(2) Change your password frequently: You should change your password every three monthsideally. Also, ensure to keep a strong password with random combination of number, alphabets, special characters, etc.
(3) Avoid browsing any other site while doing online banking: You should close down all other windows before initiating transaction using net banking. Avoid clicking on any flashing messages or any pop up window. There are many sites that can steal confidential information using these spywares.
(4) Minimize your Internet Banking access: You should try to conduct net banking transactions with only one bank account if possible. It will helps in reducing the entry points for cybercrime.
(5) UseInternet banking from a PC booted off withLive CD: You should avoid internet banking with PC booted off with writable storage device. You can boot your PC from a non-writeable medium like “Live CD”. You are required to shut down PC to restart it and then boot it using Live CD.
(6) Think pessimistically when it comes to computer security: You should ensure that you are doing internet banking in confidential manner and taking every measure for preventing any cybercrime.
It is best to use your personal PC with upgraded version of antivirus for online banking.
(7)Banks should provide sub-accounts to user with different capabilities: It will be a great step in enhancing security if banks can offer sub accounts with different rights. As of now, Banks offer all or nothing access where in a person can do anything once he logged in. With sub-accounts, customers can use different logins with different passwords for different transactions. Thus, it substantially reduces the risk for more risky transactions like funds transfer.
(8) More steps for risky transaction: With more no of steps for sensitive transactions, we can strengthen the security by adding one more level of check. The process of transfer of funds can be broken up into two step procedure where first step involves how much money to send, date and beneficiary account. Second step is to make actual transfer.