Dragonboy IT & Electronics Journey

Friday, March 10, 2006

Internet Banking

Internet Banking is free, easy and secure. Do you believe this statement ? Maybe yes and maybe not. Some of my friends doesnt want to touch Internet banking at all. They afraid of someone will hack into their account and do some malicous thing like withdraw their money, do some unauthorised transaction, etc.

I myself believe that internet banking is fast, easy, convinient and for secure, as long as you practise safe internet banking practice, there should not be any reason to be paranoid on this.

What is the benefit of Internet Banking?
1. You can see your balance everytime and everywhere
2. You can see your transaction details anytime
3. You can pay your bills (if possible) like Electricity, Credit Card bills, Rental
4. You can transfer $$ to your friends (*up to a certain limit)
5. You can transfer $$ within your account.

Benefit number 3 and 4 are the one that make a lot of people afraid to use internet banking.
Actually you dont have to afraid.

How to practice safe Internet Banking?
1. Never and never click a link in your email claiming from your bank to verify personal information. (Phising)

2. Use the Internet Explorer - Favourites Features to go to the internet banking site. So it will guarantee that you do not go to the wrong site (Another phising)

3 Update your Windows, Antivirus and firewall periodically and make sure you turn on your firewall and antivirus in your desktop.
4. Scan your PC/Notebook with your antivirus periodically, everyday during lunch time, leave it run.
5. After finish using internet banking, clear your internet browser cache and temporary internet files.
6. Never use your birthdate as your password :).
7. Ask whether your bank allows you to have a secure-pin for financial transaction i.e. transfer fund amount will require you to authorised either via SMS, or phone code, or some calculator that will keep giving you a new number every 1 minute. -> Separate blog may be needed for this.
Notes: Some bank in Singapore are using SMS to authorised transfer
8. If you see there is any unauthorised transactions, report it to the bank as soon as possible. The bank *maybe* will waive the transactions.

For those paranoid users, you can try to ask your bank whether its possible:
1. Limit the transfer amount to 0, no transfer possible. so even a person steal your password, they cant do anything since what the person can do is only to see your available balance and transaction details.
Note: Its possible to do this in Singapore



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