Question

how safe is online money transfer?

Answer 1

With the digitalization the online banking is increasing, however, online banking is becoming an increasingly attractive target for hackers.

Recently, McAfee Labs reported that hackers are planning to take millions from customers of major banks starting in the spring of 2013.

The hackers are attackig the banking website daily, but it is the responsiblity of the bank to protect the websites from the hackers by making their sysytem more strong and protective.

Well that will sound  weired , there is a silver lining . As a result of these attacks, banks continually improve their systems to effectively deal with such attacks.

suppose if hackers steals your money from your account, you will be protected. If you safeguarded your personal information and reported immediately to the bank, the bank is likely to reimburse your account, federal law provides that banks must reimburse stolen funds if reported within 60 days. so noo need to worry to much your money will be safe.

note that this does not apply to   if your bank account is under your business name, then you are not covered by this protection policy

This does not mean, however, that you should just be complacent. Online banking is safe, but you should also be alert while  banking online. There are some best practices that you should follow when you use any online banking service.

Online Banking Risks

1. Phishing

This tactic generally involves tricking someone  to click an email message. The link will download the oftware to a computer that can be used to gather sensitive information such as usernames and passwords.

2.Keylogging

If you access your online banking site on public networks, such as Internet cafes or public Wi-Fi, there is a chance that you could fall prey to keylogging. IT involves the recording of your key strokes for usename and password to get your bank details

3. Pharming

This is the toughest job for the hackers as it invloves the hacking of bank's website URL

what to do?

Confirm your online bank’s legitimacy

Learn more about your bank’s security system

Protect your computer

some other points to keep in mind while using online banking

• Do not store your passcode on your mobile phone
• Protect your mobile phone with a secure unlock feature (such a PIN).
• Be wary of imitation apps from non-reputable sites.
• Be aware that fraudsters are likely to try and send text phishing attempts
• Remember to log out when you have finished using the app
• If your phone is lost or stolen inform the bank as soon as possible