How to protect your Online Banking Account from Fraud - Alldamoney

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How to protect your Online Banking Account from Fraud

Whether it's  bill payments, funds transfer or creation of a fixed deposit account.Online banking is a very secure and convenient way to access your bank's internet banking services,it allows for a fast and convenient way instead of going all the way to the bank and waiting in an unending queue, internet banking has made all banking functions accessible through a few clicks. But,over the past years since its popularity the industry has seen an increase in fraudulent activity, where dupers try to dupe you into handing over security information such as your username, passwords or your memorable information.

There is presently  a lot of focus on online banking fraud, that most times result to a very serious and damaging effect on banks and their customers. Bad guys look up different methods to wreak havoc on people’s lives and finances. While Services like the ones available from credit reporting agencies and companies such as LifeLock in the United States, Sentinel ® Gold of the united kingdom and others in Germany China even in South Africa offer fraud  protection to  people  using their Social Security Numbers these services are very valuable and worthwhile but the rise of internet fraud with new methods coming up everyday  has shown that the ever changing nature of identity theft is a huge threat out there in this digital age.

Common internet fraud threats that could wreck havoc to your finances are:
Electronic fraud: this comes through targeted hoax emails. These emails appear to be genuine bank emails. Some of these emails inform the customer that their security details and passwords need to be updated by logging into an authentic looking, but fake website. The purpose of these websites is to obtain your log on details to access your bank accounts. Others communicate security messages and advise you to install software from the email that checks and removes viruses. By downloading the software you are in fact tricked into downloading a virus.

Identity theft: Identity theft is where your personal details are obtained to get some sort of financial or other benefit, leaving you the owner of that identity often in large debt with a negative credit history and in most cases legal implications. Your information are obtained through Mail scams over the Internet.

Credit/Debit card fraud: most times Credit card and debit card internet fraud crime Credit or debit cards occur when intercepted in transit while being sent to you. These cards can also be compromised by a dishonest merchant who undertakes unauthorized duplicate transactions on your card.Your credit or debit card can be reproduced in order to use the credit balance to obtain a financial advantage. The creation and/or alteration of a credit/debit card occurs when the information contained on the magnetic strip is reproduced. This type of crime is known as skimming.
How to Protecting your online banking account
The two key ways thieves can access online bank accounts are phishing and password theft. It’s easy to protect yourself from these and other scams.Common sense is the best protection against phishing scams. Don’t click on any links in emails that say they’re from your bank. Instead, type your bank’s full website address into your browser. If you want to double-check if a message is genuine, ring your bank.Good security software (see our security software reviews) will protect your computer against malicious software – as will not opening any email attachments you're not expecting and avoiding downloading files from websites you don’t trust.

There is no single piece of hardware or software that can 100% defend your computer against malicious programs that steal your information, but with an awful lot of effort from your side the job will get done. Therefore you need a multi-faceted approach including “firewall” software, an antivirus program and an operating system that is regularly updated with the latest improvements.

If you're a victim of online bank fraud
You should regularly check your account online to pick up on any irregularities, and contact your bank as soon as possible if you think you've been a victim of fraud. Your bank is responsible for passing details of the fraud to the police.
Your bank must refund the amount of the transaction and restore your account to the state it would have been in had the transaction not be made, unless it can prove that you've acted fraudulently or been grossly negligent. Importantly you don't have to prove that you didn't authorise the transaction.  
As a customer you may be seen as a potential target for fraudulent activities. However by arming yourself with information and tools you can protect yourself from becoming a victim of fraud.

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