online banking

Tips for safe banking over the internet

As use of the Internet continues to expand, more banks and thrifts are using the Web to offer products and services or otherwise enhance communications with consumers.

The Internet offers the potential for safe, convenient new ways to shop for financial services and conduct banking business, any day, any time. However, safe banking online involves making good choices - decisions that will help you avoid costly surprises or even scams.

Confirm that an Online Bank Is Legitimate and that Your Deposits Are Insured Whether you are selecting a traditional bank or an online bank that has no physical offices, it's wise to make sure that it is legitimate and that your deposits are federally insured. Here are tips specifically designed for consumers considering banking over the Internet.

Read key information about the bank posted on its Web site. Most bank Web sites have an "About Us" section or something similar that describes the institution. You may find a brief history of the bank, the official name and address of the bank's headquarters, and information about its insurance coverage from the FDIC.

Protect yourself from fraudulent Web sites. For example, watch out for copycat Web sites that deliberately use a name or Web address very similar to, but not the same as, that of a real financial institution. The intent is to lure you into clicking onto their Web site and giving your personal information, such as your account number and password. Always check to see that you have typed the correct Web site address for your bank before conducting a transaction.

5 things the Bank or Police will never ask you to do

Phone you to ask for your 4-digit card PIN or your online banking password, even by tapping them into the telephone keypad.
Ask you to withdraw money to hand over to them for safe-keeping.
Ask you to transfer money to a new account for fraud reasons, even if they say it is in your name.
Send someone to your home to collect your cash, PIN, payment card or cheque book if you are a victim of fraud.
Ask you to purchase goods using your card and then hand them over for safe-keeping.

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