There’s nothing to fear with online banking

Many have been nervous about the change, mainly because they are afraid that someone will hack their computer and steal every penny.  The reality is that online banking has become one of the most secure ways of paying bills and preforming transactions and is safer than most other ways of banking.

These days you have a greater likelihood of being mugged or having your credit card skimmed while you are out shopping than falling victim to online banking theft. 

Remember when we went from paying by cheque to paying by Bankcard? Then we were using an ATM rather than going into the bank; then the EFTPOS machine replaced the bank card carbon processing slips.

Well this is the next step in providing a highly secure, convenient way of paying bills from your home any time you like.

Most banks use 128-bit encryption through a direct line to your computer using a https: secure online service. This means that your details are encrypted 2^128 times, which comes to approximately 399,000,000,000,000,000, 000,000,000,000,000,000 possible combinations for a credit card.

If you were to take your computer and get it to crack your card it would take about six thousand trillion years to crack. If you’re unsure, check with your bank about what security they have.

And if that’s not enough to give you peace of mind, here are a few more tips to keep you safe online.

1. Make sure that you are online with the bank using their correct internet address and that is has the https:// symbol before their internet address when you are in the secure area of their site.

2. Make sure your antivirus is always up to date.

3. Use a strong password and don’t keep your password on your computer.

4. Try using BPay to pay your bills as it offers another layer of security to the transaction.

5. See if your bank offers two-factor authentication which provides yet another layer of security.

6. Regularly check your account. If you see any unusual transaction give a call for them to investigate.

7. If you would like to purchase something online, use a debit/credit card with a small amount of money on it and not your main account with all your savings.

8. Don’t believe any email from your bank asking you to verify your details. Banks will never contact you via email or phone.

It is a brave new online world that is unveiling itself, and there are safeguards there to protect you.

The Australian Government guarantees deposits up to $250,000 if anything happens. If you are armed with the right information, you can be sure to transact online in secure comfort from home which will will free up your time to do other more exciting things than going to the post office every few weeks to pay your bills.

  If you have any questions you can always contact me on 1300 682 817 or email Nathan@hometechassist.com.au