Internet Bank Account Fraud Prevention

With the internet coming of age and evolving to such a high standard, the list of its uses continues to grow daily. People are using it for a variety of purposes and the more recent rage is to have internet bank access to operate your bank account and avoid the hassle of going to a physical bank to transact business.

With the explosion of the internet into our world it was inevitable that sooner or later the fraudsters would start their exploits in this area as well. It is very important that every person who uses an internet bank for their financial transactions are aware of the dangers that lurk.

What is internet banking all about? It is a facility provided by your bank that allows you as an account holder to access your bank account online using the internet. You will have to log on to your bank’s website and then input a user name and password to gain access to your account.

There are many advantages to using internet banking. For starters you no longer have to battle traffic to get to your bank, only to stand in a long queue to make your payments or transact your business.

You will find the following guidelines useful in combating internet bank fraud to protect your online identity and your money.

When opening a new internet bank account, the first thing you need to do is change the password that is given to you by the bank. You can do it either through phone banking with your bank representative or through the internet from inside your account.

Do not make the common mistake most people make and save your passwords on your computer under a file titled ‘Passwords!’ Make sure you know how your bank protects the internet bank accounts of its customers. You also need to know what action to take if you believe your account has been breached; how to change your password periodically and who to contact if your account gets locked. Ask as many questions as you can to arm yourself with information to guard against theft.

When creating a password, make sure you create one that is very secure. You will be shown the strength on the computer when you enter a new password. You have low, medium and strong passwords. Mix up lower and uppercase letters and use numbers as well to get the maximum strength password. These passwords are harder to figure out by the fraudsters. Most people choose their date of birth or a spouse’s date of birth to make it easy to remember. Big mistake!

The trick is to create a password that you will be able to remember and at the same time will be difficult for some one to figure out. Do not store passwords on your mobile phone or PDA or even in your wallet. Just imagine if you lose your wallet, you have lost your bank card and given the thief your password on a platter!

You should make use of this information to safe guard your internet bank account.