Thread: Online banking

Bruno, I'm surprised at your POV. Not doing online banking has no guarantee against your account being hacked. Sure, idiots out there use a weak password or fall for phishing scams, but the banks security itself if breached would allow a hacker to (in theory) get to your account from within. (Especially if you consider the fact that social hacking/phishing applies just as much to those who work for the bank and have access!)

I love online banking. I don't have to deal with incompetence of bank staff, I can do it at home or at work, I can transfer funds easily, and I can track and audit my own spending (read: my wife's spending).

Do you use an ATM card? Because the variety of creative scams, tools, and methods used means you personally are just as likely to fall for that as you are to fall for phishing. (i.e. if you're careful, you fall for neither. If you're not, you're as likely to fall for one as the other.)

Seriously, I don't get your view. It's accurate in it's understanding of how weak security is, but it falls short in appreciating that you already do it through ATMs, credit cards etc.

I would live in a van down by the river if I did not have online banking.

In Belgium, fraudulent withdrawals are refunded by the bank, no matter how the thief managed to get access to your account.

All banks now have a system that involves a little device that needs the physical presence of your bank account card. That's pretty secure, imho.

Someone with the right knowledge could possibly hack into the bank's network, and than they have also access to those accounts that don't use home-banking. The bank will still refund any possible loss.

There have been cases of bank card fraud In Belgium, where a gang used phony card terminals to copy the data on the card and film the person entering his secret code. Also in those cases, the victims were refunded.

You can keep your money in a stocking at the attic and hope you don't get robbed, or your house doesn't burn down. No bank or insurance refunds that.

I just had to charge someone €4,93 to be left with €3,80 after Paypal charges all their various fees. Now that's what I call theft. And I wonder what they'll refund if someone hacks their computers?

Originally Posted by majurey

Do you use an ATM card? Because the variety of creative scams, tools, and methods used means you personally are just as likely to fall for that as you are to fall for phishing. (i.e. if you're careful, you fall for neither. If you're not, you're as likely to fall for one as the other.)

Seriously, I don't get your view. It's accurate in it's understanding of how weak security is, but it falls short in appreciating that you already do it through ATMs, credit cards etc.

I use an ATM card, but it only goes into slots where I can still see it, or bank terminals. If I enter my pin, I always cover my hand and the pin keypad.
I never use CC unless absolutely necessary (like in the US or on business travel) and then I monitor the bill closely.

Most banks here have ATMs inside that you can use to manage your banking transactions. Works like a charm, and is closeby. It's not that I would not use online banking if there was no other realistic option, but there is, so I don't.

If I use paypal, I always enter the url manually. I always transfer all > 100 euro amounts to a priavte bank account that only allows 1 way transactions. I also don't click on anything in a mail claiming to come from my bank. They know not to mail me.

Seriously, it's not like I singled out online banking and then forgot about the rest. I am careful with all transactions, and avoid as much attacks as I can. I also burn banking paperwork I don't use anymore.

Cost to benefit analysis says I online bank.

I don't have issues with security, I use Linux and OS X, so on my end things are fairly secure. On the bank's end I expect they are much more secure.

The only time I didn't bank online was when the bank was only supporting Internet Explorer, which was some years ago. And that bank does not exist anymore.

I do it online because all my funds are guaranteed by the bank. Since my bank was the second largest receiver of bailout funds, I know they can cover me.

today i tried in-branch banking. it turned out my atm card had expired few months ago so after the atm informed me of it i did banking at the counter.
they told me that to cancel the card that was automatically sent to me (and i hadn't noticed) and get a new one i will have to call the central customer service.
the branch couldn't cancel that card, and if they just ordered a new one i may get two new ones when i cancel it.

I online bank with my blackberry, worked fine so far....been about 5 years now.

Originally Posted by Bruno

I use an ATM card, but it only goes into slots where I can still see it, or bank terminals. If I enter my pin, I always cover my hand and the pin keypad.
I never use CC unless absolutely necessary (like in the US or on business travel) and then I monitor the bill closely.

Most banks here have ATMs inside that you can use to manage your banking transactions. Works like a charm, and is closeby. It's not that I would not use online banking if there was no other realistic option, but there is, so I don't.

If I use paypal, I always enter the url manually. I always transfer all > 100 euro amounts to a priavte bank account that only allows 1 way transactions. I also don't click on anything in a mail claiming to come from my bank. They know not to mail me.

Seriously, it's not like I singled out online banking and then forgot about the rest. I am careful with all transactions, and avoid as much attacks as I can. I also burn banking paperwork I don't use anymore.

That does read like you're indeed very careful. But can't that same level of care be taken with online banking with the same effect?

Clearly you keep a lookout for those scanning machines that scammers fit to the front of an ATM. Clearly you take care to avoid line of sight to your keying in the code. (Both things I do as well.) You're careful with your CC though you rarely use it (but if you were to lose your wallet anyone can use your CC via the phone). Nevertheless, your due care and attention minimises the risk.

I don't see how those principles don't also apply to how you manage your computer(s) and therefore minimise the risk of online banking from your private computers?

Perhaps I'm missing something (in terms of understanding the ability of hackers), but I am personally more concerned about the risk of losing my wallet (either accidentally or being ripped off or mugged) than about the risks of online banking within the privacy of my own home.

I used to use on-line banking. But now I get paid in cash and I give almost all of that to my wife who pays the bills. I don't have to worry about banking on-line or otherwise.