Tips for Safe Internet Banking

There isn't much you can't do online these days. From ordering takeout to making orders for trades on your stock portfolio, online transactions are quick and easy. One click of the mouse makes just about anything possible. Unfortunately, with that speed and convenience comes a certain amount of risk. CNN Money reported last year that every two seconds an American becomes a victim of identity fraud - a total of over 13 million people a year. According to a recent report released by the Identity Theft Resource Center (ITRC), there were 784 data breaches in 2014 - a record high that's 27.5 percent higher than the number of breaches reported in 2013. Since incidents began being tracked in 2005, an estimated total of over 675 million records have been involved in over 5,000 reported data breaches. While those numbers may make you want to close all your online accounts or at the very least, change all your passwords, there is a bit of a silver lining for online banking customers. Only 5.5 percent of those data breaches involved the banking/financial/credit industries. The good news is there are steps you can take to protect yourself and your financial information.

• Make sure your online bank is legit. The Federal Deposit Insurance Corporation (FDIC) recommends visiting a bank's "About Us" page on their website. This should provide a brief history of the bank, the bank's official name and the address of the bank's headquarters. There should also be information regarding the bank's FDIC membership. (If it isn't on the About page, look on the bank's homepage.) Some banks such as Capital City Bank at

https://www.ccbg.com/ even have a "Protect Yourself from Fraud" page with detailed information and tips for safe Internet banking.

• Only bank with institutions that insure your deposits. The FDIC also recommends only banking with member banks. This means your deposits (totaling less than $250,000 across all your accounts) are automatically protected. You can easily check a bank's FDIC membership by visiting the FDIC's website and searching their member database.
• Use strong passwords and keep them confidential. This may seem like a no-brainer but choosing a strong password and not sharing it with anyone is an easy yet important step in protecting yourself. Don't use a password that someone could guess such as your birth date or phone number or worse, your banking card number. Many banking websites have tools that can automatically tell you how strong your password is and can make suggestions on how to improve it, if necessary.
• Know your bank's security features. Every financial institution should have a variety of safety features available from password protection to site encryption. Educate yourself about your bank's particular security features and be sure to use them.
• Beware of phishy emails. By now you've probably heard of "phishing" scams - emails that "phish" for your personal information by pretending to be from your financial institution. These emails can look very similar to legitimate emails from your bank. However, a legitimate financial institution will not send an email asking you for your account information. Another trick these phishing emails use is providing links to fraudulent, "copycat" websites that look legitimate but aren't. Do not click on any links within a questionable email and immediately contact your bank.
• Practice safe computing. Use antivirus and antimalware software on your home computer and always log out of your banking session when you're finished. It's also a good idea to clear your cache and close your browser.

About the Author: David M. Shaw is an online security expert and contributing writer who enjoys helping educate clients on safe Internet practices.

Online Article Marketing Specialist.