Are you at ease doing an online banking transaction? I have been doing online banking for quite long time. I have not felt uncomfortable in doing so. But be warned you to be very careful with all your Internet banking transactions.
Financial Fraud Action UK believed that there is increase remote banking fraud. A fraudster will pose as banking staff to con consumer. Internet banking fraud has increased 64% during 2015. Katy Worobec, director of Financial Fraud Action UK has warned customers to be alert to the dangers of online scams and refrain from giving out personal or financial information.
While doing online banking or financial transaction you need to be very careful. I always read and follow Banker’s instruction on security measures. Recently my banker asked me to enter certain details for additional security measure. The bank has asked to enter answers to 5 different questions! I did, and now whenever I do a money transaction through online banking, the bank’s website would ask two random questions and if the answers match with my answer, only then, the transaction is approved.
RBI Directive for 2-step authentication:
In India Reserve Bank of India issue time to time warning and advises its member banks to install extra security measures. Couple of years ago, Reserve Bank of India issued directive to all banks that they should go for two step authentication for credit card transaction. Since then I have to remember two different passwords. First password is for getting into my account details of the credit card. And when I do any transaction, I have to enter the second password to confirm my transaction.
My banker has come up with additional security to safe guard against phishing frauds. The banker has asked to choose a picture and type a word. Now whenever I login to my online bank account, the site pops up two images – my chosen picture and image of the word I have typed. These two images appear assures me that the website I am entering is genuine one.
Very soon there will be graphical password instead of letters and special characters. Researchers working at Stony Brook University in New York are working on such a system. It is called PhorceField, which will ask to choose graphical passwords. These pictorial passwords will be stored in a secret file in a server which only legitimate website can access. (Picture passwords to beat hackers, Times of India).