# Is online banking safe?



## debodun

How safe and secure is online banking? I've been dubious about it after hearing horror stories of people that used it just to check on their bank balances, then were hacked and money taken.


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## Pappy

debodun, we have been doing it for years and have had no problems. I have also heard the horror stories and we were hesitate at first too. We have a limit set, with the bank, of $200.00. Any amount over that , that is withdrawn, the bank notifies us immediately.


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## Bullie76

I hope so. I use it all the time. My bank charges for paper statements, so I go the online route.


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## Lon

I have been using online banking since 1989 both nationally and internationally and have never had a problem.


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## rkunsaw

I don't trust online banking  so I won't use it. Most of my income is direct deposit but my wife and I each get one check every month which I take to the bank. I like to go to the bank at least once a month. I think it's good to get to know the people there.


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## marinaio

Sure it is, just ask any teen-aged hacker!  I don't put any financial information on the internet.  The worst information you could put on-line would contain any form of potential access to your bank accounts, credit cards can be disputed but once someone empties your bank account you're likely out of luck.  I don't use Debit Cards for the same reason.


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## kcvet

I use online. but a lot of ID items and password to jump thru. still banks today watch your spending. if they see a large grab its held up till they call you. beware of the keylogger

http://www.techterms.com/definition/keylogger

when you connect to the bank, or credit card site watch the browser closley. if you see the word "redirect" your gonna be hit. your directed to a fake main page. when you log in he's gottcha.


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## Ina

kcvet said:


> I use online. but a lot of ID items and password to jump thru. still banks today watch your spending. if they see a large grab its held up till they call you. beware of the keylogger
> 
> http://www.techterms.com/definition/keylogger
> 
> when you connect to the bank, or credit card site watch the browser closley. if you see the word "redirect" your gonna be hit. your directed to a fake main page. when you log in he's gottcha.



kc, Thanks for the link. We are going to check it out. We have banked with the city's credit union for 40 years, and still they let some bank in South America strip our account for $15,000. Nor did they notify us, and they didn't refund our funds. They said they didn't DO that anymore, nor did they notify us of that change in policy. :wave:


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## Pappy

My bank does a great job. There was a charge of $7.57 for a call to India on my card. They notified me and I had to get a new card but the charge was taken off.


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## taffboy

Never used on line banking .Only last week was the first time I bought something off the internet.I don't know why but I don't ttrust it some how.


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## JustBonee

taffboy said:


> Never used on line banking .Only last week was the first time I bought something off the internet.I don't know why but I don't ttrust it some how.



I feel safer with my credit card information stored on Amazon, (and its been there for years)  then running around stores with credit cards in my pocket.


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## Janice

How do you clear your cookies?  I should know this, but I don't.


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## Ina

Bonnie, I do the same with Amazon, or I carry cash.:dito::fingerscrossed:


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## JustBonee

Janice said:


> How do you clear your cookies?  I should know this, but I don't.



Janice ..look at this website.  Hope it helps ..http://www.wikihow.com/Clear-Your-Browser's-Cookies


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## charlotta

My debit card was compromised last yr.  I used it at Firebirds Restaurant and I think the waitress stole my #.  The bank called 4 days later to say someone from Ohio had charged $400 plus at a liquor store.  They put the money back into my acct and sent me a new card.  I would not do business with a bank that let someone
charge a large amt on my debit acct.  I do make large charges (never more than $350.00) on my cr card.  I love those points.  I also pay off my credit card ea month.


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## Lee

I've used online banking since day one with no problems at all. I do think it important NOT to use the system at public libraries, internet cafes and so on as a reader can be installed and you are unawares.

Recently the Canadian Government has stopped the practice of mailing pension cheques out, from now on direct deposit only.


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## Petula

I also have never had any problems with online banking; it is so convenient.  Just find your banking site, and bookmark it, and keep using your bookmark.  Before I did this, I went onto the internet each time, and clicked on  a site that looked like my banking site, but actually was not, but was a phishing site.  Now I use my bookmark, and no problems anymore!


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## Twixie

My poor son got his bank account cleared out 4 Christmas's ago...a months wages..his bonus...

When he went to the bank they said ''Are you sure you haven't taken it out and forgotten?''

It took 4 months for the bank to re-imburse him...after several other customers had also lost money...


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## Eltrippe

Several years ago I disposed of an old computer legally in the local disposal area. Soon thereafter I experienced the following: 1. I found that all my email was Going to Russia before it got to me. Russian hackers had got into my ISP and set it to forward my mail to them, then re-forwarded it from their account to me. 2. Several hundred dollars had been transferred from my bank account to my Paypal account. In fact, no money had gotten out of my possession, but the hackers had the ability to manipulate my accounts.

it seemed clear that the problem was the hard disk on that junked computer. It contained all my passwords and must have got to the hackers very quickly.

of course, I immediately revised my identity on the net, changing my user name, my ISP, my email address, and all my passwords. I also cancelled my paypal account and opened a new one under a new name that is linked only to a bank account in which I keep very little money.

Didn't lose any money, but it certainly was a nuisance.


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## WhatInThe

Twixie said:


> My poor son got his bank account cleared out 4 Christmas's ago...a months wages..his bonus...
> 
> When he went to the bank they said ''Are you sure you haven't taken it out and forgotten?''
> 
> It took 4 months for the bank to re-imburse him...after several other customers had also lost money...



Sounds like the bank was hacked if the same bank is experiencing account robberies. They probably will never admit because they don't want to let word about their security. It could be a criminal employee as well. Again a lot of business do not publicize internal theft not only to keep good  PR but not to give potential criminal employees and/or applicants any ideas. Internally they'll make a big stink about firing a person for theft to set an example but they will not publicize it.

Big thing with most websites but online banking is run security software and clear cookies/delete history prior to going to bank site AND after because when you go to another website they frequently have software to read/track where you have gone on the internet. If you are lucky they are just marketers and will give you lots of bank advertisements/spam. Remember delete history including cookies.


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## SifuPhil

I bounce in and out of several financial institutes on an almost daily basis and have never had a problem with stolen funds (knocks on wood).

The two points of access you have to concern yourself with are (1) your financial institute, and (2) yourself. They each present unique challenges, and unless you're willing to do your homework, choose only the safest places to do business and keep to a rigorous security routine you might be open to a hack.

I don't have a brick-and-mortar bank at all - just totally online banks. I long ago gave up on the usual song-and-dance that the regular banks give you. I also avoid most of the transaction fees involved by dealing in bitcoin and other cryptocurrencies, plus my anonymity factor is increased a hundred-fold.


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## Ina

Twixie, You son was lucky to get his money back. Our credit union banking acct. was hacked last February for very dollar we had. The credit union bank tried to tell us that they had quit guaranteeing individual accts. We asked why we had not been notified, and they told us they weren't obligated to. On our third trip there to argue the issue, a clerk let it slip that we were about the tenth customer in one week to come in for the same problem.
I finally got paused off and threatened to sue not only for our money, but for all debts arising from the date of the happening. That got their attention. We got the money in our checking and savings accts. back. :wave:


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## WhatInThe

SifuPhil said:


> I bounce in and out of several financial institutes on an almost daily basis and have never had a problem with stolen funds (knocks on wood).
> 
> The two points of access you have to concern yourself with are (1) your financial institute, and (2) yourself. They each present unique challenges, and unless you're willing to do your homework, choose only the safest places to do business and keep to a rigorous security routine you might be open to a hack.
> 
> I don't have a brick-and-mortar bank at all - just totally online banks. I long ago gave up on the usual song-and-dance that the regular banks give you. I also avoid most of the transaction fees involved by dealing in bitcoin and other cryptocurrencies, plus my anonymity factor is increased a hundred-fold.



Don't have brick & mortar and anonymity factor is increased a hundred fold.

I like that. I'm diversified but still have brick & mortar and use the tellers. Got to admit I don't mind dealing with people because if nothing else I can describe the last teller that waited on me and pulled up my account. My paranoid theory is if the tellers are familiar with me their is less chance of fraud and my picture is taken so they know what I look like. On the other hand if you get a corrupt teller or staff working in concert I would have to wait for corporate to take care of it.

I do find my myself doing more and more electronic transactions. My biggest problem now is my standard brokerage account which puts a 5 day hold on transaction completions so if I sell for money I have to plan it 5 days in advance. I was told I need a day trader license or 25K cash balance to get immediate access to my money.


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## Petula

I think there will be more of this hacking as we conduct more transactions online.  When I went to the fake bank site, luckily, I figured it was fake in about 20 minutes or so, called my bank, froze my bank account, changed all my passwords, and did not lose any money. Whew, though, that was a close one, and, of course, my husband, who was pretty good with the computer, said I was pretty idiotic, but I was just learning the computer, and one is just trying to navigate, and does not think of stuff like that.


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## GeorgiaXplant

Your account can get hacked and drained whether you bank online or not. Everything your bank does with your money and everybody else's is done via computer.

Ditching an old computer without cleaning the hard drive is inviting disaster. It's equivalent to setting up a buffet table in public with every bit of personal and private information there is and telling folks to help themselves.


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## SifuPhil

WhatInThe said:


> I like that. I'm diversified but still have brick & mortar and use the tellers. Got to admit I don't mind dealing with people because if nothing else I can describe the last teller that waited on me and pulled up my account. My paranoid theory is if the tellers are familiar with me their is less chance of fraud and my picture is taken so they know what I look like. On the other hand if you get a corrupt teller or staff working in concert I would have to wait for corporate to take care of it.
> 
> I do find my myself doing more and more electronic transactions. My biggest problem now is my standard brokerage account which puts a 5 day hold on transaction completions so if I sell for money I have to plan it 5 days in advance. I was told I need a day trader license or 25K cash balance to get immediate access to my money.



I can understand the desire for a human touch, and I did the same thing back when I had "real" bank accounts. But I was screwed over once or twice, and I quickly decided that I could do without that kind of touch.

I know what you mean about the hold times in brokerage accounts. Bitcoin has a confirmation time of several minutes to an hour or so - faster than what you're talking about, but in my new adventures of bitcoin arbitrage that time can mean the difference between profit and loss. Luckily I'm working with an arbitrage company that is giving me roughly 20% monthly on my money, so no complaints yet. 



GeorgiaXplant said:


> Your account can get hacked and drained whether you bank online or not. Everything your bank does with your money and everybody else's is done via computer.
> 
> Ditching an old computer without cleaning the hard drive is inviting disaster. It's equivalent to setting up a buffet table in public with every bit of personal and private information there is and telling folks to help themselves.



Yes, I've known people that just put their entire computer into the recycle bin, or, even funnier, pass a refrigerator magnet over the outside of the case, thinking that will erase everything. I've always believed that you have to physically remove the hard drive, use an electromagnet specifically designed for the job on it, then pull the platters and whack 'em with a sledge hammer a few times, and finally roast the thing in your barbeque for a few hours. THEN you might be safe ...


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## JustBonee

SifuPhil said:


> ..  . I've always believed that you have to physically remove the hard drive, use an electromagnet specifically designed for the job on it, then pull the platters and whack 'em with a sledge hammer a few times, and finally roast the thing in your barbeque for a few hours. THEN you might be safe ...



yeah Phil ... that *might* take care of it ...  ... 

I keep putting old computers into the back of the closet (have three now since 1994) .. and keep thinking about a good fix for the eventual extinction of these things.  ..


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## Vivjen

I beat my old computers up with a hammer.....


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## ClassicRockr

I don't know, but I really think too many of us "older" folks act to scared today. I've done buying (w/credit cards) and selling online with no problems. We can view our banking online as well. But, it's like anything else in life, if a person is truly scared to do something, the best thing is NOT to do it. Sometimes a person, young or old, hasn't got a choice but to put some personal stuff online. A lot of companies handle different things online today, and to get certain info, you have to give them certain info. If a person decides to call the company, the Rep will ask things on the phone to identify the person calling. Not only can computers get "hacked", so can phones!


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## SifuPhil

I think you've got a point there, Rockr. I've been messing around with computers and the 'Net almost since they were first introduced, so that's 30-some-odd years. 

After that length of time, _anything_, even a marriage, seems much less mysterious and dangerous.


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## WhatInThe

Some 'tricks' or gimmicks when disposing of an old computer that still works in particular. If your old computer still works delete history for starters. Delete every thing including favorites including websites visited. Delete history doesn't necessarily take care of that you have to do that manually. After deleted history  a couple of times you could get a drive scrubber for about 20$. Run than that, then take the hard drive out and put an industrial strength magnet on it before smashing it.

Also after you deleted history you could go to harmless and inane websites. View or download meaningless but legal stuff anyone can get anywhere. Reason being after you delete and clear history it still will be there until the computer uses that 'space' to store something else. It reuses that space.

Smashing the tower or entire notebook might not destroy the hard drive so remove it then smash it, dunk, zap it etc.


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## JonGreer

I don't think anything is fully safe. I just had my credit card number stolen last week. I have no clue how they got it. I honestly think they can get it from so many different ways, it's impossible to be 100% safe these days. It's so common with banks, I don't even think they investigate it anymore. The person that stole mine rented a car for a week. It was in Spain mind you, but how easy would it be to wait for them to pick the car up and arrest them. That's probably why it's so common now, they don't even do anything about it.


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## Butterfly

I've used online banking for years and years and have not had any problems.  Paper banking isn't totally safe, either.  Someone got ahold of one of my sister's checks, reproduced them online, and used them to clean out her account.  She did get her money back.  The bank told us that it could have been someone to whom she gave a check, or one of their employees, or basically anyone who had handled or processed her check.


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## Jackie22

Butterfly said:


> I've used online banking for years and years and have not had any problems.  Paper banking isn't totally safe, either.  Someone got ahold of one of my sister's checks, reproduced them online, and used them to clean out her account.  She did get her money back.  The bank told us that it could have been someone to whom she gave a check, or one of their employees, or basically anyone who had handled or processed her check.



That happened to my son also, Butterfly.  I just recently started auto pay on most of my bills...worked fine until I lost a credit card and had to jump through hoops to change to new card.


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## AprilT

GeorgiaXplant said:


> Your account can get hacked and drained whether you bank online or not. Everything your bank does with your money and everybody else's is done via computer.
> 
> Ditching an old computer without cleaning the hard drive is inviting disaster. It's equivalent to setting up a buffet table in public with every bit of personal and private information there is and telling folks to help themselves.




^This.  All we can do is stay alert and having access via computer to monitor your account is actually a plus.  I've been banking via the net for as long as I've had access to a computer, a very long time, same with shopping via the net, any issues, I've taken it up with my bank and it was resolved to my satisfaction, always. But the issues were usually minor and I caught them immediately due to the fact that I check my account regularly via the net.


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## AprilT

Jackie22 said:


> That happened to my son also, Butterfly.  I just recently started auto pay on most of my bills...worked fine until I lost a credit card and had to jump through hoops to change to new card.



Fair warning with the auto pay for credit card accts, make sure you recheck your due dates, because, some years ago I had one of my accts set up to be paid on a certain date every month and sometime along the line, they decided to change my due date and suddenly my payments became late and unbeknownst to me, I began accumulating late fees.  It was a couple of months before I caught the error, I only caught it because I knew I wasn't making any purchases and my balance just kept going up.  I got into a battle with them to clear it up, but each time they credited the amount back to my account their system kept re-charging me and I had to go through this battle every month.  

Though I had changed my payment date, I couldn't ever recoup those fees and I had to keep going through long phone conversations with their customer service till I just had enough and canceled the dang card.  grrrrrrrrrrrrr.

Anyway, just check those due dates to make sure your payments always arrive well before the date.  This wasn't something that was happening exclusive to me, I heard others were having a similar issue.


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## QuickSilver

I don't trust banking online... nor bill paying..  I won't do either.


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## rkunsaw

Same here QS.  Using a credit or debit card at Target, Home Depot, etc. was safe too. Until the day it wasn't safe. Online banking will be safe until the day it isn't. I won't take unnecessary risks with my money.


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## KaranKhurana

Yes...! For sure now on these days where people don't have time to go at market for buying there need products. So I think it is very easy way to find there products online and buy them. And banks also doing there duties as well for giving us secure password  also sending us text massages , after completing our transaction. So it is very helpful and trustful for us on these days.


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## Ameriscot

We've been doing our banking and paying all bills online for about 12 or 13 years.  Never had an issue.  I've never had an issue with debit or credit cards in the UK, but did have it happen in the US with my US debit card.  I think it was in a restaurant.  Never got charged as the brokerage company I have the account with caught it.  

My bank in the UK is very good with online security.  Besides a password you also have a second password and have to go through random requests for the 3 of the letters/numbers in that password - like 2nd, 5th, 8th on one day and different ones the next.


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## Pappy

Yes, yes and yes, it is safe. If us old farts can figure it out and use it, anyone can. My wife and I have converted every bill and banking need online. Our bank notifies us of any purchase over $100 in a email. Plus, we get a nice bonus from our purchases. 1% to 5% back on all credit card purchases.


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## Ameriscot

Eventually you won't have a choice but to bank online.  Many branches closing in the UK as there isn't a lot of need for them.  Cheques are rarely used.  I write one or two per year.  One that I recently wrote was to my stepgrandson who just graduated high school in the US, and used my US account.


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## QuickSilver

We just got a notice from our bank that they will begin charging up $3 for a paper statement!... Otherwise we have to go online to balance our checkbook.  I've told them that I'm thinking about changing banks..  but I guess most banks are going that way.   I hate it.


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## AprilT

QuickSilver said:


> We just got a notice from our bank that they will begin charging up $3 for a paper statement!... Otherwise we have to go online to balance our checkbook.  I've told them that I'm thinking about changing banks..  but I guess most banks are going that way.   I hate it.




I stopped the delivery of bank statements a decade ago, I prefer to read them online, if I really want a copy, I can download it to my printer or pick up a copy at the bank.  But yes, seems a lot of places are now charging for all sorts of things that once were free.  I stopped my utility and cable paper bills from being delivered as well.  One of the reasons was I've had terrible luck with mail delivery people, they once were and more often than not mail is delivered to the wrong box or address.  I've gotten many a persons personal info in my mail box and had to send it back or at least hand it over to my neighbor where possible.


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## Butterfly

Many bank branches are closing here, also.  I had occasion to go into a brick and mortar bank a few weeks ago, and it was like a tomb.  A decade ago it was always bustling.  You don't even have to go the bank to deposit checks anymore, just use a scanner for electronic deposit.

SO, insisting on using paper checks to stay out of the electronic mainstream just doesn't work -- electronic banking being used by many retailers and professional offices, and the fact that all interbank communications (like with the clearinghouses) are electronic, makes that impossible.  And doesn't Social Security insist on automatic deposit nowdays?

I remember in my misspent and impoverished youth you could count on a check taking a couple days to get through the clearinghouse and "clear" your bank account, so you could write a small check at a grocery store the day (or two) before payday and count on being OK because you could get to the bank with your paycheck before the grocery store check hit your account.  That wouldn't work nowdays because almost everything clears at midnight the day you write the check to a service provider.


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