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Online Banking..........is it Safe?


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#1 sikntired

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Posted 01 May 2018 - 11:34 AM

I was brought up in a time where things were done with a handshake and a person's word (not so much nowadays).

 

Technology today is great in some respects and not so much in others. I have resisted enrolling in paperless billing and banking online because I am not convinced it is secure and safe (look at the recent recent breaches involving Equifax, Target, Yahoo just to name a few). And we all know that what is put out there on the Internet is there forever.

 

My bank has informed me that they are going to charge me for mailing out my monthly statement as opposed to going paperless and banking online. The utility companies are no different they want access to your account so they can get their piece of the pie.

 

I am not comfortable putting my information online, personal, banking,etc for the convenience of going paperless.

 

Just wondering how many of us are left who have the same opinions.

 

Or am I too zealous in guarding my personal info?



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#2 JohnC_21

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Posted 01 May 2018 - 11:41 AM

Personally, I do all my banking online for the most part. I feel more comfortable accessing my statements online then having them possibly lost in the mail. See the below BC thread.

 

https://www.bleepingcomputer.com/forums/t/604435/everything-i-need-to-know-about-safe-online-banking/?hl=%2Bbanking


Edited by JohnC_21, 01 May 2018 - 11:41 AM.


#3 britechguy

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Posted 01 May 2018 - 11:43 AM

You are not too zealous, but you are mistaken if you think using online banking (and possibly bill paying through the bank), utility service checking/paying, etc., exposes your information any further than it already is.

 

These institutions have not been using paper and pen to process your information for decades now.  They have all the information already, they're simply saying that if you wish to use an outdated, and environmentally unfriendly, method of receiving your bills and paying same that you will be charged accordingly.

 

It always amazes me that people believe that online banking, charging with credit cards, etc., is any greater risk than using same in person.  The moment you swipe your card or have it read in a chip reader in a retail outlet that same data is being transmitted through cyberspace via the same encryption protocols that your web browser uses when handling same.

 

I, like JohnC_21, have been doing nothing but online banking, bill payment, and credit card payment (and lots and lots of purchases, though I still shop "brick and mortar" plenty often) for decades now.   I have had zero compromises of my information.   My partner, by contrast, who also uses all these things online and in-person, too, has had his credit card information compromised on at least 5 occasions and had to have new cards issued.  No one, including the credit card companies, seem to have any idea of exactly how or when those compromises occurred, and none have been the result of the credit card itself being out of his control other than to be swiped/chip-read at places like restaurants where it's customary for those providing service to do that.

 

I can recall, vividly, when direct deposit became available and just how many people insisted that they would not use it, opting for paper checks via mail instead.  The amount of loss from paper check theft was huge.   Direct deposit has always been safer, in every way, to using paper, and I opted for that as soon as I possibly could.  I was really grateful when the United States Government mandated that things like Social Security payments and pension payments from OMB had to be direct deposited.  It is just so much more safe and secure and involves so much less waste of time and paper.


Edited by britechguy, 01 May 2018 - 11:52 AM.
Observation following-up JC21's offering

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#4 RolandJS

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Posted 01 May 2018 - 12:12 PM

+1 for online banking!  However, I do get all bills, statements, etc., in the mail because my wifey is not comfortable doing online.  If anything happens to me, she simply does what many others do...write and mail that Czech (AlexanderD going first class).  Online account monitoring and online banking has actually helped me greatly to be much more aware of which bills and their respective due dates -- mostly paid before such are due.


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#5 britechguy

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Posted 01 May 2018 - 12:45 PM

What I love about online bill pay, whether through my bank or using MyCheckFree.com [which was mandated by my electric utility when they initially went for online payment], is the ability to schedule payment either very near to (if it's being sent by the bill payer by check) or on the due date.

 

Everything that goes through MyCheckFree is automatically set up to withdraw from your account on its due date unless you tell it otherwise.  The credit union I use for paying many other bills requires you to select a date for payment as part of the process.  My credit card payments, all of which are done online, will default to the current date but all of them have the ability to change that with a single click and present a calendar with the actual due date on it.  A single click on that makes sure I'm current but that I don't pay one day earlier than I need to.  [Not that this matters much these days with interest rates being as low as they have been for several years, but every tiny bit helps.]


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#6 sikntired

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Posted 01 May 2018 - 05:13 PM

Well, thanks for the input guys, I appreciate it even though it makes me feel like the last of the dinosaurs. Of course online banking is here to stay and I need to embrace such as opposed to resisting technology.

 

John, thanks for the link. Using a Linux Live CD was something I had forgotten about, even though i had commented in that thread.So, all I have to do is to insert a Linux Live DVD and go to my bank's website to do any transactions and once done sign out and remove the dvd.

 

Would this be deemed to be more secure?


Edited by sikntired, 01 May 2018 - 05:20 PM.


#7 JohnC_21

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Posted 01 May 2018 - 05:56 PM

Well, thanks for the input guys, I appreciate it even though it makes me feel like the last of the dinosaurs. Of course online banking is here to stay and I need to embrace such as opposed to resisting technology.

 

John, thanks for the link. Using a Linux Live CD was something I had forgotten about, even though i had commented in that thread.So, all I have to do is to insert a Linux Live DVD and go to my bank's website to do any transactions and once done sign out and remove the dvd.

 

Would this be deemed to be more secure?

If you booted and went directly to the banks site, then I would say that would be more secure then using Windows that could be compromised without you knowing it. This is using a CD or DVD and not a USB flash drive that can be written to. 



#8 britechguy

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Posted 01 May 2018 - 06:40 PM

We come back to probability versus possibility.

 

If doing online banking via "the usual methods" posed a security risk of any significance then banks would not want anything to do with it.  While it is remotely possible that something could be compromised when doing online banking via "the usual method" under any OS it is highly, highly improbable.

 

I could possibly be hit by a meteoroid every time I step outside my house (or, if one wishes to push it, even in my house or other building).  It's so improbable that I have zero fear of same.


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#9 JohnC_21

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Posted 01 May 2018 - 07:07 PM

We come back to probability versus possibility.

 

If doing online banking via "the usual methods" posed a security risk of any significance then banks would not want anything to do with it.  While it is remotely possible that something could be compromised when doing online banking via "the usual method" under any OS it is highly, highly improbable.

 

I could possibly be hit by a meteoroid every time I step outside my house (or, if one wishes to push it, even in my house or other building).  It's so improbable that I have zero fear of same.

Good one.  :)



#10 mjd420nova

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Posted 01 May 2018 - 11:03 PM

I used to think that the online banking was the wave of the future.  UNTIL, a well known, huge bank (wellsfargo)  started playing games with my account.  First they offered a free deposit box but 6 month later started charging for it.  Then things got hacked at a local shop (inside job) and the account got drained.  I departed with them when they wouldn't refund the amount taken.  I now use a credit union with a card that works as a debit card.  I use gift cards to do most online purchases otherwise it's a money order from Walmart ($.88) to pay bills.  My phone number is a scam magnet and a new phone gets the calls with no messages.  My personal data that resides on the various machines within the home network are as safe as can be.  That being said, there are ways to get in anywhere and those with the skills and equipment are not looking to tackle my meager setup and finances.  Much bigger fish to fry.  If equifax got hacked, then just about everyone in the US is compromised.



#11 britechguy

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Posted 01 May 2018 - 11:19 PM

I was one of the individuals who was part of the Anthem breach and the Equifax breach.

 

Nothing evil has befallen me as a result of either, though I did sign up for identity theft protection and monitoring and put freezes on my credit reports from all three major reporting agencies (Equifax/Transunion/Experian) and one minor one (Innovis).

 

As often as not, and this does not excuse the hackers in any way given the chaos that ensues, this sort of thing is done for bragging rights.  This doesn't make the aftermath any easier to wade through when you have to do what's necessary to secure yourself afterward.

 

------------------------------------------------------------------------

By the way, just in case anyone should need to contact any of the credit reporting agencies mentioned above:

 

Equifax:  (866) 447-7559   7-days a week, 7 AM – 1 AM Eastern Time

                                Ask about freezing your credit at all reporting agencies at no cost

 

Experian:  Security freezes are done online:  www.experian.com/freeze

                     See https://www.experian.com/blogs/ask-experian/credit-education/preventing-fraud/security-freeze/virginia/ for details on doing so by mail, which is more complicated.

 

Transunion:  See this webpage:  https://www.transunion.com/equifax-data-breach-faqs for a number of different options you may wish to exercise as far as blocking your account.  I joined their TrueIdentity program online, which is free, and lets you lock (self-freeze and self-unlock if you need to) your TransUnion credit records at no charge.  https://membership.trueidentity.com/

A freeze, for which there is a fee, can be made by phone at 888-909-8872.

 

Innovis:  Also does a security freeze online.  Other options, including by phone, can be found at: https://www.innovis.com/personal/securityFreeze


Brian  AKA  Bri the Tech Guy (website in my user profile) - Windows 10 Home, 64-Bit, Version 1803, Build 17134 

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#12 sikntired

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Posted 02 May 2018 - 07:36 AM

 britechguy said, Quote: "I was one of the individuals who was part of the Anthem breach and the Equifax breach".

 

I was affected as well and have taken similar precautions. The" ounce of prevention adage" would apply here.

 

I realize there are bigger fish to fry as mjd420nova has pointed out. I will of course succumb in the end as it is inevitable.

 

Thanks to all of you for your observations, it is, as always, appreciated.


Edited by sikntired, 02 May 2018 - 07:38 AM.


#13 pcpunk

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Posted 03 May 2018 - 11:41 AM

Here is another link sikntired, it is by a good source.  Some things you cannot avoid in life, but you can take some measures to prevent.

https://nakedsecurity.sophos.com/2013/10/03/8-tips-for-safer-online-banking/


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#14 JohnC_21

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Posted 29 May 2018 - 08:27 AM

I thought I would add to this thread in light of the latest news at BC.

 

Two Canadian Banks Announce Hacks Over the Weekend

Even if you do not do online banking you can still be affected by hacks. It's just the nature of the business today.

 

 



#15 sikntired

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Posted 29 May 2018 - 11:12 AM

Yeah, I know and it really is a sad state of affairs.






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