Hacking and cybercrime is one of the biggest challenges to online banking today. With the large volume of consumers using online banking websites to carry out their transactions, more criminals are coming up with sophisticated ways to access their information. In line with this, online financial sites have come up with various preventive security measures that include
Phishing and Malware protection
Hackers use phishing emails to lure clients into giving up financial information. There are also various malwares that take advantage of the vulnerable spots in your browser. They open up fake windows asking you to verify information or log in to your financial website in order to collect your information. Financial websites have come up with various phishing and malware protection measures to ensure that your log-ins through your web browser is safe. Collaborating with online security software developers such as anti-virus developers has enabled them to shut down most of the malware online. The built in protection will warn you about web pages that have been reported as forgeries or phishing pages, so you can navigate away.
Two factor authentication
Two factor authentication aims to protect financial website clients against hacked passwords as this is also a common area where hackers can get access to personal financial accounts. The two-factor authentication system requires the use of a password as well as a token to gain access to an account. Even if the hacker manages to get the website, they are intercepted at the second authentication and locked out of the account. Two-factor authentication is based on the concept that strong authentication security should have multiple means of identification in order to log into an account. This is one of the most secure software authentication methods available today.
Websites with secure connectivity often have an s after the http in the browser address bar (https). Websites without the s (http only) do not have a secure connection and could allow malware to collect information from your browser as you log in. Financial websites have invested greatly in secure connectivity in order to protect their client information. You can also verify the security information of the financial website by viewing the security certificate through your web browser. A genuine website should have the same address line in the security certificate as it is in the browser address line.
Time out feature
Sometimes you may forget to log out of your account when browsing on a shared computer and this may leave your account vulnerable to hacking by another person. You should always log out of the system but if you forget to do so, there is an added level of protection referred to as the time out feature. The time out feature will automatically terminate your session if you have been inactive for a certain amount of time. If you try to refresh the page, you will receive a request to log in again to continue with your session. Sometimes the website may also deny or lock the log in page after a number of unsuccessful log-in attempts.