Online Banking: 'Is It Safe?'

@Shavkat (137238)

Philippines

January 31, 2021 12:47am CST

It has been a year that I asked my bank to deactivate my online banking account. The reason is that I was a victim of a scammer. I accidentally click a link and stole my healthy bank balance. When it happened, I started to disagree as some people claimed that it is fast, safe, and convenient. Do you think it is still safe to use online banking at present? Image Credit: lh3.googleusercontent.com

17 people like this

14 responses

Ma. Lourdes Macaya

@macayada (1497)

• Cavite City, Philippines

31 Jan 21

You should have a separate e wallet for billings and do not do transfer from your bank to fund it. We should safeguard our hard earned money and so limit online bank transaction. If you do, have a separate account for your online transaction only and that is for your day to day basis, immediate or emergency needs and the rest for another separate bank account for your untouchable savings.

3 people like this

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Ma. Lourdes Macaya

@macayada (1497)

• Cavite City, Philippines

31 Jan 21

@Shavkat OMG, where and how did it happen, what is the possibility that the scammer was able to dig deep your security details. Did you forgot to log out.

2 people like this

@Shavkat (137238)

• Philippines

31 Jan 21

@macayada Actually, I was teaching online when I checked my email. I thought it was from our local bank's link. It all started there.

1 person likes this

@ZedSmart (19753)

• Philippines

31 Jan 21

I think it's not 100 percent safe and we should change our password more often. I have an acquaintance that her account was hacked even this bank has a very tight protection. She lost more than 2000 dollars in her account.

3 people like this

@Shavkat (137238)

• Philippines

1 Feb 21

That's a huge amount of money. It seems we really need to have extra vigilant. I will try to check more about this matter if re-applying the banking account.

1 person likes this

@allen0187 (58444)

• Philippines

31 Jan 21

It has its advantages but it ain't completely safe.

2 people like this

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@allen0187 (58444)

• Philippines

1 Feb 21

@Shavkat true, so it is good to be extra careful.

1 person likes this

@Shavkat (137238)

• Philippines

2 Feb 21

1 person likes this

@Shavkat (137238)

• Philippines

1 Feb 21

I agree. There are still some risk potential situations. Scammers are good at this.

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@Porcospino (31366)

• Denmark

31 Jan 21

Our online bank accounts have an ordinary password and an extra password that changes each time we use it. The second password is written on a piece of paper and it is sent to our snail mail address. For safety reasons it is not possible to find the second password online. If we lose the piece of the paper that contains the second passwords we have to call them and ask for a new one. It is not possible to do it online. I think that the way they do it is pretty safe, but that doesn't mean that bad things could never happen. There have been cases where people have been tricked into uploading a copy of the list that contains the second passwords. That way the scammers were able to access the bank accounts.

2 people like this

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@Porcospino (31366)

• Denmark

3 Feb 21

@Shavkat I am happy that we have two passwords. If someone is able to guess the first password they can only finish the first step. Yes, the scammers always find ways to deceive people. The lastest scam here is the fake police scam. Someone calls and pretends to be from the police. They tell the victim that they bank account has been hacked and they ask for the list of the second passwords.

1 person likes this

@Shavkat (137238)

• Philippines

4 Feb 21

@Porcospino I think you are lucky to have two passwords. They are unstoppable when scamming people. It seems that they can be good actors, too.

@Shavkat (137238)

• Philippines

1 Feb 21

With that banking mechanics, I do like it. In my country, we only have one password and no backup. If we are going to change to a new password, it needs to go start from scratch again. Moreover, I agree that we cannot guarantee to be always safe since scammers are like mutants that keep on upgrading to deceive innocent souls.

1 person likes this

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@LadyDuck (460083)

• Switzerland

31 Jan 21

Our online banking from a desktop computer connected via cable (not wi-fi) is very safe. The login is in two steps, after the first step I receive a text message with a code to enter.... it would not be safe using a smartphone.

2 people like this

@Shavkat (137238)

• Philippines

31 Jan 21

I think I need to consider using a computer instead of a mobile phone. It is safer to have transactions online banking. I will try to check again this matter tomorrow.

1 person likes this

@Shavkat (137238)

• Philippines

31 Jan 21

@LadyDuck I think it is a good idea. I need to consider this

1 person likes this

@LadyDuck (460083)

• Switzerland

31 Jan 21

@Shavkat I prefer to use my computer for money matters.

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@DaddyEvil (137142)

• United States

31 Jan 21

You will need to do some checking to see if the online bank is insured and if it is, under what conditions. PayPal, as long as the money being held there is USD, is insured. BUT, there is never a guarantee that hackers can't make problems for you for a long time to come if you're keeping your money there.

2 people like this

@Shavkat (137238)

• Philippines

31 Jan 21

I agree with the hacker part. My PayPal account was almost hacked before. The good thing is that I was able to change my password right away.

1 person likes this

@Shavkat (137238)

• Philippines

31 Jan 21

@DaddyEvil Thank you for the advice. You are really a good friend.

1 person likes this

@DaddyEvil (137142)

• United States

31 Jan 21

@Shavkat Yeah, you have to check it often and watch for alerts from them, too.

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@May2k8 (18108)

• Indonesia

1 Feb 21

As long as customer data is not leaked it may still be safe.

1 person likes this

@Shavkat (137238)

• Philippines

2 Feb 21

I agree. I am suspecting that there is an inside job. I cannot understand why they knew my email address.

1 person likes this

@allknowing (130292)

• India

31 Jan 21

I have never done online banking and I will not in future. I have a debit card though.

1 person likes this

@Shavkat (137238)

• Philippines

1 Feb 21

At this moment, I am still thinking if I will use it again or not. Weighing things up is not a bad thing after all.

1 person likes this

Uncle Jay, Finding More Value in Your Machine

@mythociate (21437)

• Oklahoma City, Oklahoma

31 Jan 21

Sort-of. As long as you don't keep any of your account-information on your computer (and you might even want to use "incognito mode" or "inPrivate" when you deal with the bank, and then 'clean' your disk-history (with cCleaner) so that your information is not saved on your computer).

https://download.cnet.com/CCleaner/3000-18512_4-10315544.html

download.cnet.com

https://download.cnet.com/CCleaner/3000-18512_4-10315544.html

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Uncle Jay, Finding More Value in Your Machine

@mythociate (21437)

• Oklahoma City, Oklahoma

1 Feb 21

@Shavkat I found out about 'going incognito on iPhone' I also saw them tell how to on Android.

https://www.makeuseof.com/go-incognito-iphone-mac/

www.makeuseof.com

https://www.makeuseof.com/go-incognito-iphone-mac/

1 person likes this

@Shavkat (137238)

• Philippines

2 Feb 21

@mythociate Thank you for the time checking it. It will be a good idea to install it on my android phone.

1 person likes this

@Shavkat (137238)

• Philippines

1 Feb 21

That's a good idea to use incognito if using a computer. I think it is possible to use this with a mobile app, right?

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@jobelbojel (34730)

• Philippines

31 Jan 21

Scammers will make way to get what they want. Sorry that happened to you.

2 people like this

@Shavkat (137238)

• Philippines

31 Jan 21

I agree. I received an email from Metrobank that scammers are using links that can scam their clients. We need to be vigilant.

@Letranknight2015 (51538)

• Philippines

31 Jan 21

I have downloaded my union bank app but i forgot our online password.

1 person likes this

@Shavkat (137238)

• Philippines

1 Feb 21

I am using BPI. Since it was compromised, I need to close the account. Now, I am still planning to reopen or not.

@Shiva49 (26244)

• Singapore

31 Jan 21

I have had no issues, touch wood. I have no mobile banking though. I am always wary of scams but without online bank account, it is tough to exist.

1 person likes this

@Shavkat (137238)

• Philippines

1 Feb 21

I hope I can deal with it sooner or later. My concern is to be safe when paying bills online.

1 person likes this

@CarolDM (203451)

• Nashville, Tennessee

31 Jan 21

Yes, just change your password often.

1 person likes this

@Shavkat (137238)

• Philippines

1 Feb 21

That's a good idea. It sounds troublesome if I keep on changing the password. The reason is that I need to keep on calling the local bank to accept a new password.

1 person likes this

@Shavkat (137238)

• Philippines

2 Feb 21

@CarolDM I agree. I am considering having this mobile banking app.

1 person likes this

@CarolDM (203451)

• Nashville, Tennessee

1 Feb 21

@Shavkat But it keeps your account safe.

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@DocAndersen (54407)

• United States

31 Jan 21

so the likelihood is that your scammer could have, once they had your account cleaned you out either way. but i do understand the concern. online banking is safe, as long as you approach it as not ever being safe!

2 people like this

@Shavkat (137238)

• Philippines

1 Feb 21

It was a big lesson. The best decision is to shut down the compromised account to prevent further damage. I do agree that it is designed to protect the money of any people, They just need to be vigilant.