Online Banking

Last updated 30 Jul 2010

Online Banking

Online banking (or Internet banking) is the term used for performing transactions and payments etc. over the Internet through a bank’s secure website.  This can be very useful, especially for banking outside of bank hours, and checking your balance frequently.

Access to online banking is through a web browser and a normal Internet connection is suitable.  Increasingly banks are encouraging you to download security software before accessing your online banking account to help protect your information.

One major advantage of online banking is the environmental benefits of not receiving mail from your bank account.

Safety and Online Banking

There are several passwords, pin numbers, and other log-in details required to access your online banking account.  It is recommended not to keep these pieces of information in the same place as it makes it much easier for people to log in and take money from your account.

Additionally, you should be careful to destroy any letters from your bank account, as these could contain clues to your log in details.

Banks will NEVER email you asking for your information.  If you receive an email asking for this information, it is likely to be a phishing email.  Phishing messages appear to come from official or reputable persons, businesses or institutions such as a bank or building society to deceive the receivers of the message into disclosing personal information such as account details, credit card information and or passwords for financial gain.

There may be some obvious and not so obvious clues that you can look for to check whether or not you have received a genuine email.

  • Building societies and Banks in the UK however do not ask for verification of account details, log in details or passwords via email or a web link.
  • Does the email address you directly by your first and surnames? Phishers sending out random mass emails are unlikely to include full name details, using terms instead such as ‘Dear customer/ valued customer/ existing customer’ etc.
  • Check the time of the email, remember emails regarding your account are most likely to be sent during office hours.

Look for misspelled words, mistaken capitalisation and incorrect logos in communications which are unlikely in professional companies:

  • Incorrect logos
  • Misspelled words, poor grammar and syntax: ‘Dear valued customer…we peleased to infrom you htat’
  • Mistakes in capitalisation: eg. Re: uK BaNk
  • What happens when you click on ‘Reply’ to sender? Check the ‘To:’ line, with a phishing message, the address may differ to the one which the email was sent and direct you to a personal email address rather than that of a company.

For more information about safe online banking visit www.banksafeonline.org.uk.