Understanding Internet Banking Security

Understanding Internet Banking Security


In India Internet Banking started in late 90s. I remember I have opened my account in ICICI Bank Ltd in the Year 2000, and since then I have been using the ICICI Bank Internet Banking Services. During the time span and now almost every bank is providing this facility to their customer. Even Co-operative banks have started providing Internet Banking services. We are using this facility day to day in our life. But do we know what are the different measures to know and understand behind this service. We heard many scams that somebody hacked the password of Internet Banking and transferred the amount from one bank to other bank without the knowledge of the account holder who is holding that account. So let us understand about the Internet Banking and its security aspects here.

To access Internet banking you require User id and Password. This is the unique for your account. You must remember to change the password after your first Log In. Never disclose your password to any one. This means you should keep your password in your memory and not to be disclosed to anybody or to write in excel sheet. When you are new customer you get the user id and password with which you log in to account first time. So during this first log in you will be prompted to change the password, if system does not prompt to change the password then I suggest you change your password after your first login. Use some special characters in your password. Also you must remember that there are attempts for log in to accounts are counted. If you type your password and it gets failed more than 3 or 5 times then your account gets blocked. This number of attempts varies from bank to bank. If this happens then you have to call to call center or have to personally visit to the bank for reactivation of password. After every 15 days change your password. When you log in to your account never leave your system in logged in mode. Close the browser after you finish your transaction and log out.

When you go to log in page check whether it is a genuine bank website page. Never click on the link that comes to your email message which asks to update your details etc. Banks never asks their customers to update data in their Internet Banking account by providing any such links. Always open Internet Banking Log In site from the main bank website. To know the authenticity check the webaddress, it starts with "https" and not "http" here "s" means secured network. Also you will see a padlock icon in the task bar of internet explorer or next to the website address on the top where you type the web address. Other signs to check genuinity and security is to check the Security logo of b>Verisign or Entrust or any other. All transactions in Internet Banking sites are secured over a http://www.verisign.com/ssl/ssl-information-center/how-ssl-security-works/index.html - Secured Socket Layer (SSL). This technology protects the web site from hacking the data. When you do transaction in Internet Banking the data is encrypted through http://www.verisign.com/ssl/ssl-information-center/strongest-ssl-encryption/index.html - 128-bit SSL Certificates. The encryption means conversion of data in to secret code. So you must check that you browser supports 128-bit encryption. To check this open your browser e.g. Internet Explorer, Go to Help Menu and click on About Internet Explorer, you will see "Cipher Strength: 128-bit".

While entering passwords you must use Virtual Keyboard available on the page to be secure as hackers can copy your keystrokes and let know your passwords. But this is the very secure feature that implemented recently by all the banks to enter the password with virtual keyboard. In virtual keyboard the characters changes the position every time you refresh the screen so there are no chances of recording the key strokes.

You must register your active and daily use Mobile number with your Internet Banking account so whenever any transaction happens in your bank you will be alerted by a SMS. If you are changing your mobile number frequently then remeber to reregister new number in bank accounts also. Never refresh or click back or forward button.

If we understand this points clearly then there are no chances to get our account misused by anyone else. We will be banking safe and secure and use the technology without fear and to its greatest extent. Any suggestions are welcome. Please post your replies below.