How safe is Internet Banking?

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Forums › Finance and wealth management › How safe is Internet Banking?

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#1301840 11-May-2015 11:27

The most unsafe thing about internet banking sits between the keyboard and the chair.

Don't write passwords down. Don't create a password file on your PC desktop (seen it done!). Use a unique password and 2-factor authentication if possible.

We are with Kiwibank (previously Westpac and ASB). I think ASB internet banking is probably the best, but have found Kiwibank to be just fine. Pretty much exclusively use the iPhone App now (can't remember last time I used a computer to log onto internet banking).

MikeB4

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#1301844 11-May-2015 11:30

Always use it, the Bank CSR counters are way too high for someone in a wheelchair as are many ATM's. Internet banking is as safe as you are depending on your habits, but with everything online nothing is 100%

johnr

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#1301852 11-May-2015 11:33

trig42: The most unsafe thing about internet banking sits between the keyboard and the chair

+1 so many times my mouse broke

andrew027

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#1301863 11-May-2015 11:45

trig42: Just remember, Kiwibank will never send you an email asking you to reset or disclose your password from a link within that email...

Also, most banks know who they are. A few years ago I got an email with National Bank (when there still was such a thing) in the subject line, and a National Bank logo gif at the top, but as I read through the text it changed to Kiwibank then BNZ...

sidefx

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#1301874 11-May-2015 11:54

While I agree with the general sentiment that the biggest issue is the user and their approach to security, I'm also curious how many of y'all do internet banking over wifi?

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NonprayingMantis

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#1301877 11-May-2015 11:58

sidefx: While I agree with the general sentiment that the biggest issue is the user and their approach to security, I'm also curious how many of y'all do internet banking over wifi?

yep, quite often.
(It would be pretty hard for someone to hack my wifi because the signal doesn't reach outside the boundary of my property.)

MileHighKiwi

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#1301878 11-May-2015 11:58

Now I know my nana's geekzone user name, cool! Hey nan!

Ha-ha...in all seriousness though I think it is very safe, in fact the security doesn't bother me at all. I figure that if something does go wrong (that's not my fault) the bank will fix it.

I love the BNZ app, so handy.

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timmmay

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#1301886 11-May-2015 12:14

trig42: Don't write passwords down. Don't create a password file on your PC desktop (seen it done!). Use a unique password and 2-factor authentication if possible.

I use an encrypted password store, so I only have to remember one password. Keepass 2.

Finch

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#1301893 11-May-2015 12:26

Thanks folks!

sidefx

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#1301896 11-May-2015 12:30

NonprayingMantis:
sidefx: While I agree with the general sentiment that the biggest issue is the user and their approach to security, I'm also curious how many of y'all do internet banking over wifi?

yep, quite often.
(It would be pretty hard for someone to hack my wifi because the signal doesn't reach outside the boundary of my property.)

I'm gonna go a bit chicken little here, which I know will probably be unpopular, but what the heck:

Depending on your property you're likely safe... though there's a small chance you're not. I've seen some fairly scary demos using a WiFi pineapple as a wifi honeypot and based on the way beacon frames work and the fact most devices will auto connect to "familiar" networks for conveniences sake.

TBH though when I asked that I was more thinking about people use internet banking on their mobile or other device when out and about, which many people do seem to for convenience. Then it becomes a bit more scary, because then you need to start ask yourself questions like "have I ever connected to an unsecured access point on this device, like ever, even just that once on holiday?"

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richms

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#1301908 11-May-2015 12:47

sidefx: While I agree with the general sentiment that the biggest issue is the user and their approach to security, I'm also curious how many of y'all do internet banking over wifi?

All the time.

Banks use https, so you would get cert warnings if someone was doing the dodgey. I know that the ASB app will not work with a fake cert from being MITM'd but not sure about the other banks ones.

Richard rich.ms

dafman

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#1301926 11-May-2015 13:08

Kiwibank have a pretty good internet site as well as mobile app.

As long as you stick to the banks terms - ie. never disclose your password or PIN and use antivirus software - you will be 100% safe.

Just remember the golden rule - your bank will NEVER EVER email you and ask you to log in via an email link to reconfirm your details. I say this because the fraudsters have some pretty convincing emails for naive Kiwibank customers.

RUKI

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#1301978 11-May-2015 14:28

Geektastic: Been using it since 2006 with no issues. Hard to believe there is anyone left in the world not using it...!

Then welcome to my world.
I don't, never did and I never will. And I have been on the Internet since it's introduction. Probably that's why...

jarledb

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#1301998 11-May-2015 14:55

Been using online banking since forever. BUT, I would not use one that doesn't use a secondary token for login.

Just using a password is very unsafe. If you have a trojan on your computer you are screwed. AND; if you are stupid/naive enough to use the same password somewhere (or a password with less than 14 characters and with dictionary words) you are also in trouble.

More about the uselessness of passwords for security here: Kill the password (Wired article)

So I use unique and random passwords for every single service I use. 1Password is my software of choice for keeping them all handy.

For internet banking I only use services that require an extra token to login. Like a code calculator, SMS message with onetime code etc.

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frankv

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#1302026 11-May-2015 15:30

jarledb: So I use unique and random passwords for every single service I use. 1Password is my software of choice for keeping them all handy.

And what does 1Password do with them? How do you know?

If you add up all the letters in "1Password" you'll find that it adds up to exactly the same as "NSA". 'Nuff said.

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