Security Considerations for Customers of Online Banking

The second half of the online banking safety and security puzzle rests with the bank itself. It is important to review the policies and procedures the bank has put in place to protect customers from fraudulent emails, phone calls and other contacts. Customers can take some initiative by never clicking on an email link in an unsolicited email and never giving out their Social Security number or bank account number unless they themselves initiated the call. It is up to the bank, however, to provide additional security features that will enhance the safety of their customers.

One of the most common approaches to online safety and security is the challenge question. In most cases online banking customers will be required to answer a number of questions to which only they have the answers. Those challenge questions will then be used to verify identity if the customer attempts to access the account from a different computer. The nature of these questions varies from institution to institution, but some of the most common are:

ü        What was the name of your best friend in grade school?

ü        What was your high school mascot?

ü        In what city was the college you attended?

ü        In what city was your mother born?