Online banking safety.

[jjflyman]

My DW and I have recycled an older laptop with a clean install of Zorin OS (Linux) and use it exclusively for online banking.
If you don't already know, Linux (lots of versions) is a free open source operating system that is very secure and almost immune to virus and malware.

I know using a Mac or Iphone is also way more secure than Windows
I was curious what others do to protect themselves when doing online banking

 

[davismills]

I use a dedicated Chromebook for all things financial/healthcare related. Otherwise, it's turned off and on a shelf.

 

[Oz investor]

i disagree on Mac security , the original security was a legacy of the CPU , once they changed to Intel and ARM CPUs only the software differs and a top cracker attacks hardware flaws ( video chips CPUs memory controllers etc)

in fact a decent cracker will infect your router and just mirror all the data passing through it .. there is so much bloatware most wouldn't notice the data leakage on the internet bills

for curious crackers faking the printer , probably still works in this wireless age

 

[COcheesehead]

In almost 20 years of online banking I have never had a problem and I use just what the bank provides for security and my device resident spyware/malware. My credit card on the other hand has probably been hacked 10+ times in that same timeframe. So what should I be more afraid to use?

 

[Oz investor]

at one stage the local state police were suggesting a live CD/DVD operating system ( so no data is stored after you shut down

HOWEVER the talented bad guys started attacking routers and memory controllers and that changed the game once more

 

[Oz investor]

COcheesehead,

i have no credit card or even activated plastic ( annoys crap out of the banks )

i also keep the bank balances low and since they pay little interest i may as well use the share trading accounts for most larger cash transfers when i need to

automatic deductions ?? NOT THIS LITTLE BLACK DUCK i have seen that go rogue as well

 

[target2019]

My DW and I have recycled an older laptop with a clean install of Zorin OS (Linux) and use it exclusively for online banking.
If you don't already know, Linux (lots of versions) is a free open source operating system that is very secure and almost immune to virus and malware.

I know using a Mac or Iphone is also way more secure than Windows
I was curious what others do to protect themselves when doing online banking

To stay secure, I allow the PC and security software to install updates.
I check the router and other devices for updates.
I change passwords every 60 days, and only use randomly generated usernames and passwords.
I use multi-factor authentication.
And of course, I don't make assumptions that one device is inherently safer than another.

 

[COcheesehead]

COcheesehead,

i have no credit card or even activated plastic ( annoys crap out of the banks )

i also keep the bank balances low and since they pay little interest i may as well use the share trading accounts for most larger cash transfers when i need to

automatic deductions ?? NOT THIS LITTLE BLACK DUCK i have seen that go rogue as well

I use Billpay. No auto deductions.

 

[JustCurious]

I use Chrome OS (I have two Chromebooks and one Chromebox), I don't own a Windows computer anymore. I use 2 factor authentication for banking and investment accounts and for my gmail account. I don't respond to unsolicited emails or calls and I don't give out my personal information to anyone. I check my email everyday and I check my financial accounts regularly.

 

[Bestwifeever]

I use a separate laptop wired to the modem, not wifi, for everything financial (it is a PC that wouldn’t connect wirelessly anyway when WIN8 first came out, so just coincidence there). I keep the now WIN10 updated. I don’t use it for much of anything else—I have a MacBook Pro that is my “real” computer.

 

[COcheesehead]

I also have email alerts set up for all my financial transactions.

 

[OldShooter]

I never do financial transactions of any kind except on my own home and lake home networks. My phone and the tablet that I use on the road from time to time do not have and have never had any financially-related apps or information loaded on to them. The idea of doing banking or investments on one's phone just appalls me.

I also have this: "Schwab will cover 100% of any losses in any of your Schwab accounts due to unauthorized activity." Which is pretty neat. Details: https://www.schwab.com/public/schwab/nn/legal_compliance/schwabsafe/security_guarantee.html

Given the competitive nature of the business, there are probably other companies offering similar protection.

 

[COcheesehead]

I never do financial transactions of any kind except on my own home and lake home networks. My phone and the tablet that I use on the road from time to time do not have and have never had any financially-related apps or information loaded on to them. The idea of doing banking or investments on one's phone just appalls me.

I also have this: "Schwab will cover 100% of any losses in any of your Schwab accounts due to unauthorized activity." Which is pretty neat. Details: https://www.schwab.com/public/schwab/nn/legal_compliance/schwabsafe/security_guarantee.html

Given the competitive nature of the business, there are probably other companies offering similar protection.

Fidelity has the same.


"Fidelity will reimburse you for losses from unauthorized activity in covered accounts occurring through no fault of your own."

https://www.fidelity.com/security/customer-protection-guarantee

 

[MRG]

I never do financial transactions of any kind except on my own home and lake home networks. My phone and the tablet that I use on the road from time to time do not have and have never had any financially-related apps or information loaded on to them. The idea of doing banking or investments on one's phone just appalls me.

I also have this: "Schwab will cover 100% of any losses in any of your Schwab accounts due to unauthorized activity." Which is pretty neat. Details: https://www.schwab.com/public/schwab/nn/legal_compliance/schwabsafe/security_guarantee.html

Given the competitive nature of the business, there are probably other companies offering similar protection.

Fidelity, Vanguard, and Schwab are the only ones to my knowledge.

 

[kcowan]

I use a Win7 laptop and our own routers with custom long passwords for wifi. All four banks have custom long passwords. The 2 Mexican banks also have a separate token to access anything financial. So far no problems. Been online since 1992.

 

[easysurfer]

I don't have a PC solely for bank transactions but think I follow safe computer use.

Long passwords, use anti-virus software, do malware scans, 2FA when possible.

 

[ExFlyBoy5]

Two factor authorization for me on ALL financial accounts at ALL times. If it isn't available, I close the account. I also get text alerts for *any* financial transactions. Yes, some days I get a LOT of texts, but that's OK. Also, I have an account w/ the feds for my retirement account and am forced to change the PW every 45 days...I also change all my financial account passwords at the same time.

 

[foxcreek9]

I use a separate laptop wired to the modem, not wifi, for everything financial (it is a PC that wouldn’t connect wirelessly anyway when WIN8 first came out, so just coincidence there). I keep the now WIN10 updated. I don’t use it for much of anything else—I have a MacBook Pro that is my “real” computer.

If you really are connected directly to the modem, that is a very unsafe setup, as explained here.

https://www.howtogeek.com/183439/ask-htg-do-you-need-a-router-for-simple-single-computer-setups/

 

[W2R]

I don't have a PC solely for bank transactions but think I follow safe computer use.

Long passwords, use anti-virus software, do malware scans, 2FA when possible.

+1

Ever the optimist, I am convinced that sometime within the next decade or so we will have a new and much more secure version of the internet available to us specifically for these transactions. With advances in facial and fingerprint recognition, and other technological advances, I suspect it could be done. We really need this.

Until then, I am doing what you are doing.

 

[ExFlyBoy5]

If you really are connected directly to the modem, that is a very unsafe setup, as explained here.

https://www.howtogeek.com/183439/ask-htg-do-you-need-a-router-for-simple-single-computer-setups/

That's a pretty old article, especially in light of the recent highlights of how susceptible routers can be to hackers. Some of the stuff I have read (especially how they can replicate a page that is displayed to you, while doing nefarious stuff in the background without your knowledge) is down right scary.

I would guess that a lot of people don't know how to update firmware on their routers, making the problem even scarier.

A decent source for updated security issues can be found at https://krebsonsecurity.com/

+1

Ever the optimist, I am convinced that sometime within the next decade or so we will have a new and much more secure version of the internet available to us specifically for these transactions. With advances in facial and fingerprint recognition, and other technological advances, I suspect it could be done. We really need this.

Until then, I am doing what you are doing.

In the Air Force, we were using our ID cards to log into the networks (used a chip and 6-8 digit PIN) and use most applications. We were using this as far back as 2011 that I can best remember. I am not sure why this hasn't really made it into the personal use arena. I suppose it's cost and trying to get so many players to participate.

 

[Cobra9777]

For online banking, I have a Win7 desktop PC that I keep very clean, secure, and updated. All of our financial institutions have 2-factor authentication. Fidelity has the guarantee mentioned earlier as well as voice recognition technology so, in theory, no one can call in and convince a rep to reset the password, etc.

I use PasswordSafe with very strong 25-character userIDs and passwords and change them about every 60 days. The master password is similarly secure. I also use random answers for security Q&A (stored in PasswordSafe). I get email alerts for anything unusual and I have a finely tuned "BS detector" for scam emails, websites, etc.

I do use my phone to login in to Fidelity, but only on the rare occasion that I have a paper check to deposit. For whatever reason that can only be done by phone.

 

[target2019]

If you really are connected directly to the modem, that is a very unsafe setup, as explained here.

https://www.howtogeek.com/183439/ask-htg-do-you-need-a-router-for-simple-single-computer-setups/

It depends on the modem, though. Newer modem models have more security features, but you don't know until you know, right?
To be safe, I always have a router + modem setup. There is more flexibility that way.

 

[Rianne]

When is the blockchain technology going to take hold? I understand the dark web uses it for security.

 

[ownyourfuture]

I know using a Mac or Iphone is also way more secure than Windows
I was curious what others do to protect themselves when doing online banking

Been online banking since March 2008, when I bought my 1st iMac desktop.
No 'extra' security software, no problems.
Full Disclosure: I don't have a router & I always unplug my modem when I'm not online.

 

[gauss]

I don't sweat online banking too much. My understanding is that US laws/regulations hold the bank accountable for any electronic losses from their systems.

Now mutual funds and brokerage accounts are another story....

Note that I do have a NAT router between my home and the real Internet, so my client machine is not directly exposed.

Also I don't tend to click on attachments received via email.

-gauss