Online Business Banking - Internet Banking Security

Business

Online banking

It is essential that you protect your banking information if you use online systems to access your accounts. Internet banking can seem problematic when you consider the number of ways that your login data could potentially be intercepted or stolen. But don't worry. By following the advice in our articles about various aspects of safe website surfing and data security, you can help to make sure your banking information remains safe.

Secure browsing

Browsing securely is of the utmost importance when considering online banking. Take a look at our tips to help protect yourself.

Hoax emails

Hoax emails claiming to be from financial institutions are commonplace and can seem convincingly genuine. Follow our guide to help spot and avoid hoax emails.

Fake sites

Sites mimicking those of financial institutions go hand in hand with hoax emails. Again, these can be designed to look and act exactly like the real thing. There are some tell tale signs to look out for. Always be alert when entering your online banking details. Read more about how to spot fake sites.

Data security

Keeping your banking data secure is paramount. Following our guidelines for data security can help protect your valuable banking information.

Online banking access

When accessing your details using public computers you should be aware of further security issues such as keystroke capturing software. For more information read our guide on accessing your details on public computers.

Bank safely online - how to protect yourself

Online banking is an enormously popular and safe way to access your bank account, but it pays to be aware of the ways in which criminals can try to gain access to your account and to learn how to protect yourself and your money.

If at any point you feel your banking information has been compromised, change your password and security questions immediately. You should also contact the financial institution that you bank with to ask their advice on how to secure your details, and to alert them of any suspicious account activity.

Bank Safe online provides some useful information on how to protect yourself when doing your banking online.

Further information on internet banking

Here are some other useful reference sites to try:

Bank Safe Online/

Get Safe Online

The UK Card Association

Which

This personal information might also be of interest: Online banking

Online fraud

Using the internet for buying and selling should be safe, but it can open you up to the potential risk of fraudulent scams or even identity theft by fraudsters.

Keeping your financial information secure and only using reputable and recognisable sites is just one way of ensuring you don’t put yourself at risk. Another way is to always pay online by credit card, as this offers you protection in the event of a fraudulent event.

You can also keep yourself up to date on the latest types of scams, such as phishing or spamming, and what to do if it does happen to you.

By following a few simple guidelines and online rules you can keep you, your personal information and your credit cards safe from online fraudsters.

For more information visit the Citizen Advice Bureau’s Advice Guide: www.adviceguide.org.uk/index/i_fraud_on_the_internet.pdf

Avoiding scams and online fraud

For further information about how to avoid online fraud visit: www.direct.gov.uk

Information on scams and fraud is available in our scams section.

For current scam warnings and fraud trends please visit www.banksafeonline.org.uk

Protect yourself from credit card fraud

For information on credit card fraud, please visit: www.ukpayments.org.uk/payments_industry/payment_fraud/plastic_fraud/

Scams and fraud

For details about The Dedicated Cheque and Plastic Crime Unit please visit: www.dcpcu.org.uk/

Online banking and online shopping fraud

For more detail about online banking or online shopping fraud, visit: www.ukpayments.org.uk/

This personal information might also be of interest: Online banking, Online shopping

Secure payment systems

Online retailers and businesses with payment options need to ensure that they use secure, trusted payment systems. Without them, customer details are at risk, and tech savvy website visitors may choose not to purchase altogether.

Ensure your website is payment ready

Firstly it is important to ensure that your website uses secure encryption to protect against hackers. Setting up SSL and HTTPS for your website is good practice to ensure that details entered by visitors are securely encrypted. To setup, you will need to obtain a security certificate from your web host provider, or if you are hosting internally, from a trusted certification company.

Choose a payment system

Next, you will need to decide how you want your customers to pay. There are a number of generally acceptable online payment methods, which one you choose will depend on your target customer base and the goods/services you are selling.

Debit/Credit card

Using a debit/credit card payment system is commonplace for online resellers. It provides a familiar and simple way for customers to make payments. Card details are checked and verified by either the card issuer or a third party such as WorldPay or SecureTrading. There are a number of organisations that can help you setup card payment capability on your website, including RBSWorldPay.com, SecureTrading.com, SagePay.co.uk amongst many more.

Paypal/electronic payment

Companies such as Paypal provide an electronic payment method for people online. Both the customer and organisation must have a Paypal account setup in order to use this method, and as such, this requires the customer to perform another action before being able to purchase.

Paypal accounts are topped up with credit by the user before purchasing - this can be done in one step, once a bank account/debit card has been correctly setup and verified with Paypal, simplifying the customers purchase. When a purchase is made, the funds are transferred electronically to the organisations Paypal account, where they can then be transferred to an external bank account. Organisations such as Paypal offer buyer and seller protection – this feature is provided to verified users to allow instant payments, as described above, and to give reassurance to the buyer that a company is legitimate.

Escrow

Escrow is another electronic form of payment, used generally for high value purchases. Funds are transferred by the buyer to an Escrow service provider such as escrow.com. The service provider confirms to the seller that the funds have been received, and ships the goods. Once the buyer has received the goods, the funds are released to the seller. If using escrow, always use a trusted escrow service provider.

Other payment methods are available such as SMS billing and dialler billing (i.e. billing to your phone line) However, these are less commonplace and provide less control

Using any of these payment systems will incur various costs, but can give you an advantage over your competitors. Consumers now assume organisations will provide online shopping services, and choose to make purchases online rather than visit stores. Depending on the nature of your business and your position amongst the competition, providing online payment could prove invaluable.

Further information

For further information on secure payment systems visit: www.getsafeonline.org

This business information might also be of interest: Ecommerce

How useful was this article?

Nominet is constantly striving to improve the level of knowledge on this site. Your feedback is appreciated.

Access Keys

Follow knowthenet on