Thwarting hackers while banking online

BY KAMANTHI WICKRAMASINGHE

Evading banking cyber threats is more challenging than ever. Smishing, a variation of phishing, targets mobile banking customers. But malware, short for malicious software, can infect any computer by attacking it through email or poisoned downloads. Cyber criminals can then take control of your computer and your finances.

BEWARE OF SMISHING

Mobile banking is generally considered safe. But online frauds like smishing are gaining traction.

Smishing occurs when you get a dubious text message from a fraudster posing as a bank representative. The message may warn you of security breaches and ask you to call a toll-free number. Then you’re asked for your account number and PIN.

FEND OFF MALWARE

Your computer can get infected with malware in two different ways. You can click on an online link and download a poisoned program or you can click on an infected email.

Once malware is installed on your computer, cyber criminals can track your every move on the internet, including your online banking transactions. Then they can empty your checking account or clear out the emergency fund in your savings account.

To fend off malware, avoid going to small hosted websites with community forums, such as computer game sites. Security usually isn’t as diligent. Often free software and other pop-ups have malware embedded.

Another option is using a dedicated home computer or virtual desktop just for online banking and bill paying. You should also update your antivirus programs regularly.

AVOID SHARED COMPUTERS AND NETWORKS

If you’re banking on a public computer, you’re putting yourself at risk. Tapping into outside Wi-fi networks is also dangerous. You should avoid using Wi-fi networks in airports, cafes, trains and taxi cabs.

PROTECT YOUR PASSWORD

In online banking, good security hinges on a rock-solid password.

But many passwords are easily hacked. Use a difficult password with a three-, four- or five-word phrase followed by a number and a symbol, such as an exclamation point.

Don’t write your passwords down. Also, don’t let your computer remember your password.

KNOW WHAT BANK APPS YOU’RE DOWNLOADING

Downloading third-party apps not issued by an authorized bank is also dicey. You should be careful if there aren’t any downloads.