Financial Planning

With the latest technologies that we are surrounded with, anything and everything can happen. When we are talking about online banking the two most important terms which comes to our mind is identity theft and electronic fraud. Both of these terms can lead us in to very serious risks of life and death.

The people who are behind the cyber crimes are very much aware of the fact that once they get hold of anyone’s private information such as credit card validation code or any other online banking information and data, they can easily steal from that person whatever they want even without answering to anyone. Most of the Banks in America are not taking these matters very seriously and doing nothing to protect their client’s account which is going on giving birth to the problem of cyber banking crimes.

Amidst the rise of technology and new innovations in the banking sector, out of 100 people surveyed 90 of them are worried to store any online information. Not only this, considerable number of people are trying to get away with the idea of online banking because they are not at all confident about their bank’s ability to control their private data and information from the hands of cyber criminals.

Most of the people must be aware of this that to login in to the bank account only a username and password is required. This is one of the reckless actions that the bank uses when it comes to protection of client’s information. Many of us are not aware of this that is each time a person logs in his account, the keystrokes could be easily logged in the remove server and in seconds all the information can be transferred in human readable form, and the same information is automatically emailed to the hacker.

Only Bank of America now has moved to cooperate with the Government of US and has taken this hacking matter seriously and has appealed to the government to take some serious steps as soon as possible to get rid of this serious act. On the other hand, other banks still use the classic username password method which is not at all secured these days.

Some of the financial institutions have been using a new innovation in the form of security key which requires a user to login with the alpha numeric number in the form of his username and password. This system is still followed by most of the banks as it proved lesser chances of hacking information.

Some of the banks also follow a method of security question. This means that whenever a person logs in with his account he will be asked to answer a security question. The answer will be known to only that person who created that account.

Internet crimes have become a big question mark which is raised to great heights these days and unless we do something soon to protect ourselves we will be the only regretful victims of this act. Banks should introduce a way by which the IP address through which a person logs in should not be known to anyone not even to the banking officials.

You never know these banking officials provide all your information to the internet hackers and get some commission from them. The US government is still in a process to introduce some good measures by which the act of identity theft is eliminated completely.