Risks to avoid when engaging in an online financial transaction

Since the early 90s, the advancements in the field of information technology had started impacting the financial sector. The online financial transaction, though at a nascent stage, was gaining significant popularity. The mode of transaction in the banking system saw a shift with the introduction of the internet. With these technologies, anyone can now perform any financial transaction from anywhere, transfer money to any account without having to visit a bank, pay bills and much more. But with added advantages, the internet has also brought with it some risks. The increasing cases of cybercrimes, data breaches, and malware attacks have left us concerned about the security of our online financial transactions. We are paranoid if our confidential details will get leaked, our accounts would get hacked, and above all, we would be mugged of all our money. For businesses, it has become a must to seek IT consultant services to prepare well before any network breach befalls. But the only way to save yourself and your business from any potential risk is to be aware of it.

Risk of Phishing & False Bank Login Page

Most banks have a website that has a homepage for the customers’ use. The customers upon entering their user ID and password can have an access of their account online and perform any transaction. Many a time, we receive a link from an un-trusted website claiming that it will redirect us to our bank’s homepage. If you choose to log in, your credential can get stolen for bank authentication, and even worse, all your money can be siphoned off. So, be careful while you click any such unsecured link.

Risk: Keystroke Logging

Malicious scripts attack and infect millions of computers each day. Some malicious scripts take our computers as their home and silently collect, store and pass on our login and passcode information that we enter on any site. With these vital details, cybercriminals can get unauthorized access to our bank account and perform any transaction without our knowledge. To avoid this risk, make it a point to run a check for any malware in your PC.

Risk: Data Interception

The online banking runs with a big risk of interception of authentication of data. Since banks cater to many high profile customers, safeguarding their data from getting stolen is their major concern. Data of bank account holder can be hacked through the bank’s server. These data can be used to perform frauds, scams or any other illegal activity. As a measure to counter these attacks, banks nowadays use 128-bit SSL encryption on their server. IT consulting companies in VA provides industries and banks with better data protection solutions.

Risk: Database Hacking

Banks, in particular, take maximum measures to protect the database that stores information about the customers’ bank account. Even with increased protection, breach of database takes place very often. If these security credentials get hacked, your information will get compromised and you can become a victim of online banking fraud.

IT consultants suggest many ways to obtain more security while indulging in any online banking transaction like the use of VPN. VPN is capable of protecting online traffic through high-level encryption. It makes your identity anonymous and creates a secure pathway for data transfers.