Should I be concerned about online security?

Online banking security

Online banking security is a concern for all parties involved in the banking relationship – the customer, the bank, and federal and State regulators.

Whether a customer is using an online account with a traditional bank or a virtual bank, it’s important to make sure that the bank is legitimate and its deposits are secured by the Federal Deposit Insurance Corporation (FDIC).

Check bank websites for statements like "Member FDIC," with the FDIC logo. Consumers can also visit the FDIC website to check on a particular bank.

The next level of security for consumers is to ensure they’re visiting the proper website, by typing in the address themselves and confirming that it’s spelled correctly. Websites have been created specifically to look like bank websites, for the sole purpose of getting consumers to share account numbers, user names, passwords, or other private information.

In addition to making sure the web address is correct, consumers should be aware that reputable banks will hide account numbers online and, with the possible exception the first time an account is accessed, will rarely – if ever – need a consumer to enter that number online again.

Banks will also never email or call consumers and ask for account numbers, user names, or passwords. Phishing is the practice of sending an email that looks like it comes from the bank, but leads to a bogus website.

If someone calls or emails, asking for any information, consumers should call or email the bank directly – using the contact information provided when the account was opened – to find out if the request is legitimate and inform them of any potential scams.