Seek key information about the use of the Internet bank posted on its Web site. Read continues to expand, more banks the "About Us" section that and thrifts are using the describes the institution where a convenience and ease of the Web brief history of the bank, the to offer products and services, official name and address of the as well as enhance communication bank's headquarters, and with customers. According to the information about its insurance Federal Deposit Insurance coverage is provided.
Corporation (FDIC), the Internet
Be on the watch for fraudulent offers the potential for safe, Web sites. Keep an eye out for convenient ways to shop for copycat Web sites that use a name financial services and conduct or Web address very similar to banking business – 24/7. However, that of a real financial to ensure safe banking, customers institution. These sites hope to need to be educated in making lure in unsuspecting customers good decisions that protect them who might provide personal from costly surprises or even information, such as an account scams. number and password.
Protecting Deposits
Verify the bank's insurance
Whether seeking a traditional status. Customers should look for bank or online bank that has no the familiar FDIC logo or the physical offices, the FDIC words "Member FDIC" or "FDIC advises to make sure that the Insured" on the Web site. Some institution is legitimate and banks operating on the Internet that deposits are federally are not insured by the FDIC, such insured.
as those chartered overseas.
The following are safety Customers who choose to bank with guidelines for those considering these types of banks should know
that the FDIC may not insure affiliates of the bank or other deposits. parties. As of July 2001, banks
For insurance purposes, banks are required to provide customers may use different names for with a copy of their privacy online and traditional services. policy, regardless if business is This however, does not mean conducted online or offline.
customers are dealing with
Customers should be advised separate banks. To determine that banks may want to share maximum FDIC coverage, deposits information about their customers at the parent bank are added to help market products specific together with those at the to needs and interests. Customers separately named bank Web site who do not wish to participate in and are insured for up to the information sharing have the maximum amount covered for one right to prevent the bank from bank.
sharing personal information with
Only deposits offered by any parties not affiliated with FDIC-insured institutions are the bank.
protected by the FDIC. Products
Some companies may also track such as mutual funds, stocks, the Web browsing habits of their annuities, and life insurance customers while at the bank's policies sold through Web sites site, to better understand or at the bank itself, are not interests. Customers can ask FDIC-insured, are not guaranteed whether a specific bank track by the bank, and may lose browsing habits if these value.
practices pose a concern.
Protecting Privacy
Protecting Transactions
Bank customers often want to
Learning how to safeguard know how their personal banking information, credit card information is used by their bank numbers, Social Security Number, and whether it is shared with and other personal data is of
vital importance when conducting numbers or words easily guessed business on the Internet. by others.
Customers who want to ensure
General security: Virus their transactions are secure protection over personal should carefully examine a bank's computers and physical access Web site for information about controls should be used and its security practices, or updated contact the bank directly. regularly.
PINs should be unique and changed > regularly. Avoid birthdates or
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