20. May 2013 13:53
Safe Online Banking - Partnering for Online Security
Online banking has grown rapidly into a major new way to bank. Some surveys show that more people prefer to bank online than in the traditional ways. This phenomenal growth has been accompanied by increases in the safety and security measures undertaken by banks and their customers. But cyber-criminals are always looking for new ways to electronically break into the bank and steal your money.
Safe online banking depends on continuing and strengthening this partnership for safe online banking:
Banks Invest Susbstantially in Security
Lawmakers, regulators and the banking industry have forged substantive standards for safeguarding customers' personal information.
Uniform examination procedures are in place to monitor and enforce these standards, and bank examiners regularly go on-site to assess how bank security measures are being implemented, understanding that each bank has a different menu of products and services, and therefore differing security requirements. Some of the areas they look at include:
- Access controls ensuring customer information can be accessed only by authorized persons, including use of multi-factor authentication when warranted.
- Physical restrictions at computer facilities that permit access to authorized persons only.