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Tuesday, December 12, 2006

Is Online Banking Too Dangerous to Trust?

Many security experts are ready to say, "So long and thanks for all the phish." But the convenience and benefits of online banking are just too great for consumers to swear off. What is your take on this? Do you think that online banking is safe enough for everyone, or should people get back to their old ways and walk to the bank when they need to pay their bills?

Every holiday season we get stories about the dangers of e-commerce and pitches from vendors about how they address those dangers.

It appears that many experts are on the side of recommending against e-commerce altogether. Just too dangerous. I was recently involved in a discussion on the famous Funsec security list with several security experts who argued the same thing about online banking.

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  • I use online banking all the time. I'd be lost without it. It's not that I'm too lazy to go to the bank each time I need to move money or something like that, I just prefer the convenience of it. So when I wake up at 3am and remember I forgot to do something I can log in, fix it and then sleep easy ;)

    (I'm kidding about that last bit - I'd sleep through a nuclear explosion much less a worry about my banking.)

    I'm always aware of the security issues though, and try to be as careful as I can be. The online accounts I have usually only contain the minimum amount of money needed to maintain whatever I'm using them for. All my bills are paid by direct debit, and rarely change. I compartmentalise to such a degree that any thief worth their salt would have to crack every single account I have to make it worth their while. And all my passwords are governed by a series of random very personal references.

    So far it's all been problem free for me (touch wood).

    By Blogger the geekette speaks, at 10:59 AM  

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