How Safe Is it to Use Your Bank Account Number Online?

While today's websites are more secure, using your bank account number online can be risky. A recent study by the University of Michigan found 75 percent of surveyed bank websites had serious security flaws. This study didn't include other websites where you might use your bank account number.

Considerations

Many of the problems with banking online stem from a hacker's ability to break into a website, which is something out of your control. Even if you faithfully log off, some sites still allow interested parties access to your data.

Effects

Once a thief has your information, they can wipe out your bank account and potentially have enough personal data to steal your identity.

Prevention/Solution

Ask your bank about their website security to make sure it is up to par. To prevent stolen account data on other sites, only use your bank account number on secure websites.

Warning

Financial institutions will never ask for your account information by email. If you receive an email that suggests you need to change your account information online, avoid the site in the message. Often, these emails will point to websites that look like your bank's site. Fake sites can be identified by their false URL addresses.

Potential

There is a device in the works that would bypass your personal computer to create a direct connection to your bank's server. The USB-connected machine requires a smart card or credit card to operate, and adds an extra layer of security.

References

• Security Flaws in Online Banking

Resources

• Online Banking Security
• Phishing Scams