Internet Banking

Wanda · Guru

Internet Banking

Mike Harding · Guru

dorian wrote:
Does anyone use a VPN via public wifi for Internet banking? Shouldn't that be safe? As I understand it, all traffic between your device and the hotspot is encrypted, so no eavesdropper would be able to decipher your communications or see where you were connecting.

One would think so Dorian... perhaps you could try it and let us know how it goes? :)

Jaahn · Guru

Hi smile

We use internet banking all the time also and have for years. My wife has the app and usually does it direct from her phone. I use my laptop which I connect to my phone hot spot. Easier to see for my old eyes smile . We do not use public hot spots or Mackas or the like for the banking just the phones. Never had any problems and we regularly have a look at the accounts to see there are no surprises.

For purchases online we either use PayPal or direct payment from our debit card account. PayPal uses our credit card but acts as an intermediary between our card and the seller does not get our number. Been using that for 10+ years, and from overseas suppliers also with no complaints, and it carries some fraud protection. Bills are arranged as direct debit for all the usual necessary stuff we all have as Wanda listed. Or I pay some big ones by Bpay when due. hmm

So move with the times, use common sense and enjoy the ride aww The other week I was helping my DiL to look for a new car. She found that the one she wanted was selling out fast and there were only several left in the sate. She searched on her phone online, while I was driving, for the right colour, spoke to a sales woman and put a $1000 deposit on a new car, a few hundred miles away in another city. biggrin All on her phone while we were driving in the car up the highway. We picked the car up the next week. She was happy to get what she wanted, no more left for sale now in Australia. Not how I am used to doing it but it was a revelation for me.

Jaahn

-- Edited by Jaahn on Tuesday 24th of May 2022 03:03:57 PM

-- Edited by Jaahn on Tuesday 24th of May 2022 05:38:41 PM

dorian · Guru

VPN seems secure ...

https://nordvpn.com/blog/securing-public-wi-fi/

If you use Tails as your OS, then your activity is never saved or cached to a storage device, only RAM. This means that your personal information is safe even if your computer or phone is lost or stolen.

https://tails.boum.org/index.en.html

-- Edited by dorian on Tuesday 24th of May 2022 03:20:05 PM

oldbloke · Guru

That's interesting. Have you used it for long?

Buzz Lightbulb · Guru

I have used TOR on my laptop (Linux OS - Ubuntu) for many years.

I also use TOR Browser and Orbot on my Android phone (LineageOS) for many years. I run many apps through the Orbot VPN to access the internet.

I've never used internet banking so I don't know if it works with TOR.

Many websites will not allow access via any TOR, TOR app or VPN. It's those rotten captchas. They try to download one's information but because TOR protects one's privacy the websites, so called protected by captchas, disallows access. It's another example of privacy invasion. If the website can't download your information then one is not allowed to access the website.

Buzz Lightbulb · Guru

oldbloke wrote:
That's interesting. Have you used it for long?

I have not used Tails but I can see its attraction to people who are not security savvy (I have decades of IT experience).

At first glance it seems to tick the security and privacy concerns. Its use of TOR's VPN so one is not tracked nor is one's information downloaded; it doesn't save any information on the USB drive; it boots a Linux OS (Debian distribution), which has a very good security reputation (much better than Micro$oft); it seems to allow one to access an encrypted password database so that one can access one's passwords if they are stored on a cloud (note keypass is very good for storing one's passwords in an encrypted database on an ENCRYPTED cloud so that one can access one's passwords from any platform).

However, I would imagine that people would not like spending the time to boot up a OS just for internet banking. I would imagine some people would say, 'I couldn't be bothered. I'll just use the usual OS,' and therefore get into trouble.

I would use a dedicated TOR Browser (via VPN) for internet banking if I did use internet banking and the bank's interface allowed VPN access.

There are some people who suggest that the first hop in a VPN may be able to access your information but, I think, that if you use HTTPS and not HTTP to access that first hop VPN then one should be okay.

PS. TOR (The Onion Ring) uses at least three encrypted gateways to obfuscate your internet access. Information goes from gateway to gateway and they are called hops, like information hops from gateway to gateway but in the case of TOR the information is encrypted again at each gateway before being passed to the next gateway. It's very secure but sometimes slow.

I hope this helps.

-- Edited by Buzz Lightbulb on Saturday 28th of May 2022 12:42:01 PM

Buzz Lightbulb · Guru

It's admirable that people use encryption to access their internet banking and have SO FAR not had any problems.

However, the article that I referred to indicates that quantum computers will be able to decrypt those passwords sometime in the future. It is suggesting that banks, etcetera, should be using post-quantum encryption to protect your data ASAP.

It all works now but when quantum computers become more powerful then they will be able to decrypt your encrypted passwords that they have stored from the internet.

Maybe it's time to ask your bank's if they do post-quantum encryption. That may prompt them to start doing it. I strongly suggest that if your bank does start using post-quantum encryption then you immediately change your passwords.

spida · Guru

A person I know was told by the bank that using her phone to do banking is probably the safest thing as it is really hard to hack into. More so than the computer apparently. I love waving my phone over the eftpos machine, and an instant record of all transactions.

Hylife · Guru

You have been using web banking without knowing it for decades.
Got a debit/credit/bank card? Used it at a shop? Bought something online?
Ever used an ATM.?
Ever worked for an employer that paid wages direct into your bank account?

All done over the interwebs for decades.

I handed my cheque books back to the bank in the late 90's.
Been using web banking ever since. Never a problem.
If you have concerns or want to know how, just pop into your nearest branch and ask them to show and explain to you.

Vastris31 · Newbie

Internet banking truly simplifies managing finances, especially with direct debits for all those essentials. It's impressive how convenient it is; I can see why banks are focusing on building a banking app to enhance this experience even further.

Whenarewethere · Guru

I have a relative who worked for an Australian (within reason) Government entity. Wouldn't touch any form of internet banking knowing the gapping holes in security.

I can't say more than that or I will end up on a list, probably there already. An old saying 'unknown unknowns'. But there is a known aspect on this depending of one's perspective!

Blues Man · Guru

The wife and i went to a CBA security seminar ,we were very impressed.We have had the CBA app for quite a few years now and have never had any issues with internet banking.

rmoor · Senior Member

I know this is an old post as noted with the initial entry but will put in two bob's worth.

I bank with two banks, one of which is Which Bank with two old business accounts still live.
With Which Bank (and others) there is a security feature that allows second factor authorisation e.g. I regularly alter my daily limit from $500 to whatever limit I need to complete a transaction(s).
This is a great facility as it needs the second factor security 6 digit number to my mobile number to enter to alter the that withdrawal limit, then return it to the lowest level available.
That way if some recidivist does get into my online banking I at least have one defence where the maximum I could lose per day is $1,000, $500 transfer and/or $500 Billpay.
A small imposition for a lot of peace of mind.

So I would recommend any retiree etc to investigate second factor security when delving into online banking, which in effect we will ALL have to comply with at some stage.

Anyhow*
I am off to play golf soon, hooking the little van onto the Isuzu to stay overnight after another hacking session.
Too many roos after the sun sets around the little bush golf course I like to visit.
Far better to camp overnight and enjoy the company of a few mates at the bar then wander 200 metres to my van in the adjoining camping facility.

Havagoodweegend.

woolman · Guru

I have been online banking for decades but certainly not an expert.

Simple advice given to me is never click on an email or Web site for a link, enter in address you already have.

If you want to know where an email has actually come from, right click on senders name. This will show the actual address email came from. It can be reasonably to think a bank will not have a Gmail address

Neil

Dick0 · Guru

rmoor wrote:
...
So I would recommend any retiree etc to investigate second factor security when delving into online banking, which in effect we will ALL have to comply with at some stage.

...

Best to use two factor security for logins on all sites, not just banking.

JayDee · Guru

I gave Share Brokers away back in the late 1990s and do all my transactions via my Westpac Bank. The Brokers were ripping me off and giving me poor advice. The best thing I did was drop the Broker. My view is if the Brokers are that good at giving advice, then why aren't they sitting in a yacht up in the Whitsundays making a fortune for themselves?
Also, all transaction where possible is covered on the Internet.
I have yet to experience how to bank cheques over the Internet. The banks are driving us to use the Internet.

I try to check my Westpac account nearly every day.

I am a bit of a dinosaur re Internet. Once I have to get off the "old cow track" I am in trouble.
If we are not on the technology train going forward into the future, then we will be left at the station.

Jay&Dee

-- Edited by JayDee on Tuesday 18th of June 2024 04:58:39 PM