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How to protect web based financial transactions

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The use of the internet has tremendously increased access to businesses, online shopping, financial institutions and customers all over the world by allowing easy communication, secure web site transactions and shopping convenience. The internet gives you convenience on any day and at any time. Nevertheless, anyone who uses the internet needs to be cautious when making online financial decision to avoid costly surprises or being scammed. How can you protect web based financial transactions?

  • Never share your personal information online. Keep it private and secure. Any financial institution or business will never ask you for your social security number, your bank account number or your credit card number through your email. If this happen, contact your bank or credit union directly and speak with a representative.
  • Learn where to find help if you fall for this type of scam. First, notify your local authorities. Second, call your banking institution to change your bank account number and third, have the credit card company issue you new cards.
  • Make sure that businesses with whom you plan to do business online are legitimate and reputable and referred to you by someone you know and trust.
  • When performing a transaction with any business or financial web site, it is smart to take the time to read a little bit about them. Look for more information, see if their address and telephone number are listed, and don't hesitate to call the Better Business Bureau if you are in doubt.
  • Protect yourself from phishing and copycat web sites. Some web sites intentionally use the domain name and links that are similar to the real financial institution or a familiar business. The purpose is to bait you into visiting their web sites so you can give your personal information such as your password and your bank or credit card account number. Contact your financial institution if you have any questions.
  • If you get a questionable email form your credit union asking you for your social security number and other private information, double check the web site to see the credit union insurance status. Look for the NCUA (National Credit Union Administration) logo or the words "insured with the NCUA". Remember not all credit unions running on the internet are insured.Only a federally insured credit union and a federally insured state chartered credit union are insured by the NCUA.
  • Protect your privacy! Some financial institutions or companies ask you to share your information with others. They may want to share information about you to help market products to your specific needs and interests. If you don't wish to participate in information sharing, you have the right to prevent them by clearly marking "no" in the box provided.
  • Some organizations track your web browsing habits every time you visit their web sites. They use this information to find out your interests and then market the right services or promotions. Make sure you are aware of this procedure, and if you wish, you can disable this feature in your web browser options.
  • The internet is accessible 24 hours a day and 365 days a year by anyone. You need to safeguard your important information such as your social security number and other personal data. Some browsers display a small icon that looks like a lock or a key whenever you conduct secure transactions online. This symbol means that the transmission of your personal information is encrypted. It prevents unauthorized access. Furthermore, to make sure you are on a secure web page, your browser URL should start with https (the "s" means secure or encrypted mode). Generally, email is not secure even when you access it from a secure web page.Consequently, avoid sending private information through email unless added security measures are considered.
  • Use a password or personal identification number (PIN) that only you alone know. Make sure you change it often. Avoid using birth dates, social security numbers, or simple names that may be easy for crooks to guess. Be careful who you give your password and PIN number to.
  • If you or anyone you know is a victim of identity theft, you should immediately contact the Federal Trade Commission (FTC).
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