Internet’s secure enough to bank on

Chances of a password fraud taking place are diminishing by the day

MUMBAI: Notwithstanding the convenience offered by it, a significant chunk of bank account holders has been avoiding the NetBanking route, or undertaking online transactions using credit cards, say bankers. Apparently, concerns about internet security, stemming from news of frauds committed in the past through hacking of passwords and other means, are still keeping people away.

But, technology has come a long way since then and various safeguards are in place to make hacking of passwords almost impossible. This is not to recommend, of course, that you undertake online transactions on public computers such as those in cyber cafes. And if you are forced to do so, say in an emergency, just change the password from another computer as soon as possible or ask your bank what else to do.

On their part, many banks today provide customers with dynamic passwords — single use passwords — to help prevent password related frauds. Once an account holder uses this password to access his NetBanking account, he himself, leave alone a hacker, cannot use the same password to access his account again.

HSBC Bank provides its account holders with a security device. The small, key-chain size device generates a new password every time it is switched on. Predictably, though, some people do find it cumbersome to carry this security device with them, unlike a debit/credit card that could sink into the wallet.

ICICI Bank offers a facility wherein each time an account holder accesses his NetBanking account or shops online, he has to go through another security layer. The way it works, after you have entered your NetBanking password, you are randomly asked for three digits from your card number — say the 2nd, 5th and 7th digits. Thus, even if a hacker knows these three digits, he wouldn’t know which digit fits where in the card number.

Banks and credit card companies are also on the lookout for transactions that are not in sync with a customer’s history. Says Amuleek Bijral, country manager of security firm RSA, “When the transaction data of a card holder shows three to four consecutive transactions in a very short period, the card holder is informed about the same immediately to check whether he is aware that such transactions have taken place.” Also, if a person has not been using his credit card and suddenly there is a debit of a large sum, then the same is also crosschecked with the card holder, Bijral points out.

SBI and HDFC Bank use call centre services to check with customers in case their bank account transactions are not in line with the history of transactions. All these sure make the internet a rather safe place to transact in. Coupled with the ease and convenience offered by online transactions, the safeguards may be a compelling reason for going online.