Online banking has become exceptionally convenient to to consumers, but there are few points to be noted.

Online banking has become exceptionally convenient to to consumers, but there are few points to be noted.

Every nine in ten person in Hong Kong has access to the internet. Being a Hong Kong Chinese, we should be proud that our internet is one of the fastest that can be found globally. Citizen of Hong Kong has highest accessibility to internet among countries like Singapore, Malaysia, Philippines and Thailand. We can see that Hong Kong Chinese can’t leave their hands off from mobiles phones checking mail, texting, calling and browsing videos. 42% of Hong Kong Chinese use online banking services for transactions and bill payment. Online banking service has evolved in a dynamic pace and improving everyday in terms of the security.

What can I do with online banking?

So what you can do with online banking is that you do not need to pay visits to the bank anymore, like how your mother used to do. You can settle bills online like electricity, rents, loan repayment, credit card bills and almost all the utilities bill can be paid online. Plus, you can conduct money transfer to any consumer or business accounts too any bank in Hong Kong on the same day or the next business day. Most importantly, checking your bank account details and keeps track of your account transactions. You can now shop with your online banking account, which amount will be directly deducted from your account, making consumers’ life very convenient

Is online banking safe?

Online banking in Hong Kong has became very well established and secured. Banks are using a transfer protocol called Hypertext Transfer Protocol Secure, or HTTPS. This is a form of security that encrypts data, this is added by HTTPS when we are browsing the internet. This security measure is developed to make it difficult for anyone to hijack your financial data. Online banking is always safe to use for consumers, banks and online retails are always working on improving their security system from being attacked.

It is safe to use online banking, because your money is protected by the banks. Even your account has been hacked, and money has been stolen, bank should be liable with it. However, we should exercise appropriate caution measure to keep our online banking activity safe and hassle-free. There are two types of common attack you might have encountered.

E-mail Phishing Schemes

You should be cautious towards fake link or site that look like the one set up by your bank. Once you have logged into the fake link, details that you have keyed in such as account details, password and personal identification will be sent to the hacker. As a result, they could access to your account and steal your money. Be extra cautious and always make sure you have entered the authentic bank site.

Key Logging

You could fall into a keylogging trap if you access your online banking account using a public network such as public restaurant, public Wi-Fi, or library. The technique of keylogging is to record your keystrokes to get your account details by using a software.

How can I protect myself?

  1. Only click on legitimate link. Illegitimate links are often found in e-mails that look like sent by the banks
  2. Do not expose personal password or bank details through social medias, e-mail or any person
  3. Do not stick with simple password. Replace some of the alphabets into some random works.
  4. Protect your computer with virus and malware scanning software
  5. Do not be lazy when some sites offer “Remember my password” options.
  6. Always call the bank immediately to stop damages once you know you are hacked!