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Question & Answer
Question: What do I tell our depositors who ask if doing their banking over the Internet is going to be safe? I really don't know much about it. I don't know what to tell them to sound convincing!
Answer: We hear this a lot! You can buy almost anything over the Internet now. And in most cases, you'll have to supply a credit card number in order to do business. The same security questions are raised there as are asked of you about banking transactions.
Your depositor, when accessing your web site, will be able to determine if there is a secure connection. For instance, when you access the financial institution's web page, a picture of a padlock will appear - usually in the lower left corner of your monitor screen. When you first "dial up" the page, that padlock will be open. After you identify yourself, usually by entering an account name and password, the lock will close, indicating a secure connection. That means any information exchanged will be encrypted (scrambled). An open lock means information can be intercepted by a third party.
For your own peace of mind, compare the Internet use to the way you use your credit card. You often give your credit card to a sales person or waiter who takes it out of your sight. Or you will give the number out over the telephone to a catalog sales representative. Any time you use your card there is a risk that your number will be fraudulently recorded and used.
The systems in place on the Internet make using your credit card there safer than handing it to a salesperson or giving the number out on the telephone. The system your financial institution will have in place will make doing banking transactions quick, convenient, and very safe. You can reassure your customers with confidence.
Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 11, 11/98
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