Online Banking
With the current ‘Credit Crunch’ and difficult financial outlook, it has never been more important to keep a close eye on your business finances. Traditionally this has meant taking time out of your busy day to visit your bank or building society, but even this is becoming increasingly difficult as the number of branch closures continues to climb. But there is an alternative which allows you to have more control over managing your finances.
Internet Banking is a secure and easy way to manage your money online. You can check your balance, pay your bills and manage standing orders and Direct Debits without having to visit your bank or building society branch. Much has been made of the security issues surrounding online banking. Most financial institutions use a combination of hardware and software encryption devices to protect your accounts and personal details. Most will also guarantee if any money is taken from your account through a computer crime, they will repay it in full, providing you have complied with the terms and conditions of the individual bank or building society. Naturally, you will be expected to do a few things to protect your account and your computer such as;
Protect your PC
· Ensure you have installed up to date versions of anti-virus software, anti-spyware software and a firewall.
· Keep your computer up to date by downloading all updates issued by your operating system.
· Block unwanted e-mails such as spam e-mails which are a security risk as well as a pain in the neck.
· Use an up to date web browser and avoid accessing dodgy websites.
· Make regular backups to help protect your data.
· Encrypt your wireless network, without protection Wi-Fi (wireless) networks are vulnerable.
Take care of your identity and privacy
· Avoid identity theft by using an up to date web browser and blocking bogus emails with a spam filter.
· Always use strong passwords.
· Don’t give away too much personal information on blogs and social networking sites.
· Remember, your bank will never ask for your account details on-line, there are fraudulent sites out there that will try to get bank details off you, never give these out unless you know that the site you are visiting is trusted by yourself and secure.
· Always access Internet Banking websites by typing in the web address, never from a link in an e-mail, and always log off when you've finished your transactions.
Internet banking puts you in control of your banking. Whether from home or work, you can choose to access your accounts 24 hours a day 7 days a week. This allows you to be able to;
· Check account balances, view details of recent transactions and view statements up to 6 years old (excluding credit card statements).
· Transfer money between your accounts and make payments to suppliers.
· View, cancel or amend standing orders and Direct Debits.
· Stop cheques.
· Pay your staff electronically.
As each financial institution runs its online banking facility in a slightly different way to their competitor, you will need to contact your bank or building society for information on their products and services. The following websites also have generic information on how to bank online safely, www.banksafeonline.org.uk www.getsafeonline.org